Few other industries are as full of constant change and challenge as retail. In 2023, the retail industry is experiencing market volatility, supply chain constraints, and omnichannel shopping, forcing retailers to sustain resiliency, operate more efficiently, and better accommodate customers.
According to Gartner’s 2023 Retail Industry Outlook, “only one-third of retail executives are very confident about maintaining or improving profit margins in what are expected to be turbulent times.”
In the years since the pandemic, retailers have recognized the importance of refocusing on operations to remain competitive. They have learned that rapidly evolving consumer preferences require more effective analytics to build operational resilience.
How can advanced analytics help retailers?
Businesses are constantly gathering data. During the selling process, you collect data on the products or services sold and how many products you have in stock. These data points may not tell you much on their own, but integrating them helps retailers see changes in buying patterns that otherwise may have gone unnoticed. Advanced analytics keeps you ahead of the curve while providing your…
