What is included in retail analytics?
Retail analytics is all the insights that are related to sales, products, customers, and other important parts of the business. What it all comes down to is making better decisions moving forward.
Retail analytics
Why do you need retail analytics?
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
Insights
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:
1. Rewards
- 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
2. 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
3. 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
4. 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
5. 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
6. 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
7. 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.
8. 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
9. BI export
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.
Frequently Asked Questions
Here are some questions that we get quite often when it comes to retail analytics.
How do I use retail analytics?
First of all, you need the right tool to analyze the numbers. In Voyado, you have 100 standard reports filled with important retail KPI's.
Use the insights to map the customer journey, learn what your customer wants, and create segmentation for personalized communication. Just so mention a few.
What are the benefits of retail analytics?
You will be able to act upon facts and quit the guessing game you've been doing. It will make your communication relevant and sharp!
Plus, you'll see changes in consumer behavior as it happens. And not when it's too late, as the customers are out the door.
Why is retail data analytics important for loyalty and retention?
Without data and analytics to show you how you are doing then you will never know what works. To increase loyalty and retention, you need to know what works so you can keep doing that and eliminate other things.
What kind of data and insights is possible to export from Voyado's retail analytics?
All the data that is in Voyado's reports can be exported. To process and perform deeper analysis, you can export customized data to Excel via the Voyado export module.
How often are the reports updated?
All reports are run once every 24 hours, at night.
Everything we do – we do for our customers
If there’s one thing we are passionate about – it’s the simplicity we want to provide our customers. That’s why we have teamed up with several different brilliant partners. All in order to make implementation and daily life easier for our customers. Here they are:
For more than 20 years Askås have delivered its versatile, scalable and powerful e-commerce platform. Especially developed and designed with e-retailers and end consumers in mind to customers all over Sweden and rest of Scandinavia. Choose Askås – today and with the future in sight!
Episerver combine best-in-class content management, commerce and intuitive data and personalization solutions. Our leading digital experience platform (DXP) empowers teams with the tools and insights they need to create and optimize in new and novel ways.
Empowering others. Our mission is to empower every person and organization on the planet to achieve more. We believe technology can and should be a force for good and that meaningful innovation can and will contribute to a brighter world in big and small ways.
B3 Consulting Group is one of Sweden’s fastest growing consultancy companies with senior consultants within IT and Management. We help companies and organisations to create tomorrow’s opportunities using digital transformation and operations development.
With a combination of award-winning e-commerce solutions and strategic advisory services, we help B2C and B2B customers accelerate growth and improve customer experience by delivering cutting edge commerce solutions, strategy and optimization.
Grebban is a branding & e-commerce agency for ambitious B2C brands. Focusing on ecommerce and web solutions, design (UX) and branding, Grebban combines business development and ecommerce expertise to offer the best possible solution in terms of execution and quality.
Maze enable large scale behavioral change. Using the Maze APP, our clients collect continuous high volumes of customer feedback focused on specific training areas which leads to best in class customer interactions. The “Maze everyday training APP” provides our clients store associates with core training areas to convert your end customers into your best ambassadors.
We make you become truly data-driven so you can create smart marketing across all channels driving business value.
Oculos is a martech agency that helps companies achieve their marketing and sales goals with unique ideas, cohesive strategies, and effective execution. Our company is about creating personalized marketing experiences for our clients. And we do so by creating targeted and seamless communication throughout the customer journey.
XSARUS is seen as an ambitious supplier active in domains of Omnichannel E-commerce, Product Information Management, Business Intelligence and Marketing Automation. Services provided are consultancy, design, implementation and support.
