“Information is the oil of the 21st century, and analytics is the combustion engine.”
~ Peter Sondergaard
Unlocking the Power of Analytics to Streamline Digital Signage for the Retailing Industry | Part 1
The retailing industry is a vast and varied landscape. An ever-evolving sector, this industry is highly competitive, requiring the right tools, strategies, and data-driven decisions to gain a competitive edge. According to a report on Statista it's projected that the digital signage market was valued at 19.61 billion U.S. dollars in 2016, and is poised to reach 32.84 billion in 2023.
Among the strategies that have become essential to success in the retail industry is storytelling through engaging digital imagery. When interactions with key messaging convert to real-time business intelligence it gives forward-thinking retailers an edge; analytics have become increasingly important to ROI and growth. By leveraging analytics, retailers can gain insights that can help inform their decisions and optimize their operations.
In this first part of this two part article, we will explore the power of analytics in the retailing industry. We will discuss the benefits of analytics, provide an overview of the retail analytics market, and explore how analytics can be used to streamline retail display management.
In the second part, we explore use cases for analytics in customer experience and strategies for leveraging analytics in the retailing industry. Finally, we will discuss the challenges of analytics in the retailing industry.
Introduction to analytics for the retailing industry
Analytics is a powerful tool for the retailing industry. By analyzing customer data, retailers and carriers can gain valuable insights into customer behavior, and how to best serve them. Analytics can also help retailers identify and capitalize on opportunities for growth and expansion.
Analytics can help retailers understand the full customer journey, from the initial visit to the store to the purchase and beyond. By tracking customer behavior in each of these stages, retailers can gain a better understanding of their customers and their needs. This can help them make better decisions about their products and services, as well as their marketing and advertising efforts.
Analytics help retailers better understand their competitors and how they stack up against industry benchmarks. By analyzing the data from their industry, retailers can gain valuable insights into how the outcomes of their strategies and tactics compare. This can help them stay ahead of the competition and make more informed decisions to optimize the strategy based on real-time feedback.
Benefits of analytics for the retailing industry
Analytics can provide a number of benefits to the retailing industry. By leveraging customer data and insights, retailers can make better decisions about their products and services, as well as their marketing and advertising efforts. This can help them better serve their customers and drive more sales.
Analytics can also help retailers identify and capitalize on opportunities for growth and expansion. By analyzing the data from their competitors, retailers can gain valuable insights into the strategies and tactics that have been successful in the industry. This can help them stay ahead of the competition and make more informed decisions about their own strategies.
Analytics can also help retailers reduce costs and optimize their operations. By analyzing data from their operations, retailers can identify areas for improvement and develop strategies for streamlining their processes. This can help them become more efficient and reduce their costs, enabling them to remain competitive in the retailing industry.
Overview of the retail analytics market
The retail analytics market is an ever-growing and competitive landscape. With the rise of data-driven decision making, the demand for analytics solutions has grown significantly in recent years. As a result, a number of analytics solutions have emerged to meet this demand.
These solutions range from traditional analytics software to more sophisticated machine learning and artificial intelligence-driven solutions. Many of these solutions provide insights into customer behavior, as well as competitive analysis and operational optimization. By leveraging these solutions, retailers can gain valuable insights into their customers, their competitors, and their operations.
Understanding the role of analytics in retail technology
Analytics has become an essential part of retail technology. By leveraging analytics, retailers can gain valuable insights into their customers, products, and customer behavior at their retail stores. This can help Telco carriers optimize their retail operations, make better informed decisions about their products and services, planogram compliance, as well as their marketing and advertising efforts.
Analytics can also be used to streamline retail display management. By leveraging analytics, retailers can gain insights into the effectiveness of their displays and optimize them for maximum ROI. This helps drive more sales, and give customers what they're looking for resulting in increased customer engagement and a better shopping experience.
SmartCircle enables retailers to capture and gain insights from in-store device interactions remotely and in real-time.
Let's optimize your customer experience through real-time insights. Let's close the circle - book a demo and see how easy it is to be powerful with SmartCircle today!