Avoid the Retail Apocalypse
In the news, you hear of more retail companies going bankrupt and closing locations. Yet, research indicates that online shoppers would come back if retailers used more tech to provide and personalize a pleasant, experiential shopping environment.
- Multiple locations – Communicating data across a vast network
- The competitive marketplace – Speed, speed, speed
- Large amounts of data to analyze – Various systems (POS, inventory, ERP)
- Quick turnaround of reports – Need actionable data
- Varying levels of detail available – Product and customer analysis
- Complex calculations – Like weeks supply of SKU
Shoppers switching to Amazon, mass merchandisers, discount and dollar stores, and warehouse clubs go omnichannel to find the best price that meets their needs.
Amazon does analytics very well. Traditional retailers must diversify and analyze better to survive and prosper.