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How Can Predictive Analysis Support the Current Retail Climate?

A woman stands in front of a large computer screen, selecting icons relating to the retail sector.

Our friends in retail, we salute you. It’s been a tough time. Actually, let’s be honest – retail was tough before the pandemic. And now, here we are, in 2022, a little battle-weary and trying to predict our next move whilst still looking over a shoulder at our last. At Predyktable, we’ve got great collective experience in the retail sector, and we are channelling that into our own platform.

We knew early on that we wanted Predyktable to specialise in retail and hospitality, not only because it’s what we know, but because they’re two sectors full of opportunity. Our frustration was born from the lack of technology services and platforms that took a true forward-looking approach to predictive analysis. As we see both sectors struggle pre and post-pandemic, we are determined to help brands and organisations get a clearer picture of what’s around the corner, and become a more future-proofed business than ever before.

Retail has changed dramatically over the last 20 years, with businesses expanding into ecommerce and even social commerce (which in itself has seen 300% growth compared to traditional ecommerce). Customers are changing how they browse and buy products and services.

But, despite this shift in shopping habits, the usual sentiment is still at play here. Customers must trust the brand before they buy, and the touchpoint must also be relevant to that customer in the first place, otherwise you’ve lost them. You could even argue that the window of opportunity is smaller than ever, with social feeds accelerating the speed at which we browse data and ultimately adverts too.

Retail, whether online or offline, needs predictive analysis to not just keep ahead, but to keep up. Nothing stays the same for long, so being able to monitor the landscape and react to changes is vital to the success, performance and longevity of a modern day brand in the retail space.

As we’ve said, our predictive analysis model is tailored with retail (and hospitality) in mind. Our breakthrough product brings a distinct advantage by enabling you to foresee trends before it’s too late, and make more strategic responses to consumer demand rather than retrospective changes to your product or service. In short, predictive analysis gets you a step ahead so you don’t get left behind.

The Predyktable retail model allows you to:

  • Meet consumer needs before it’s too late to act
  • Satisfy an increasingly demanding consumer base
  • Bring certainty to your strategy
  • Cut out the complicated and confusing guesswork
  • Cut back on markdowns and dead stock

Yes, you’re right, it is. We’ve thought about that too. There are suddenly so many consumer touchpoints to consider, and ultimately track, follow and analyse. We can help you determine the exact locations, messages and channels to watch, and which ones to continue to watch based on those that give you the greatest impact in terms of engagement and conversion.

By looking at real-world examples, we can see instances where predictive analytics could have helped organisations (or even entire industries) prepare for what’s just around the corner.

The postal strike action in September 2022 shows how organisational disruption can have wider implications – in this case, deliveries and logistics. Whilst we do see union representatives speaking of contingency plans, it’s often not enough.

Predyktable’s modelling can foresee this kind of strike action by analysing multiple data points across the postal industry and many others too. Being able to anticipate such events means that those affected, particularly in hospitality or retail, can seek alternative arrangements and adjust their business accordingly.

Working with Predyktable is a long-term investment for your organisation, not a quick fix or a one-hit project. You’ll see tangible results quickly and easily, but we’ll sustain that level of expectation throughout our partnership, and we’ll guarantee you a platform that consistently stays light years ahead of other data providers who may well be promising you more results for a lower cost.

If you’re a retail or ecommerce organisation lost in a sea of useless data and broken promises, it’s time for us to talk. Get in touch today to understand how we can bring certainty and security back to your important business decisions.