7 Retail Analytics Examples to Visualize & Improve ROI

7 Retail Analytics Examples to Visualize & Improve ROI In today’s consumer market, retail stores benefit from making data-driven decisions. Gone are the days of relying on intuition for marketing, understanding consumer behavior, determining inventory decisions, and more. Instead, we’ve seen a rise in an area known as retail analytics. The goal of this post is to provide an overview of retail analytics, common use cases, and how this can be used to improve a company’s ROI. What are retail analytics? According to Shopify, retail analytics is the process of gathering and analyzing data related to a retail store in…

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data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h1 class="elementor-heading-title elementor-size-default">7 Retail Analytics Examples to Visualize & Improve ROI</h1> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-4864b25 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="4864b25" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-55fdcf0" data-id="55fdcf0" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-2612237 elementor-widget-divider--view-line elementor-widget elementor-widget-divider" data-id="2612237" data-element_type="widget" data-widget_type="divider.default"> <div class="elementor-widget-container"> <style>/*! elementor - v3.23.0 - 25-07-2024 */ .elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text 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.elementor-divider__element{margin-inline-end:0}.elementor-widget-divider:not(.elementor-widget-divider--view-line_text):not(.elementor-widget-divider--view-line_icon) .elementor-divider-separator{border-block-start:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--separator-type-pattern{--divider-border-style:none}.elementor-widget-divider--separator-type-pattern.elementor-widget-divider--view-line .elementor-divider-separator,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:after,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:before,.elementor-widget-divider--separator-type-pattern:not([class*=elementor-widget-divider--view]) .elementor-divider-separator{width:100%;min-height:var(--divider-pattern-height);-webkit-mask-size:var(--divider-pattern-size) 100%;mask-size:var(--divider-pattern-size) 100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}</style> <div class="elementor-divider"> <span class="elementor-divider-separator"> </span> </div> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-a8eff94 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="a8eff94" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c8d5537" data-id="c8d5537" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-dd0bacc elementor-widget elementor-widget-text-editor" data-id="dd0bacc" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">In today’s consumer market, retail stores benefit from making data-driven decisions. Gone are the days of relying on intuition for marketing, understanding consumer behavior, determining inventory decisions, and more. Instead, we’ve seen a rise in an area known as retail analytics. The goal of this post is to provide an overview of retail analytics, common use cases, and how this can be used to improve a company’s ROI.</span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-df965e3 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="df965e3" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2f737ca" data-id="2f737ca" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-b3dd144 elementor-widget elementor-widget-heading" data-id="b3dd144" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">What are retail analytics?</h2> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-a0d2d81 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="a0d2d81" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68af076" data-id="68af076" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-bc72b61 elementor-widget-divider--view-line elementor-widget elementor-widget-divider" data-id="bc72b61" data-element_type="widget" data-widget_type="divider.default"> <div class="elementor-widget-container"> <div class="elementor-divider"> <span class="elementor-divider-separator"> </span> </div> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-dd08282 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="dd08282" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-29ecd01" data-id="29ecd01" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-8da8595 elementor-widget elementor-widget-text-editor" data-id="8da8595" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">According to </span><a href="https://www.datalakehouse.io/platform/shopify-analytics/"><span style="font-weight: 400;">Shopify</span></a><span style="font-weight: 400;">, </span><a href="https://www.shopify.com/retail/retail-analytics#3" target="_blank" rel="noopener"><span style="font-weight: 400;">retail analytics</span></a><span style="font-weight: 400;"> is the process of gathering and analyzing data related to a retail store in order to develop a business strategy. Since the overarching goal of the retail industry is to improve ROI, it’s important to understand how retail analytics can be leveraged to guide business decisions, bringing a company closer to success. </span></p><h3><span style="font-weight: 400;">Types of Retail Analytics</span></h3><p><span style="font-weight: 400;">One can conceptualize retail analytics as falling into four key areas, which are briefly described below:</span></p><ul><li aria-level="1"><b>Predictive Analytics &#8211; </b><span style="font-weight: 400;">using data to predict what will happen in the future</span></li></ul><ul><li aria-level="1"><b>Prescriptive Analytics &#8211; </b><span style="font-weight: 400;">use real-time data to develop a strategy</span></li></ul><ul><li aria-level="1"><b>Descriptive Analytics &#8211; </b><span style="font-weight: 400;">look at the results of a campaign, promotion, or launch to uncover what went well and what didn’t</span></li></ul><ul><li aria-level="1"><b>Diagnostic Analytics &#8211; </b><span style="font-weight: 400;">examine why an event happened </span></li></ul><p> </p><p><span style="font-weight: 400;">It’s clear that retail analytics encompasses multiple data sources such as retail store sales data, marketing campaign data, point of sale terminals, consumer demand, inventory, and more. Therefore, one can surmise that the number of use cases for analytics in the retail industry continues to increase as new business questions and data sources arise. </span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-b8ff5a7 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="b8ff5a7" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e826a68" data-id="e826a68" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-eb6bda8 elementor-widget elementor-widget-heading" data-id="eb6bda8" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">Top 7 Retail Analytics Use Cases </h2> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-06ed6c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="06ed6c4" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-42a4e02" data-id="42a4e02" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-15f9968 elementor-widget-divider--view-line elementor-widget elementor-widget-divider" data-id="15f9968" data-element_type="widget" data-widget_type="divider.default"> <div class="elementor-widget-container"> <div class="elementor-divider"> <span class="elementor-divider-separator"> </span> </div> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-7ec13cf elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="7ec13cf" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-00b3f0f" data-id="00b3f0f" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-1063998 elementor-widget elementor-widget-text-editor" data-id="1063998" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">Let’s look at some of the most common retail industry questions professionals seek to answer by applying retail analytics.</span></p><h3><span style="font-weight: 400;">1. Customer Segmentation</span></h3><p><span style="font-weight: 400;">By analyzing and visualizing Salesforce data, retail companies can better understand their customers. Specifically, </span><a href="https://www.salesforce.com/products/marketing-cloud/best-practices/customer-segmentation/" target="_blank" rel="noopener"><span style="font-weight: 400;">customer segmentation</span></a><span style="font-weight: 400;"> involves categorizing customers and potential customers for marketing, forecasting, and targeting activities. </span></p><p><span style="font-weight: 400;">There are several different customer segmentation approaches that can be visualized in a dashboard to help make business decisions:</span></p><ul><li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Focused Approach &#8211; the company targets one specific segment</span></li><li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Differentiated Approach &#8211; targeting at least two different segments Hypersegmentation &#8211; Includes up to thousands of different segments</span></li><li style="font-weight: 400;" aria-level="1">Based on the approach selected, a retail company might tailor marketing strategies and lead nurturing to each segment. This improves ROI by using the right strategies for the right customers &#8211; essentially marketing to target customers more efficiently.</li></ul> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-9171426 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="9171426" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e83737b" data-id="e83737b" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-64cc9c9 elementor-widget elementor-widget-image" data-id="64cc9c9" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="616" height="293" src="https://public-cdn.dlh.io/migrated/uploads/2022/09/Screen-Shot-2022-09-12-at-11.33.59-PM.png" class="attachment-large size-large wp-image-12696" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.33.59-PM.png 616w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.33.59-PM-300x143.png 300w" sizes="(max-width: 616px) 100vw, 616px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-3782f95 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="3782f95" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c526b31" data-id="c526b31" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-7ebc0e9 elementor-widget elementor-widget-text-editor" data-id="7ebc0e9" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <h3><span style="font-weight: 400;">3. Optimizing Inventory</span></h3><p><span style="font-weight: 400;">How does a retail company decide which items to supply and in which quantity? Everyone knows supply and demand fluctuate, so having a data-driven approach to understanding inventory is crucial in improving ROI. </span></p><p><span style="font-weight: 400;">For instance, a clothing company might assume that it should have the largest stock of bathing suits in the summer. However, if they analyze their data and discover there is actually a higher demand for swimwear in the winter (potentially attributable to higher rates of vacations), this can allow them to optimize their inventory.</span></p><p><span style="font-weight: 400;">By combining data from multiple sources, such as Salesforce and Quickbooks, the finance and product teams can visualize their analyses in a clean dashboard to help make inventory decisions.</span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-0ab5105 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="0ab5105" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a96a03a" data-id="a96a03a" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-f7ff394 elementor-widget elementor-widget-image" data-id="f7ff394" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="633" height="243" src="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.35.07-PM.png" class="attachment-large size-large wp-image-12697" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.35.07-PM.png 633w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.35.07-PM-300x115.png 300w" sizes="(max-width: 633px) 100vw, 633px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-146a2f4 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="146a2f4" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fe39903" data-id="fe39903" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-d9f057b elementor-widget elementor-widget-text-editor" data-id="d9f057b" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <h3><span style="font-weight: 400;">3. Marketing Personalization</span></h3><p><span style="font-weight: 400;">When it comes to marketing, there isn’t a one size fits all solution if a company wants to maximize its ROI. Building off of the customer segmentation example earlier, a retail company might want to add </span><a href="https://www.hubspot.com/" target="_blank" rel="noopener"><span style="font-weight: 400;">Hubspot</span></a><span style="font-weight: 400;"> or Facebook Ads to the mix, in order to understand how to personalize their ads, emails, or brand messaging. </span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-9ae6b3f elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="9ae6b3f" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e6a11b4" data-id="e6a11b4" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-a8bac1b elementor-widget elementor-widget-image" data-id="a8bac1b" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="619" height="338" src="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.36.02-PM.png" class="attachment-large size-large wp-image-12698" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.36.02-PM.png 619w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.36.02-PM-300x164.png 300w" sizes="(max-width: 619px) 100vw, 619px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-13ea598 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="13ea598" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5fa6ed" data-id="c5fa6ed" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-38f3819 elementor-widget elementor-widget-text-editor" data-id="38f3819" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <h3><span style="font-weight: 400;">4. Location Intelligence</span></h3><p><span style="font-weight: 400;">Analyzing customer data related to geography can also help retail companies make smarter marketing decisions. For instance, geofencing or geotargeting ads can be beneficial for A/B testing creatives for different locations. </span></p><p><span style="font-weight: 400;">Perhaps a company notices that creative asset A performs better in the southeast United States, whereas the Northeast prefers asset B or C. It’s possible to uncover this by simply analyzing multiple data sources and creating a cohesive visual.</span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-932742b elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="932742b" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e908f87" data-id="e908f87" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-1fb355a elementor-widget elementor-widget-image" data-id="1fb355a" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="613" height="406" src="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.36.53-PM.png" class="attachment-large size-large wp-image-12699" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.36.53-PM.png 613w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.36.53-PM-300x199.png 300w" sizes="(max-width: 613px) 100vw, 613px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-d3251ed elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="d3251ed" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f29d401" data-id="f29d401" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-5b28fd1 elementor-widget elementor-widget-text-editor" data-id="5b28fd1" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">Photo by</span><a href="https://unsplash.com/es/@goumbik?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText" target="_blank" rel="noopener"> <span style="font-weight: 400;">Lukas Blazek</span></a><span style="font-weight: 400;"> on</span><a href="https://unsplash.com/s/photos/map-data?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText" target="_blank" rel="noopener"> <span style="font-weight: 400;">Unsplash</span></a></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-8ab23a1 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="8ab23a1" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b9e82f5" data-id="b9e82f5" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-673e56e elementor-widget elementor-widget-text-editor" data-id="673e56e" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <h3><span style="font-weight: 400;">5. Sales Forecasting</span></h3><p><span style="font-weight: 400;">This might be the first thing people think of when it comes to retail analytics. Discovering trends in sales based on inventory, locations, marketing efforts, and more, allows companies to create more accurate forecasting tools.</span></p><p><span style="font-weight: 400;">By understanding what to expect from different segments and working toward a common goal, marketers can delegate the appropriate resources to the channels that are driving the most sales.</span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-3bc960e elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="3bc960e" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b39ea54" data-id="b39ea54" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-93669c3 elementor-widget elementor-widget-image" data-id="93669c3" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="1024" height="171" src="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.38.30-PM-1024x171.png" class="attachment-large size-large wp-image-12700" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.38.30-PM-1024x171.png 1024w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.38.30-PM-300x50.png 300w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.38.30-PM-768x128.png 768w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.38.30-PM.png 1111w" sizes="(max-width: 1024px) 100vw, 1024px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-1a68426 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="1a68426" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-251df6a" data-id="251df6a" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-3f7db0e elementor-widget elementor-widget-text-editor" data-id="3f7db0e" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <h3><span style="font-weight: 400;">6. Dynamic Pricing</span></h3><p><span style="font-weight: 400;">Dynamic pricing allows companies to review their current prices and optimize them throughout the day to match competitors. This technique relies on advanced analytics and automation. </span></p><p><span style="font-weight: 400;">It’s important to consider the </span><a href="https://www.mckinsey.com/business-functions/growth-marketing-and-sales/our-insights/the-dos-and-donts-of-dynamic-pricing-in-retail" target="_blank" rel="noopener"><span style="font-weight: 400;">pros and cons of dynamic pricing</span></a><span style="font-weight: 400;">, but if this seems to be a strategy that can benefit your company, visualizing the data with a comprehensive dashboard can help evaluate the results.</span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-1ad5e9f elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="1ad5e9f" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-52e3d51" data-id="52e3d51" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-4008760 elementor-widget elementor-widget-image" data-id="4008760" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="620" height="247" src="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.39.37-PM.png" class="attachment-large size-large wp-image-12701" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.39.37-PM.png 620w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.39.37-PM-300x120.png 300w" sizes="(max-width: 620px) 100vw, 620px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-f12ca4f elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="f12ca4f" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0e98fe0" data-id="0e98fe0" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-4cba61e elementor-widget elementor-widget-text-editor" data-id="4cba61e" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <h3><span style="font-weight: 400;">7. POS Reporting</span></h3><p><span style="font-weight: 400;">If a retail company uses Square or Stripe for its POS software, being able to analyze and visualize the data on a daily, weekly, monthly, or yearly basis allows for effective tracking. For instance, a company might want to see the top products or customers at specific times of the year. This can drive more personalized marketing efforts and improve ROI by better understanding trends and outliers.</span></p> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-3d07631 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="3d07631" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4a0f09e" data-id="4a0f09e" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-148c21c elementor-widget elementor-widget-image" data-id="148c21c" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img loading="lazy" decoding="async" width="951" height="242" src="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.41.15-PM.png" class="attachment-large size-large wp-image-12702" alt="" srcset="https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.41.15-PM.png 951w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.41.15-PM-300x76.png 300w, https://www.datalakehouse.io/wp-content/uploads/2022/09/Screen-Shot-2022-09-12-at-11.41.15-PM-768x195.png 768w" sizes="(max-width: 951px) 100vw, 951px" /> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-43aa72b elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="43aa72b" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bcb9f4e" data-id="bcb9f4e" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-d40fabd elementor-widget elementor-widget-heading" data-id="d40fabd" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">Putting it All Together </h2> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-1d5b4f4 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="1d5b4f4" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-354121a" data-id="354121a" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-985e90c elementor-widget-divider--view-line elementor-widget elementor-widget-divider" data-id="985e90c" data-element_type="widget" data-widget_type="divider.default"> <div class="elementor-widget-container"> <div class="elementor-divider"> <span class="elementor-divider-separator"> </span> </div> </div> </div> </div> </div> </div> </section> <section class="elementor-section elementor-top-section elementor-element elementor-element-62e1a2a elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="62e1a2a" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9be0c48" data-id="9be0c48" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-c918851 elementor-widget elementor-widget-text-editor" data-id="c918851" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">The most important part of getting started with retail analytics is connecting all of your data sources. The power of being able to report on and visualize transaction, inventory, employee, and loyalty data in a single dashboard cannot be over-emphasized. </span></p><p><span style="font-weight: 400;">Luckily, </span><a href="https://www.datalakehouse.io/"><span style="font-weight: 400;">DataLakeHouse</span></a> <span style="font-weight: 400;">allows your retail store to do just that. Through our connections to Shopify, Ceridian Dayforce, Salesforce, Hubspot, Snowflake, and most other data sources you would want in order to determine the effectiveness of marketing efforts, uncover operational inefficiencies, evaluate employee performance, utilize forecasting, and more. </span></p><p><span style="font-weight: 400;">And not only can you access every data source you need on one platform, but you can also view all of these metrics in one synchronized dashboard.</span></p><p><span style="font-weight: 400;">You have the power to make reporting easier and more effective than ever before.</span></p> </div> </div> </div> </div> </div> </section> </div>