Smarter shoppers require smarter sellers
Teradata says demand for retail analytics expertise is rising for real-time database insight or its Active Enterprise Intelligence
Teradata says demand for retail analytics expertise is rising for real-time database insight or its “Active Enterprise Intelligence”
Data warehousing and enterprise analytics company, Teradata has announced that in today's economic turbulence, retailers are increasingly adopting advanced analytics to identify competitive opportunities.
At a time when shoppers are smarter, it said retailers are ramping up demand forecasting, multichannel marketing with deep web analytics and pricing/profitability analytics. Adoption of real-time information is also on the rise in retail and related businesses with the growing use of Teradata Active Enterprise Intelligence.
According to the vendor, retailers are integrating data into more centralised data warehouses and expanding the number of system users to analyse trends, engage customers online and act on foresight to seize opportunities and benefit from deeper business visibility.
One such retailer is Cabela's, which just won an NCDM award for technology applications. The renowned outfitter has built an integrated, multichannel information framework on Teradata, which helps its business analysts understand the detailed behaviour of customers shopping across channels and who use its banking business, such as catalogue shoppers who shop in-store, or store shoppers who start buying online. They are also a leading user of in-database analytics for predictive intelligence.
Answering the key retail questions
"With the Teradata system and SAS, we are asking and answering questions today about our business strategies such as retail expansion that we never would have anticipated years ago, when we started on this road," said Dean Wynkoop, head of data management for research and analysis at Cabela's.
"We're able to give the business information about where we should put stores, and how we can improve retail performance. In this way, the Teradata system and SAS analytical tools have helped the company to be more responsive and agile."
As the National Retail Federation's 99th Annual Convention and Expo starts today, Teradata experts will speak on maximising the power of the web in retail while also presenting demonstrations of web intelligence tools and analytical services in Teradata's booth #1453.