Make The Most Of Data Analytics To Produce Actionable Results
Today’s retail environment has seen an explosion of new data sources: granular tracking of shoppers’ online activity, detailed location data and social media activity, to name just a few. Powerful business intelligence (BI) solutions, fueled by data analytics, AI and machine learning, are now capable of both predicting trends and prescribing optimal actions to take advantage of those trends.
Retailers can maximize the benefits of BI by sharpening focus on key areas, such as:
- Creating personalized stories for each consumer;
- Predicting consumer demand as seasonal product cycles get shorter; and
- Identifying the factors that need consideration when pricing and promoting a product.