Retail Analytics is the umbrella term for the methodologies and software tools used to collect, analyze, and derive insights from data generated by the retail industry. It encompasses both online and offline data to provide a 360-degree view of performance and customer behavior. In a modern context, it bridges the gap between e-commerce and physical store operations. Key areas of focus include: Sales Analytics: Tracking performance by product, category, store, and channel. Customer Analytics: Understanding shopping patterns, segmentation, and lifetime value. Inventory Analytics: Optimizing stock levels, forecasting demand, and reducing stockouts and overstock. Supply Chain Analytics: Improving logistics, supplier performance, and distribution efficiency. Merchandising Analytics: Determining optimal product assortment, placement, and pricing. For traditional retailers, this involves integrating point-of-sale (POS) data with e-commerce data. The insights from retail analytics help businesses make data-driven decisions to optimize operations, improve the customer experience, personalize marketing, and ultimately increase sales and profitability across all touchpoints.
