analytics

How to turn the ‘try before you buy’ returns trend into profitable growth

How to turn the ‘try before you buy’ returns trend into profitable growth

Returns are the new normal. And how you deal with them – before and after purchase – can differentiate your brand, give you a competitive advantage and even make you more profitable. Here’s how to tackle the returns challenge and delight your customers with new ‘try before you buy’ services.

Here’s how unified commerce really comes to life

Here’s how unified commerce really comes to life

We’re very proud of how Infinity supports Cue Clothing’s ‘buy anywhere, fulfil anywhere’ strategy and the partnership we’ve built over the last 11 years.

NRF 2018 recap: the top retail technology trends to watch

NRF 2018 recap: the top retail technology trends to watch

Last month, the retail industry descended on New York City for the National Retail Federation’s annual conference. A record-breaking 35,000 retail professionals from all over the globe attended NRF 2018 to learn about the latest retail technology trends and network with their peers.

Unified commerce vs omnichannel: what’s the difference and what does it mean for your business?

Unified commerce vs omnichannel: what’s the difference and what does it mean for your business?

When it comes to retail management, the concept of ‘unified commerce’ is elbowing ‘omnichannel’ out of the picture.
For over a decade, omnichannel linked together various digital and physical channels to make sure that the customer experience was seamless.

Exploring Omnichannel

Exploring Omnichannel

Where once the task of purchasing an item involved bricks and mortar stores only, payment with cash or cheque at the point of sale (POS), followed by leaving the store with the purchase, we now live in a world where the task is a little more, well, omnichannel.

How rewarding is your customer loyalty programme?

How rewarding is your customer loyalty programme?

A loyalty programme is an important part of your customer management system. It shows your customers you appreciate and acknowledge their allegiance to your brand, while also enhancing their shopping experience. Yet we’re often left wondering - do they work?

Greater understanding with flexible collections

Creating groups is a smart way of analysing data.

It provides a tidy method for viewing performance of individuals, or comparison between groups. Having the flexibility to create custom collections based on any criteria is one of the most useful and powerful features in Infinity CPM.

Products can be grouped based on merchandise or promotional activity, stores based on margin performance or customers on spending habits.


Collections for any occasion.


Collections can be created by selecting items you wish to group together, or calculated based on criteria you choose, such as sales volume or price. Both methods can be used to create collections of any items, such as stores, employees, products, or customers.

To select Items for a collection, use the check mark to pick out items of interest on the fly. Or take a more structured approach and use the collection window to search for and add items based on a list or certain attributes.


Calculated Results.


Calculated collections update automatically based on the criteria you choose. For example, set a collection to calculate the staff members who have a discount rate greater than 20%, each day you come back to view this collection, it is recalculated with the latest data.

This is incredibly useful to analyse information that changes on a regular basis, such as stock that is slowing moving or dead, and products sold on discount or reduced margins.

Creating your own collections provides a flexible way to manipulate your data from any angle. This makes it easier to go beyond top-level reporting, and start to see in greater detail what is happening in your business. Think about the possibilities for targeted marketing knowing who your high-value customers are… or which customers purchased product X… or who the customers are that prefer to shop in store Y.


For more information, or training on the best way to apply the collections tool for your own situation, please get in touch here.

A head start on big data: Top Retail KPIs

 

How to make sense of your data with proven retail KPIs and flexible analyses

 

Everyone has heard about how ‘big data’ is changing the face of retail, re-defining the shopping experience, making the world a better place! Ok, that last point may be a slight embellishment, but with everyone talking about the benefits of big data, where do you begin and exactly how is it beneficial to your business?

Big data can seem quite overwhelming and intimidating, but with a little understanding and starting small, it doesn’t need to be that way. Begin with the point of sale - this is already capturing a wealth of information around what products are selling, at what price, at what times, how often, and to whom.  This is data already available to every retailer, and it’s quite likely that it is being underutilised.

Retail KPI

How is this information useful to your business? You already know retail, so data such as this is about making adjustments to what you are doing and how you are doing it in order to see measurable improvements. The timing of sales can help improve staffing decisions; product sales data gives tangible evidence to support ranging and merchandise decisions. Having the ability to visit this data consistently and easily allows you to see the impact of these adjustments and fine-tune as you learn more.

Our preferred analytics tool for managing ‘big data’ is Infinity CPM, offering the simplicity of web-based dashboards, and the complete flexibility of a customisable analytics program. Built into Infinity CPM there are proven retail KPIs and standard analyses to allow for fast deployment and immediate impact on your business.  As mentioned in the beginning, point of sale information is the starting point, and as your business grows Infinity CPM grows with it, incorporating multiple data points from almost any source.


For further information about the retail specific KPIs and analyses in Infinity CPM please download our white paper here.