Research | Analytics
About Retail Analytics Industry
The biggest factor driving this industry is the availability of extensive data, increased digital intervention & rapid adoption of social media. Advancement in technologies such as artificial intelligence, beacon technology, augmented reality will only add to the use of data platforms for maximum data collection. All this data is eventually put in an exhaustive analytics system, which provides various matrix for driving sales, reducing overheads, increase stock turnover ratio, increasing promotions ROI and much more. Retail Analytics solutions have become inevitable for every retail company looking out for expansion.
Challenges faced by Retail Analytics Companies in India:
- Lack of domain expertise while developing the product
- Lack of domain knowledge to suggest any improvements / changes in the existing product
- New Product Development remains the biggest challenge considering the programmers being IT Experts, having feeble business knowledge.
- Gap in understanding, between your client’s requirements and your technical team
- Lack of 360 degrees in building the product suiting the client’s requirements
Benefits of working with Retail Domain Consultant:
- Bridge the gap between your client’s requirements and your technical team
- Provide Retail operational angle as well market research perspective.
- Detailed analysis on various aspects of sales, marketing,supply chain, customer relationship, management etc. as per the needs of the customer
- Design strategies for analytics companies &implement the same by providing appropriate inputs to the architectural teams & construct an operationally executable product
- Value Addition to the clients deliverables by not only working as product development experts but also consulting them for product upgradation