Retail analytics software provides retailers with an in-depth look into all aspects of their business. It equips them with detailed analytical data to make more informed and strategic decisions. The tool does so by analyzing retail key performance indicators (KPI) like the total sales volume, average transaction size, retail conversion rate, rate of return, etc. Retail analysts and managers use this tool to see how the company performs across regions and business units, often in real time.
Retail analytics software helps identify and analyze customers' data and determine which items are selling well, when items sell most, and what demographics purchase which items. It also helps study shopping patterns and uncover consumer trends with consumer packaged goods (CPG) or durable goods, enabling sales and marketing teams to formulate better sales strategies and implement effective marketing loyalty programs.
Retail analytics software integrates with other software, such as retail POS systems, retail management systems, and retail operations software, to gather data on a daily basis.
To qualify for inclusion in the Retail Analytics category, a product must:
- Integrate with or analyze data from various other retail software
- Help in gathering, cleansing, organizing, and analyzing retail data
- Provide real-time analytics and visualization through intelligent dashboards
- Monitor business KPIs, and enable trend prediction and retail data forecasting
- Act as a centralized database and enable the creation of enterprise-ready reports
- Be designed specifically for retail and wholesale businesses
