The retail industry is facing a sea change in the way customer interactions are handled. Customer data management is becoming more important than ever as a result of current trends. Technological advancements are driving a larger percentage of retail sales to e-commerce. The internet also makes competition between retailers more intense as a result of customers’ increased access to price comparisons.
This is important for retailers to understand given the state of the retail industry. During the first 3 weeks of July, national retail sales fell by 0.6 percent nationwide. The drop in domestic retail sales follows the trend in the global retail industry, which also saw sales growth slow. Given this trend in the retail sector of the economy, it’s more important than ever for retailers to make the best use of their resources – in this case their data – to comply with changing industry standards and best connect with their customers.
Knowing how the population breaks down across age, economic standing and other demographic factors can enable retailers to gauge the prospective success of their project during the planning stage. Planning analytics provides retailers with a way to understand population demographics and ensure that new retail shops will have an adequate customer base.
Management Information Analysis provides retailers with a trusted resource for all of their planning analytics needs. By analyzing population data and using it in business decisions, enterprises can target the right locations and optimize their chances for success.