What Brands Can Learn By Adopting Analytics
Blog: The Tibco Blog
It’s no secret that retail is in trouble. With bankruptcy and store closures, retailers need to think about how they can better appeal to customers in order to compete in the marketplace. The retailers that are successful are the ones who create a better customer experience by using data to identify trends and opportunities for their customers.
Riteway Foods strives to build its clients’ consumer packaged goods (CPG) brands among their retail customers with programs specifically tailored to ensure the highest level of success. Their insights team is tasked with finding opportunities that will have the greatest impact on their clients and grocers. That’s why the company turned to the adoption of a comprehensive analytics platform that met their requirements.
In retail, analytics have a huge impact on all aspects of the industry. Data collected from customers can tell retailers location information like where in the store their customers go, where on the shelf they tend to pick products from, and what their purchasing behaviors are. Retailers can also utilize analytics to give their customers an omnichannel experience, with real-time, up-to-date information about inventory availability. Additionally, retailers can use analytics internally to keep track of inventory trends and become notified when they run out of a product so they can order more to keep customers satisfied.
Riteway Foods struggled with data growth; their traditional tools like Excel could not handle the influx of data they were receiving, so they needed something that could wrangle the data. After evaluating over 50 data tools, they settled on TIBCO Spotfire. The company wanted a tool that could connect their data, visualize data in multiple ways, use geolocation data so they could map to the store level, and incorporate predictive analytics and statistical modeling.
When retailers utilize analytics, they get more insights into their customer behavior than what traditional demographics and psychographics can tell them. Data can tell retailers information like what colors, products, and categories are selling the best, all in one easy to read visualization. They can look into why brands aren’t performing well, finding the insights for improvement.
With TIBCO Spotfire, Riteway Foods was able to build interactive visualizations with built-in predictive modeling that was able to set them apart. Because Spotfire is cloud-based, Riteway Foods has been able to take it with them into client meetings, which has been key to their business growth. With the easy-to-use visualization tools, teams within the company have been able to collaborate with each other in order to get the most insights out of the data.
Riteway Foods is just one example of how qualitative analytics and consumer attributing is beneficial for retailers to figure out what the consumer is doing versus what they’re saying.
Check out how Riteway Foods has fully adopted TIBCO Spotfire into their enterprise.