Trying to boil the ocean – The potential data sets a retailer can use are virtually endless.
Instead, focus solely on the key metrics that matter most to your business.
Ignoring leading indicators – Speaking of the metrics that matter to your business, those that tell you what happened in the past can certainly help you add context to previous performance.
Creating single use, point-in-time data models – Many current statistical modeling methods are out of date as soon as they are developed.
Predictive analytics for CPG and RetailNot aligning with the company’s data analytics strategy – At this point, retailers know that they should be using data.
Ignoring what the data says – Because nearly half of executives are not aligned with their own data strategy, too often, executives rely on gut feel.
We, at Oodles, as an Artificial Intelligence Development Company, explore how predictive analytics in retail will propel ROIs with in-depth insights.
Predictive analytics services in retail solve 3 critical challenges-a) Efficient Assortment PlanningMachine learning algorithms surpass human intelligence in increasing the ROI on inventory investment by making precise recommendations of assortment volume, options, sizes, and more.
Learn more: Predictive Analytics in Retail
For most businesses, sales and marketing are often a guessing game.
Data Analytics services are helping businesses in this very aspect to make an educated and intelligent decision rather than a conjecture.
These data inputs can be easily visualized using tools like Tableau Business Intelligence software.
That, in turn, will help you develop effective marketing campaigns and boost customer engagement, thereby increasing your sales, revenue and ROI.
Also, the demand for a particular product can be predicted, which can be used for optimized inventory management and deciding competitive but profitable pricing of the product.
We belong to the consumerist society, which demands better and more innovative products every passing day.
