Thursday, May 30, 2024

Revolutionizing Retail: How Predictive Analytics Have the Potential To Save High Street and Redefine E-Commerce

Last updated Friday, April 26, 2024 11:11 ET

Predictive analytics holds the potential to revolutionize brick-and-mortar retailers struggling to adapt to a rapidly evolving e-commerce landscape.

Stockholm, Sweden, 04/26/2024 / SubmitMyPR /

Since the COVID-19 pandemic, there has been a drastic uptick in businesses pivoting to e-commerce. Brick-and-mortar retailers were left with few options when local and government mandates told them to close shop. This transition has been beneficial for many companies, but problems have also surfaced. Designing an engaging and profitable e-commerce shop takes time and expertise. Many businesses that shifted online as a result of the pandemic were unprepared for the complexity of operating in a virtual landscape.

Many large retailers have been investing in e-commerce capabilities for several years before the pandemic. However, the extent of this investment has not landed them in the position they need to be. This is expected, as businesses can make multiple mistakes as they rush to meet the demands of rising tech and AI, without having the tech stack or expertise needed to meet such a demand.

What’s in Store for the Future

In a post-pandemic world, e-commerce has remained a preferred way of shopping that is continuously gaining traction. By 2027, about one-quarter of total global sales will be made online. This trend should motivate all retailers, whether online or offline, to leverage existing resources that can optimize their virtual performance. According to a report by one of the biggest e-commerce platforms, omnichannel offerings, personalization, and immersive experiences are in demand for 2024. For retailers to enhance their offerings, Swedish e-commerce veteran and co-founder of Dema, Marcus Tagesson, says that data is the first hurdle.

Dema logo

“I’ve been in the e-commerce industry for almost 20 years,” says Marcus. “As I grew my first business to over 100 million euros and continued my work as an entrepreneur, I realized that most e-commerce businesses are too siloed to understand operational and commercial data. They don’t have infrastructure that enables them to see their data and access it in a meaningful way. This is because many of them are using outdated platforms that prevent them from recognizing where profitability lies.”

In an era where the retail sector faces unprecedented challenges, from declining foot traffic to the complexities of online commerce, one company emerges as a beacon of innovation and hope. With its SaaS platform, Dema is transforming retail operations and redefining the essence of customer engagement, marketing efficiency, and inventory management.

At the heart of Dema's value proposition is its ability to empower retailers to delve into the deepest layers of profitability, customer understanding, and product lifecycle management. By harnessing the power of advanced data analytics, Dema helps retailers unlock the stories hidden within their data, building an operating model for the retail icons of the future.

A New Dawn for Customer Insights and Marketing

One of Dema's standout features is its marketing mix models on profitability levels, which offer retailers a greater view into the efficacy of their marketing efforts. In a landscape where every dollar counts, Dema's platform provides actionable insights that optimize marketing spend, ensuring that resources are allocated to the most impactful campaigns.

But Dema's platform goes beyond traditional analytics. It's about predicting future trends, from customer preferences to potential inventory overstock, by the end of the season. This predictive prowess enables retailers to make informed decisions, reducing waste and emphasizing sustainability in an industry often criticized for overproduction.

Revolutionizing Retail With Predictive Analytics

Dema's predictive analytics capabilities offer a crystal ball into the future of retail. By analyzing current and historical data, the platform can forecast which products will become overstocked by the end of the season, allowing retailers to adjust their strategies proactively. This enhances profitability and marks a significant step towards mitigating the environmental impact of retail operations.

Moreover, Dema is working with design studio G–W Studios to further position them as a tool for storytelling, transforming dry, numerical data into compelling narratives that inform strategic decision-making. By creating a brand foundation, visual identity, and a revamped website around the proposition, Dema enables retailers to craft tailored customer experiences, fine-tune their marketing strategies, and build a loyal customer base in an increasingly competitive market.

A Sustainable Future for Retail

Beyond boosting profits, Dema is committed to addressing the retail industry's sustainability challenges. By providing insights that lead to more accurate production forecasts, Dema helps retailers avoid overproduction, a critical factor in the industry's environmental footprint. This visionary approach enhances the bottom line and aligns with growing consumer demand for responsible business practices.

As retail continues to navigate through turbulent waters. Dema is not just helping retailers survive; it's helping them thrive by embracing the transformative power of data.

Media Conatct:

Name:Marcus Tagesson

Email: [email protected]

Original Source of the original story >> Revolutionizing Retail: How Predictive Analytics Have the Potential To Save High Street and Redefine E-Commerce