ThoughtSpot for
Retail Analytics

Retail analytics is the process of analyzing data from a retail business in order to glean insights from patterns and trends to inform business decisions and drive actions. Retail analytics solves challenges like understanding what customers want, knowing what price points customers are willing to pay, matching inventory to demand, managing a supply chain, and more. It’s an incredibly helpful tool for all types of retail organizations, from the smallest to largest operations. Whether operating physical brick and mortar stores, an online presence, or both, both brand new businesses or centuries-old mainstays can leverage retail analytics to operate their business as effectively as possible.

Financial analytics is critical to a business, as it informs and shapes the vast majority of business functions. Done correctly, financial analytics not only helps organizations control costs and operate efficiently, Retail analytics is important because it helps retailers make better business decisions. It enables them to gain data-driven insights into customer behaviors and preferences, product performance, store operations, and more. By leveraging retail analytics, businesses can build customer loyalty and improve marketing campaigns to drive sales growth.

Additionally, retail analytics can help retailers analyze the effectiveness of their promotions, determine the effectiveness of their store layouts, and identify areas of improvement in customer service. Retail analytics also helps retailers optimize pricing and inventory levels to ensure they are meeting customers’ needs with the right products at the right prices. For example, with retail analytics from ThoughtSpot, Canadian Tire, one of the largest retailers in Canada, was able to boost sales during the pandemic by 20% despite closing 40% of their brick and mortar stores. Learn more here.

Popular retail analytics software features can help retailers to make informed decisions and optimize their operations. These features typically include the ability to track customer behavior, analyze sales performance, and generate data-driven insights.. Through detailed real-time reporting, businesses can gain insights into which items are selling well and which ones need more attention.

They can also identify opportunities for promotional activities, such as cross-selling, upselling, and discounts. Additionally, retail analytics software can offer insights into inventory management, forecasting, and pricing strategies. Companies beating their competition with retail analytics software are doing so because they’ve picked a tool that extends the value of this retail data and insights to every business user, from merchandisers to marketers to pricing specialists without requiring extensive training or technical know-how. insights created can also be pushed directly into other applications, like marketing apps and CRM systems, so insights can be operationalized at scale.

ThoughtSpot offers a number of advantages when it comes to retail analytics. It is designed to help retailers uncover insights from their data quickly and easily. Using ThoughtSpot, retailers can directly connect to all their cloud data in their cloud data platform and instantly make it accessible for every kind of business user. Because ThoughtSpot was architected from inception for cloud data volumes, retailers can look at all their data instead of aggregates, summaries, or cubes.

Users can answer questions on the fly, or build interactive Liveboards to share collections of insights with others. These Liveboards are interactive, meaning whoever they are shared with can also ask questions or drill down to the finest level of detail needed.

ThoughtSpot also leverages AI, helping retailers detect trends or anomalies in their data without even needing to ask a question. This can help them tap into unknown opportunities or avoid potential obstacles that would otherwise remain undiscovered.

ThoughtSpot Team Edition is available at a flat $95 monthly subscription. You can easily sign up from our Free Trial and pay using a credit card. Once you subscribe, you will be billed $95/month until you cancel.

For other product editions, ThoughtSpot uses a consumption-based pricing model that lets you pay for what you use. Your annual contract consists of a base package that includes a set of credits that lets you execute a certain number of queries against a data source. You can purchase additional credits as part of your contract if you need more.

No. Unlike other products, our pricing model uniquely lets an unlimited number of users access ThoughtSpot.

You are billed a flat $95 monthly fee for Team Edition. There is no annual subscription option for Team Edition. Other ThoughtSpot product editions are licensed via annual contracts.

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