Retail Data Analytics Solutions

Leverage data analytics
to formulate conducive
Retail & ECommerce strategies
RETAIL is a demand and supply business that is driven by customer behaviours (buying and usage patterns), the right assessment of needs, understanding of pain points, and consumer experience. And all these are possible only by optimal use of business intelligence (BI) in Retail and dependable predictive models.
It helps you to make informed and data-driven decisions by understanding customer purchase behaviour (daily, region-specific, seasonal/festival), for planning the next marketing and promotional activity.
E-COMMERCE is an incredibly dynamic world of business where data and equations vary with trending or changing situations. Insights garnered from BI for eCommerce plays a defining role in improving your business positioning.

Besides, analytical insights like customer browsing pattern, purchase history, cart abandonment rate, including merchandising issues from under-performing inventory to out-of-stock products, etc. BI experts at Data Nectar can help formulate a conducive eCommerce data strategy to improve your bottom-line.
Data Nectar Technosys leverages the power of business intelligence and data analytics to turn the amassed data from your retail POS (Point of Sale) into actionable insights. Besides creating data strategy for retail business, we offer rich, on-demand reporting, and comprehensive data analysis to, building BI solutions for the retail industry. We provide businesses with the most minute insights like how your customers react to marketing activities, to what is the best-selling product across your retail stores.

Comparison reports on brands and SKUs to Performance reports by region, store, department, product category, etc. we help your business understand demand and optimise staffing and inventory to boost business growth. We also leverage the power of BI to help set up efficient omnichannel retailing as there is a trend of a gradual shift from offline store to omnichannel sales.
Are you looking for bespoke BI solutions for your Retail/ eCommerce business? Book a 30-minutes free consultation with our Business Intelligence experts today.
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HOW TO LEVERAGE RETAIL ANALYTICS

Improve Your Customer Shopping Journey

DECIPHERING RETAIL KPIS

SALES PER
SQUARE FOOT

This metric is calculated on the basis of the number of sales you generate per square foot of sales space in your store (excluding the fitting rooms & inventory space). Implement smart sales and retail productivity tactics to improve the KPI.

AVERAGE SHOPPER
DWELL TIME

This KPI focuses on the duration customers spend in the store. A prolonged stay is assumed to most likely lead to a purchase. Thereby, retail shops strategise on the shop floor layout that will showcase the maximum products on offer.

CUSTOMER
RETENTION

This metric showcases the number of loyal customers who revisit your store to make a purchase. Besides, this KPI gives you an insight into product performance, customer service, and loyalty to further create loyalty programs and community building initiatives.

STOCK
TURN

This KPI helps determine optimal inventory levels and is measured by the number of times your retail stock or goods is sold through, in a given time. Businesses with low inventory turnover need to avoid over-ordering of products.

SHRINKAGE

This metric refers to the loss in inventory caused by factors other than actual sales like shoplifting, theft, supplier fraud, or an administrative glitch. The purpose of tracking this KPI is to restrict the occurrence of such events and shady practices.

AVERAGE TRANSACTION VALUE

This key retail KPI is derived by dividing the total value of all in-store transactions with the number of (sales) transactions. This data gives insights on whether buyers are spending on expensive products or buying in large quantities.

There are more Retail KPIs that could add value to your decision-making process

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As per the Mordor Intelligence report, the Retail Industry that was valued at USD 23,460 billion in 2017 is expected to reach USD 31,880.8 billion by 2023. The retail industry can embrace Business Intelligence to better understand their marketplace and explore untapped opportunities by harnessing deep data analytics, advanced reporting and BI infrastructure implementation, thus improving the bottom-line.

DECODING ECOMMERCE KPIS

REFERRAL
TRAFFIC

This metric refers to the sources directing the most visitors (traffic) to your eCommerce website. This valuable data allows you to make an informed decision on what to focus - organic search or PPC ads, besides also indicating what isn’t working if referral traffic is low.

TIME TO
PURCHASE

This KPI maps the customer journey from a visitor to the first purchase made through your website. It will vary for every customer, based on the number of website visits that have led to conversions.

CUSTOMER LIFETIME
VALUE (CLV)

Calculation of average CLV gives you a glimpse into the potential lifetime spend of a shopper. This important KPI gives marketers the direction to formulate their marketing and acquisition strategies accordingly. Improving CLV is important, as customer retention is cheaper than acquisition.

CHURN
RATE

One of the most closely monitored eCommerce KPI, Churn Rate refers to the rate at which you have lost subscribers of your services, annually. Calculated from the starting number of subscribers to the lost numbers, a high churn rate is not sustainable.

BOUNCE RATE

This is a significant KPI that applies to every visitor who is leaving your eCommerce website without making a purchase. A high bounce rate indicates that a large number of your website visitors aren’t finding what they want and thus need immediate attention.

CART ABANDON
RATE

This crucial KPI refers to the percentage of online shoppers who add items to cart on your eCommerce website, but (abandon cart) never complete the purchase process. This metric down the sales funnel mostly indicate some problem in the checkout process.

There could be more KPIs that could add value to your decision making process

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Data Security & Confidentiality
Your trust is important to us and so also is the confidentiality of your Data. At Data Nectar Technosys, we consider the privacy and protection of your data at the highest priority, along with following the provisions of the EU General Data Protection Regulation (GDPR). We follow stringent data protection guidelines and take adequate measures to ensure that we fulfil our promise of being fully GDPR compliant.
Read our Data Security & GDPR Compliance