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Most Effective Predictive Analytics Solutions

Most Effective Predictive Analytics

In the past, you may have taken a pair of jeans off the shelf because nobody was buying them, despite what the awesome sales you and your business had forecast. After all, those jeans were popular last summer with other retailers, so why not now? You may also have had a sneaky peek at your competitors’ prices, noticed they’d lowered them, and decided you’d do the same. After all, it’s how businesses work, right? It’s how profits are made, right? I mean, nobody has a crystal ball they can predict the future with. You’re just working with your own instinct, and in this situation, a winning strategy is what you need. First of all, you need to get a better grasp of secondary research in business.

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Predictive Analytics Solutions

Well, okay, I’m not here to talk about crystal balls (I’ll save that for 2022 when they’re finally patented), but I am here to talk about the next rung on the ladder before crystal balls – predictive analytics solutions. Predictive analytics solutions are so good at helping the retailer predict what the consumer wants, as well as future trends, sales and prices, that, heck, even God and his ‘omnipotency’ is getting a little bit anxious and knows he has to up his own game.

Companies that use predictive analytics are able to mine data that they can then analyse before using it to optimise their businesses performance. In other words, increase their profits. In other words, predictive analytics solutions allow the retailer to better understand their consumers needs and wants.

Predictive Analytics Use Cases Include:

  • The ability to predict trends: Latching onto trends early are important for the success of any business who wants to stay one step ahead of the competition. You don’t want to be last to the party.
  • Predict Future Demand: Every retailer wants to know what the consumer will be wanting at Christmas, right? Predictive analytics allow the retailer to see more clearly what demands will be coming, and will therefore allow them to be more prepared.
  • Finding Gaps In The Market: Imagine you had a product that consumers wanted and which none of your competitors had? Companies that use predictive analytics are better able to tap into niche markets that have so far gone undiscovered. If there is a demand out there for something that is missing, predictive analytics solutions help you highlight it.
  • Being More Scientific: As anyone in business will tell you, there is a science to sustained success. Long-term results are not the product of luck or ‘randomly’ removing items from the shelves. Companies that use predictive analytics are able to determine exactly what products to remove from their inventory, and which ones to add. There is nothing random – or lucky – about anything.

These predictive analytics use cases are just a drop in the ocean compare the results that companies who use predictive analytics will experience. The business data is out there, as well as the technology. Put simply, any company that doesn’t buy into the idea of predictive analytics solutions will fall behind their rivals who are beginning to know their customers inside out. These organisations have understood the need to make more accurate forecasts and to more finely correlate supply with demand.

Learn more about predictive analytics solutions today!