What differentiates your retail brand from competitors in the market? Where does your company excel where others don’t? Where does your company need to improve performance to gain high-value customers? If you cannot answer these questions, then you may not be applying analytics to improve performance and create competitive advantage.
In today’s rapidly changing, omnichannel retail environment, we often hear that a major retailer is filing for bankruptcy. A major reason for this is that many retailers are lagging behind other industries in collecting and using analytics data to improve decision making and drive performance improvements.
Today, best-in-class retailers are abandoning traditional approaches to retailer metrics, such as managing inventory through multiple systems or basing pricing strategy on only a few comparable competitors. Instead, these retailers are turning to business analytics to measure past performance, predict future success, and prescribe the right actions to drive results. They are increasingly investing in data scientists and analytics projects to find the success that evades their competitors. By effectively applying analytics, these companies can optimize their inventory, better manage supplier relationships, improve cross-selling opportunities, optimize their pricing strategies, and build customer satisfaction and loyalty.
Correctly interpreting and acting on the right information at the right time can revolutionize the retail sector and be a game changer for your retail company. So don’t let your company be the next one heading for the retail graveyard. Learn how to compete in today’s multichannel retail environment by applying the most sophisticated analytics and best practices being used by industry leaders.
The Accenture Academy courses Challenges and Improvements in Retail Analytics, Inventory and Supply Chain Analytics, Analytics for Improving Sales and Profits via Cross-Selling, and Customer Satisfaction and Loyalty Analytics will provide details on the best practices and analytics that leading retailers are using to optimize pricing, improve inventory and supply chain performance, maximize revenue, and build customer loyalty.