Data Analytics Drive Retail Efficiency

The concept of data analytics has been around for years, but do companies know what those terabytes of data can do for their business? And if they do, are they using it to its maximum potential?

The concept of data analytics has been around for years, but do companies know what those terabytes of data can do for their business? And if they do, are they using it to its maximum potential?

eCommerce and retailers collect huge amounts of data from both online and offline traffic and transactions. Analysing these data right can help business uncover consumer patterns, preferences, correlations and more. And what does this truly mean for them? When done right, these can be easily achieved:

Demand forecasting and inventory planning to ensure preferred items are always in stock
Reducing storage wastage for low-demand, low-yield items
Addressing issues ahead of high volume seasons such as Singles Day, Black Friday, Cyber Monday, and holiday seasons in general
Up-selling and cross-promotion through preference correlation insights
Personalised shopping experience for each unique customer done right
Capitalising on data is the key to engage your customers and foster loyalty.

Have you been using captured data to enable sound business decisions? Is the process an integrated solution, or merely business information in silos? What are the data analytics tools that can help you improve your retail and eCommerce business?

We will be covering this and more at LMFAsia 2018 Conference.

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