Faster and smarter decisions are being made by retail store operators with the help of data science and there has been improved performance in many areas for some business owners. Previously, managers used to make decisions based on human bias whereas they could be making informed decisions based on paying attention to data insights, data collection, and data analysis. 

Data science has had an impact on the use of best practices, and as a result of which tailored-improvements can be made that could lead to the growth of the retail business. Even though the logistic and the finance arms of retail embraced data science already, an untapped area of opportunity is advanced analytics to store operations. 

How Does Data analytics help with Advertising?

Spending on advertising to increase the sales of consumer products can burn through cash very quickly and give very poor results, if not properly handled. This causes the customer acquisition cost to rise fast. 

However, when data analytics are used you can see the number of visits to your site and calculate the cost of the new visits. It determines the total spends per number of visits to figure out if money is being wasted.

You can also review the specific pages on your website that customers browsed and the length of time they spent. You can also see the value of the transactions, the revenue generated, the conversion rate, and how much it costs you to advertise, as you can check on each transaction separately.

Brand Equity and Social Media Analytics

Building brand equity with social media analytics has become a very popular strategy for retailers. As they are provided with a way to have more meaningful engagement with consumers in ways that have recently become possible. 

Building brand equity is important to measure and assign value to touchpoints. On social media, people want content that is relevant to them. They tend to engage your brand more actively whenever your content is relevant to them, which helps with the importance of that touchpoint. When the value of touchpoints is increased brands can analyze data and know what is or what is not making an impact. 

Brands are now able to gain a competitive edge when they are building brand equity when compared to their competitors; because they can assess how best to allocate resources and use them more efficiently.

Using Data Science to improve Retail – a Daunting Task?

If Data analysis, data collection, big data, machine learning, Artificial Intelligence, business intelligence and more of these modern terms are causing you to feel lost in cyberspace, you can simply contact Nextbee.

Being NextBee alongside you, there is no need to wonder how to start growing your retail operations and the thought of using data science to formulate business strategies. Growing your retail business will become easy. You have no need to be stressed out about the change in the way business is being done. You can face the future with a brave heart and a smile when you contact NextBee.