According to two recently published surveys, the recovery of the American economy will have a positive effect on the retail industry during the upcoming Holiday season. An Accenture study revealed that 21 percent of consumers plan to spend more money this year than they did in 2013. While this is undeniably good news for retailers, they also need to ask themselves whether they can boost their profits even more through the use of analytical tools.

The Accenture survey forecasts an increase in in-store as well as online purchases, and retailers have to work to ensure that they have all the necessary information to improve their service on both fronts. Although E-commerce is obviously a much more recent phenomenon, a MultiChannel Merchant article notes that, because of its nature, it is easier to obtain analyzable data from it than it is from in-store activity.

But gathering valuable information from a store isn’t an insurmountable obstacle. Store managers can gain valuable point-of-sale insights at brick-and-mortar locations, from what products consumers prefer to average wait times, which can help them adjust their service accordingly. These analytics can also improve inter-store inventory for retailers with more than one location and help determine pricing strategy to maximize return on investment, among other applications.

Retail information systems can gather data from multiple sources, which is essential when consumers are making purchases both in person and online, and from a variety of platforms. A Prosper Insights & Analytics survey shows that the number of online purchases that are made from mobile devices is on the rise. An ETL architecture helps retailers draw valuable conclusions regardless of the complexity of their operations.