The reason you need retail analytics is simple, the name says it all. It gives you insights about your customers, their behaviors, your products, communication, and revenue in total – across all channels. Yada yada, right? You know that. The thing on your mind is – how do you make retail analytics fun? Well, try to see it as a way for you, and all departments, to optimize the entire organization to increase sales. And there you have it – money growth is always fun!
Put simply, retail analytics is there for you to analyze what works and what needs improvement. And what it all comes down to – is better decisions in marketing, sales, and your operation as a whole. So if someone says analytics and reports are boring, just tell them: retail analytics is what will show you the money!
Learn your customer’s behavior through retail analytics
With the right retail analytics, you will be given in-depth details about consumer behaviors. And if you ask us, that just might be the most important part! Knowing your customers on a personal level is the key factor if you want to turn them into loyal customers.
When learning about consumer behavior, you’ll learn things like:
- Buying patterns and what triggers them
- Cross channel interactions with your brand and the effects of it
- The customer’s interests and preferences
- Which communication works and what channel
These insights will help you optimize in-store and online operations.
Retailer, test yourself: How much do you know about your customers?
Retail data analytics in Voyado
Voyado is one platform with the power of six. This means the analytics part is just one of our superpowers! They are all tied together, each one providing an important function that contributes to the greater cause. Which is to get loyal customers – that automatically will lead to increased revenue.
See all the features in Voyado
The feature called Insights in Voyado provides you with reports that cover all the retail data analytics you need. We have plenty of standard reports that give you all the goodies! You can trust that these reports are 100 percent accurate since our platform is built and specialized for retail. And we reach over 75 million end customers in total.
The reports in Voyado are categorized and in all of them, you have subcategories. And all reports can be filtered, in for example articles and prices. All the reports are run once every 24 hours – always during the night.
The reports in our solution are filtered into categories:
- Measure redemption rate, outstanding points, points to convert and number of vouchers to convert into voucher value
- You can also measure the current voucher liability – which can be used as an accounting item. It presents the total voucher liability at each month-end
Contacts – follow your members and their purchases
- See which contacts spend the most during a given period
- Compare purchases per store
- See the number of your contacts and follow the growth of members
KPIs – this group of reports calculates the most common key figures that you should follow
- See the current key figures as of today, and compare them to the same period last year, and the year before that
- Follow KPI’s per store
- See registered members per store
Messages – analyze your email campaigns
- Measure purchases based on message (both from email and automation)
- See delivery data for all your emails
- Get a list of which links are most clicked
Purchases – follow all purchases during the time frame of your choice
- See the most purchased articles and categories
- Follow purchases per store
- See whats being purchased on the same receipt
Recruitments – How’s your recruiting game
- See the number of recruitments per store and region last 6 months
- Get a total of all the members in each store and region
Tests – Find the results of your testing
- Choose the time frame you want to measure
- Follow up on all sales, sales in physical stores, or sales in e-commerce
The results you find gives you the ability to create a seamless customer experience. And you know, happy customers tend to come back for more. See? More money coming in.
A welcoming dashboard filled with KPI’s
When you log into Voyado, you’ll see a dashboard. Pick and choose which KPIs you want to track and pin them to your dashboard. This gives you an immediate overview of your most important retail data analytics.
Read more: How to effectively measure and use all your retail data
For the analysts in your team, who might be looking to dig even deeper, you can do a BI export of all the data. Voyado offers flexible transparency, meaning that it’s always easy to export and import data into the platform. You can export data and analyze it outside of Voyado – then easily import it again.
We believe customer data should be used as much as possible. You can never get too many insights!
From retail analytics comes personalized communication
You might think personalization means placing the customer’s first name in an email. Think again. Customers today are extremely picky and won’t accept anything that isn’t personalized enough. The customer experience needs to be seamless and they will choose the brand that treats them best and gives them the most relevant communication.
This is obviously where retail analytics comes in. By knowing your customer, and using the right tool – you will be able to hyper personalize the communication. But not just that, you’ll be able to make the entire customer journey as smooth as possible.
Are you intrigued by our retail analytics?
You should be! Insights are a hot commodity these days, and in Voyado, you can get a lot! If you want to see the reports and get a feel for it, set up a demo.