Data Analytics Making Way into Retail Market
According to ResearchLive, a screening solution has been developed by Ipsos Marketing wherein cognitive psychology and behavioral science is used to test logos, images and marketing claims among customers. System2 and Ipsos’s solutions that are relevant for the retail sectors as they help in achieving the set goals, eliminating risks. System2 is the only firm that applies a dual process theory in its analysis and highlights that retailers could turn to data analytics to ascertain if their stores were at much greater risk than assumed.
AI and machine learning, the two most revolutionizing technologies are drawing retail towards them, and System2 uses this technology, applying an overabundance of existing data to help investors exterminate possibly bad bets. On the other hand, this way of tackling data analytics could be quite significant to retailers as it could help them figure out how well a store would run.
Data Analytics and retail go hand in hand as retailers along with their partners lately have been focusing and investing in diverse kinds of analytics programs. With a vast amount of data and an array of potential variable, there is always something new on the rise. Hence, new approaches are becoming crucial for retailers as they try recognizing and discovering the reason behind the success and failures of stores as well as what draws customers to them and what does not. Moreover, with the perception of re-branding and re-conceiving their properties, mall proprietors have collected enough data needed.