Published 17 Jul 2023

7 Best Retail Analytics Software of 2023

a retail manager scanning items' barcodes while studying retail data using a retail analytics software

What is a Retail Analytics Software?

Retail analytics software is a digital tool that provides companies with detailed information about their inventory and sales, customer behavior, and market patterns and trends. The data gathered equips them to make strategic decisions to optimize operations, increase revenue and continuously grow in a competitive landscape.

Benefits

Retailers have long been assessing and evaluating their data and practices to be able to personalize marketing strategies and provide a better customer experience. To gain more, investing in retail store analytics software is a must.

  • Run businesses more efficiently – Digital systems help you keep track of everything – the materials used for your product, your employees’ day-to-day practices, and your customers’ opinions about your offerings. All these help you manage your business better.
  • Improve marketing performance and ROI – Data informs your marketing strategies. When your managers get relevant information in real-time, they can plan for the next step, like creating more focused advertising campaigns for immediate deployment.
  • Get ready for increased demand – If the inventory is too low, your business misses the opportunity to sell. And if you have too much stock, resources like overhead costs and warehouse space are wasted. Analytics anticipates demands in the future so your managers can meet surges.
  • Accurately estimate pricing fluctuation – Knowing and understanding global pricing trends and competitors’ rates help improve your product’s performance, find better locations, and increase your company’s market share.
  • Improve customer relations – Browsing through feedback can be overwhelming, especially if a huge amount is pouring in from numerous sources. With a good analytics system, you can go through it faster, zero in on the most pressing issue, and get a quick insight into customer dissatisfaction and turn it around.

Key Features

Analyzing data for retail is a challenge—you need to develop a deep understanding of historical trends, competitors, and your customer base. The task is made easier with the best retail analytics software with the following features:

  • Centralized database
  • Real-time monitoring (e.g., KPIs, trend prediction, data forecasting)
  • Real-time data analysis
  • Data visualization (e.g., graphs, charts, etc.)
  • Integration with other software (e.g., POS, retail management, retail operations)
  • Mobile accessibility

Selecting the Right Retail Analytics Software

If you’re ready to implement this system in your business, any of the seven mentioned above are great options. Take another look at them below:

Retail Analytics Software Free Version Paid Plan Mobile App
SafetyCulture Yes $24/user/month* Yes
Tableau Yes $15/user/month* Yes
Qlik Sense Yes $30/user/month* Yes
Power BI Yes $10/user/month* Yes
Data Weave No Not indicated No
Looker No Custom quote Yes
Sisense No Custom quote Yes

* billed annually

Eunice

SafetyCulture staff writer

Eunice Arcilla Caburao

Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.

Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.