The Retail Analytics Advantage
When looking at analytics, there are 4 levels – what happened (Descriptive), why it happened (Diagnostic), what could happen (Predictive), and what should happen (Prescriptive). The data is clear from this independent research completed in late 2022.
The retailers that are using predictive and prescriptive analytics are significantly outperforming retailers that are only using lower levels. This research looks at the growth in analytics, the types that are bringing the best bang for the buck and the advantages that retailers and restaurants are gaining through deployment. The research involves a look at the level of analytics used in Loss Prevention, Employee Performance, Promotions, Merchandise/Category Performance, Customer Loyalty, Store Performance, Supply Chain and Vendor Performance. We look at overall sales and profit growth, store and online sales growth and timing for moving to more predictive and prescriptive analytics choices.
The research study also includes pre-requisites for getting the most out of the analytics used and challenges by type of retailers and size. Finally, the research includes discussions of the categories, segments and tiers with the most maturity and those that the best performing retailers are moving to the fastest.
This is independent research from the same sample as our Retail’s New Normal study.
But the content is made available to you for free thanks to our sponsors.
This product is free. We would ask that you adhere to our license agreement with regards to quoting sections of the research. Our full license agreement may be found below.
IHL Group License and Fair Use Agreement
All of IHL Group’s generally available research are electronic licenses and can be shared freely within the purchasing organization and wholly owned subsidiaries. We only ask that this information not be shared with partners or others outside the purchasing company without authorization from IHL Group. The license does not extend to joint ventures or other partnerships. If the relationship is not a wholly-owned subsidiary, then both parties would need a license.
Practically, this implies the following:
- The purchasing company can use the data and research worldwide internally as long as the international organizations are wholly owned subsidiaries of the purchasing company.
- The data or any research cannot be distributed in whole or in part to partners or customers without express written approval from IHL Group.
- The purchasing company may quote components of the data (limited use) in presentations to customers such as specific charts. This is limited to percentage components, not individual unit information. Unit data cannot be shared externally without express written approval from IHL Group. All references to the data in presentations should include credit to IHL Group for the data.
- The purchasing company can reference qualitative quotes in printed material with written approval from IHL Group.
- All requests requiring written approval should be submitted to ihl(at)ihlservices.com and will be reviewed within one business day.
For any questions regarding this policy, please contact us at 1-888-IHL-6777 (North America) +1.615.591.2955 (International) or email us at ihl(at)ihlservices.com.