Tips for Choosing Retail Analytics Software
In the United States, there are nearly 1.05 million retail companies currently operating. Total retail sales topped $7 trillion in 2022, and the market is expected to grow in the coming years. While that may seem like getting a part of that business would be easy, competition is fierce. As a result, many retailers turn to retail analytics software to get a competitive edge.
Choosing retail analytics software solutions is often challenging, primarily since there are so many options available. As a result, it’s critical to use the right strategy when making a selection, ensuring your company gets the tools it needs to capture a competitive edge. If you aren’t sure where to begin, here are some tips for choosing retail analytics software.
Define Requirements and Budget
As with any technology purchase, the first step companies should take is defining their requirements. The solution that works best if the goal is business intelligence might not be the ideal solution if sales forecasting or demand forecasting are most critical to the broader equation. As a result, determining what the company wants to accomplish with a retail analytics software solution is essential, as that helps determine which tools and feature sets are necessities and which aren’t required.
Additionally, companies need to set a budget before examining solutions. That ensures that any selections they explore fit the price point the organization is willing to pay, streamlining the provider search.
Research Providers and Identify Key Features
Once your company has its requirements outlined and budget set, it’s time to research providers. Generally, the first step is to review the available tools and features to ensure it aligns with your organization’s needs.
Often, specific capabilities – like competitor monitoring, trend prediction, real-time benchmarking, and cross-selling suggestions – are considered broadly essential. However, each retail business is unique, so your company may have needs beyond those capabilities.
See what each solution brings to the table to narrow down your options. Then, dig deeper by examining customer reviews and satisfaction rates. Ideally, you want a solution with a reputation for excellent customer service and support, ensuring you can get help quickly if it’s ever necessary.
Try a Trial Run
Many retail analytics software providers offer free trials or robust demos. With these, you can learn more about how the solution works and whether it provides the needed value.
Overall, free trials are more helpful than a demo alone. With a trial, you get to experience the software firsthand and see if it can generate insights that benefit your business. Demos don’t allow you to harness your data as you learn about the platform, so it’s harder to assess the retail analytics software’s potential if you go in this direction.
Top Provider Options
For many retail businesses, exploring some of the top retail analytics software providers first can streamline their search for a viable solution. Typically, these solutions are popular since they’re robust and have strong reputations.
Here is a list of top retail analytics software providers:
- Crisp
- Flame Analytics
- Numerator Insights
- Power BI
- SAP Sales Insight for Retail
- Style Arcade
- TIBCO Spotfire
- Triple Whale
