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How can retail and e-commerce businesses use data analytics?
Retailers use analytics to see margin by product and channel, forecast demand, manage stock, understand customer retention, measure marketing return and spot pricing opportunities. Combining sales, inventory, advertising and customer data in one place is usually the key first step.
Common questions:
- Which products and channels are truly profitable after costs and returns?
- What stock is slow moving?
- What is customer lifetime value by acquisition source?
- How do promotions affect margin?
Multiple sales channels often produce conflicting numbers, so consistent definitions for revenue, returns and discounts are essential. Start with the one or two reports your buyers or owners look at most often, and make those fully trustworthy first.
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