What are two ways that data analytics benefits retailers?

Question

Multiple select question.

By focusing consumers on the functional value of retailers' products with statistical evidence of their superiority

By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options

By providing real-time data about competitors' offerings and marketing strategies

By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels

Answer 1

The two ways that data analytics benefits retailers from the options provided are:

• By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options.

• By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels.

These benefits highlight how data analytics can enhance customer understanding and improve inventory management, leading to more effective retail strategies.