The adoption of retail analytics solutions is increasing rapidly as more retailers worldwide are realizing significant returns from using BI and analytics platforms.
Retail analytics trends of 2020 will help the retail business to adopt an agile and cohesive data management approach and devise new marketing strategies to drive better business outcomes. Retail data analytics is going to change the retail business scenario dramatically in 2020. Here are the top four retail analytics trends to watch out for in 2020:
- Omnichannel experience: When it comes to offering splendid customer experience, retail businesses need to bridge the gap between in-store and online shopping platforms. Retail data analytics solutions are helping cashiers and customers to check the availability of stock and make selections online. Currently, the customer-centric models are helping retail businesses to integrate online and offline platforms to provide an omnichannel experience to customers.
- Personalization: Personalization is the major retail analytics trend of 2020. Retail businesses are focusing on retaining customers through various activities like interacting models and recommending items. Such activities help companies to improve their marketing strategies and cut down on marketing spend while providing personalized services to customers.
- Predictive Analytics: Currently every retailer is leveraging predictive analytics to interpret and analyze historical data and make predictions. Hence it is the hottest trend of retail data analytics. Predictive analytics enables companies to fetch data related weather patterns and local events that affect the business.
- Dynamic pricing models: Dynamic pricing is one of the most important retail analytics trends of 2020. Price elasticity helps in determining product prices based on current market demands. This can further help in increasing demand and enhancing customer satisfaction rates.
