4 types of retail data necessary for successful luxury brands
Retail data is vital for brand success as it is the best way to make empirical company decisions. This is even more true for luxury brands where legacy systems and new technology have tended to compete.
There are 4 specific types of retail data that every luxury brand should review before making choices that could affect their overall bottom line.
1. Sales data
Arguably the most well-known type of retail data, sales data consists of analytics surrounding your revenue. By understanding what luxury products are driving sales, retailers can make valuable, well-informed decisions surrounding what they continue to order, what they want to promote and whether they want to adjust pricing. Furthermore, sales data may prove useful in helping luxury brands determine retail data surrounding the number of sales as well as the average transaction size of customers, providing more insight into overall sales.
2. Inventory data
Simply put, inventory data gives an all-round view of retail stock. Inventory data provides more than knowing how much stock stores hold, it also includes highly important information such as a store’s inventory turnover, online sales, and any overhead costs. By having access to this information, retailers get an omnichannel view of all their inventory, can manage where their products need to go and ultimately stay aware of any stock that may be affecting lost revenue or fulfilment.
3. Employee data
Employee data focuses more on how specific stores run through their staff. Employee data provides information regarding staff performance so that luxury retailers can determine which store associates are performing best and schedule the optimum number of employees at the right times as well as place employees who perform best at peak times. This is extremely useful especially for luxury brands as it also means employees can be incentivised to sell more and easily tracked.
4. Customer data
Customer data is a form of retail data which luxury brands have, perhaps unknowingly, been using for a long time. However, most brands are only beginning to understand how informative it can truly be. Collecting customer data is more than knowing a name and email address to market to via CRM. True customer data means knowing a customer’s full shopping history, their interests, preferences and even how much they spend and how frequent they tend to buy products. This data not only gives luxury retailers the opportunity to provide bespoke promotions or discounts but also allows for clienteling and upselling opportunities. The store associate knows all they need to know via their device, with access to a simplified form of this data. In short, customer data can be seen as the most important form of analytics for store employees as it allows for a unique luxury experience in store and can improve overall retention and loyalty in customers.
Retail data analytics provided by Red Ant
At Red Ant, we view our clients as partners. We are invested in helping their stores flourish rather than just selling them the software to do so. As an employee-owned company, we do better if our clients do better, guaranteeing our commitment to helping your stores succeed. We make sure RetailOS supports and empowers your retail operations for the long term. By ensuring our retail platform is updated and improved to meet the needs of our clients, retailers can be reassured that the solutions we provide are up to date, forward-thinking and future proof. Our award-winning tech is proven to maximise sales, deliver exceptional customer service and drive operational performance.
Our omnichannel retail platform brings essential retail apps together with your existing systems, content, and data into a single colleague hub which is all informed by retail data analytics. With everything in one place, RetailOS permits your store associates more time to do what they're best at – delivering brilliant customer service without the cost of lost time.
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