The retail sector is highly competitive and marginal improvements can often be the difference between success and failure. Fortunately, there are a number of areas where analytics can provide you with valuable insights.

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How data analytics can help transform your retail business

Specific areas where we use data analytics to help you

The growth of online shopping means the pressures on retailers have never been greater. The battle to get customers through the door and the squeeze on margins makes it more important than ever to gather the right information and, once you have it, use it wisely.

Relying on intuition about customer behaviour or required stock levels, for example, is no longer sufficient. Small errors of judgment can lead to catastrophic results. But if you get it right you can gain the edge that enables you to build a thriving business.

We find with retail clients that the sheer volume of data can sometimes be overwhelming. It can be difficult to know what information is important and what isn’t. Or even where to start.

That’s where Modus can help. We can work with you to use data to your advantage to improve your profits and decision-making.

And we don’t just leave it there. We will continue to work with you and monitor your progress for as long as you need us.

Consumer data will be the biggest differentiator in the next 2-3 years. Whoever unlocks the reams of data and uses it strategically will win.
– Angela Ahrendts

How it works

Initial meeting

We begin by meeting the business owners and/or senior management to understand the business strategy. This is the critical starting point to understand the business’s focus and the challenges it faces.

Audit of data

We audit your data collection processes and work with you to agree new targets and devise new key performance indicators (KPIs). We will show you that the benefit of meeting these targets will outweigh the cost.

Action plan

We analyse your data and report back. We identify your current performance against the agreed KPIs and recommend changes to your operations. If we feel external data is required, we make recommendations and obtain this data. Finally, we help you put together and implement an action plan that will enable you to deliver your goals.

Areas where analytics can provide you with valuable insights

Customer information

  • Number of customers, repeat customers and one-off customers, customer buying history and trends 
  • Number of transactions, average value of transactions and most popular stock lines
  • Total footfall, where customers visit in the store and where to place product
  • Customer demographics
  • Customer service including organising customer feedback groups (actual or virtual)
  • Design and implementation of customer loyalty programmes

Online sales information

  • Analytics of customer web visits such as page visits, times on pages, conversion rates
  • Testing wording, and placement of product on website for maximum return
  • Social media analysis to help focus marketing and communication activity 
  • Non-completed transaction history and understanding the reasons why

Financial information

  • Predictive sales modelling to assist the review of stock purchasing and obsolescence and help in buying decisions using sales analytics
  • Improved cash flow forecasting based on actual customer payment history
  • Customer profitability analysis
  • Customer payment history and help with speeding up debt collection
  • Predictive analysis of sensitivity to price changes
  • Cost of customer acquisition and return on investment
  • Stock performance
  • Sales analysis including credit note analysis

Information relating to staff, seasonality and competitors, etc.

  • Competitor analysis
  • Seasonality and peak time analysis
  • Review of supply chain
  • Review of sales staff and manager performance
  • Staff satisfaction analysis

Ready to find out more?

Arrange a meeting to discuss how you can use data in your business to leave your competitors behind.