If you’re looking to get to grips with your retail data, but don’t know where to begin, we’ve got you covered. Below, we’ll explore the different methods of data collection and how to carry out retail data analysis. We’ll even uncover the types of software you can trial to improve your analysis process. With these tips, you can take your raw data and turn it into strategic gold. Let’s get started, shall we?
As the name may suggest, retail data analysis is the process of gathering then analysing your retail data to inform your business decisions. This analysis covers a broad range of data types and can be used for numerous purposes, from customer demographics and inventory levels to click-through rates and social media engagement.
By collecting and interpreting your data, you can better understand your customers’ habits and decision-making, to optimise your product offering and marketing strategy.
Some of the key components of retail data analysis include:
Sales data: Analysing the transactions your customers make can help you identify trends, popular products and any seasonal variations. This insight can help you set prices and know when to promote or discount certain products.