What is Retail Analytics?
Retail analytics provides analytical data on supply chain status, inventory consumer, sales, demand trends and other data points that are business-critical. Retail analytics offers both detailed customer behavioral insights as well deep insights into the core business processes that support retail and CPG.
As e-commerce has grown in popularity in recent decades, retailers have been provided with new avenues to reach both existing and new customers. However, mid-sized and smaller retailers with a heavier reliance on bricks and mortar locations have struggled to remain competitive against the scale and efficiencies of global e-commerce.
One trend that has impacted retailers of all sizes - both online and bricks and mortar - is an increased reliance on just-in-time (JIT) supply chains and inventory. Especially for smaller retailers, being able to buy only what they know they can sell helps keep operational costs down while maintaining tight profit margins. However, JIT is not without its risks, as was demonstrated during the COVID crisis, when some JIT supply chains struggled to keep up with demand.
In response to these challenges, retailers rely more than ever on operations, sales and marketing datasets (internal, off-line, and third-party) to make better business decisions.
Snowflake for Retail Analytics
From optimizing the supply chain to improving inventory management, Snowflake can help retailers and CPG businesses surface the deepest insights needed for data-driven decision-making. With the Snowflake Data Cloud, retailers can use retail data create consistent, personalized customer experiences, streamline business inefficiencies, and pursue data monetization opportunities.
To learn more, download Build Resilience in Your Retail Supply Chain.