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Retail Analytics is the process of measuring, analyzing, and interpreting business data critical to retail functioning such as consumer behavior, sales numbers, inventory levels, and many more to facilitate strategic decision-making and boost performance. Retail analytics covers the evaluation of the entire spectrum involved in the FMCG sales cycle, i.e, the end-to-end scrutiny of the FMCG supply chain.
The retail analytics market size is currently valued at USD 10 Billion (in 2022) and is expected to grow over 24% in the next ten years. Here’s a quick rundown of retail analytics market size, by function:
While retail analytics compile all the data, a careful extrapolation of the same yields insights that can revolutionize the strategizing and execution of FMCG sales. Below are the top ten otherwise ambiguous areas that retail analytics shed light on:
Infilect’s advanced Image Recognition technology equips the key decision makers of FMCG brands to get visibility into real-time data at a store level and churn out superior, in-depth, and real-time retail analytics. Below are the key metrics that can be evaluated by means of thorough retail analytics:
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Personalized trade promotions that are curated by carefully assessing customer demographics are one of the biggest retail analytics trends. FMCG brands are inclining toward a retainer model rather than an acquiring model that ensures customer loyalty. This is done by rolling out offers and promoting the brand in such a way that it resonates with the buyers’ persona of the targeted audience segment.
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Pricing is the most crucial aspect that can make or break a sale, hence it is mandatory that FMCG brands are in sync with the current market trends. Price elasticity aids in determining the optimal price of a product while taking into consideration external factors like current demand in the market. Retail analytics also helps compare the product or an assortment with that of the competitor, thereby, generating corrective insights, if any.
Data is the new oil. At this point in the retail industry, every FMCG brand is keen to leverage predictive analytics. Extrapolation of the past is the biggest tool one can possess to predict the future. And in order to extrapolate, one needs data that is rich, unadulterated, and minute, i.e, one needs to be data-rich. The contemporary FMCG scenario dictates a movement in the same direction, making predictive analytics amongst the top three trends in retail analytics.
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A comprehensive visual intelligence platform for the most accurate, real-time in-store execution insights.
Capturing of high quality in-store images by on-field merchandisers.
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Accurately identifies SKUs and display promotions from the images captured from every store.
Critical and actionable execution insights are made available on the InfiViz Dashboard and shared using trackers directly into stakeholder inbox.
Execution insights and targeted action plans are available to on-field merchandisers within 60 seconds.
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