CRM data and analytics go together like rum and coke, which explains why retail brands looking to boost their revenue use both Endear and 42 Technologies, as well as why we recently co-hosted a meet-up with over 150 people in the retail industry complete with mixed drinks, networking, and insights about data.

42 Technologies provides clients with omnichannel real-time data to make better decisions. These channels include ecommerce, wholesale, marketplaces, and brick & mortar locations. And they make it easy for your entire team to access and use the data, not just a few select individuals. This way, everyone has access to the insights from your data, helping the entire team to make better and faster data-driven decisions that drive more revenue.

We were fortunate enough to speak with Erica Guider, a Retail & Merchandising Analytics Specialist at 42 Technologies, about the trends they have seen in retail as well as some tips she has for retail brands for the rest of 2023.

Let’s talk about the artificial elephant in the room: AI. Has 42 seen a lot of clamoring for AI in the retail space? Or do you think it’s overhyped as of now?

“Clients think AI is a nice-to-have right now, but they do have an interest in seeing how it can provide things like predictive analysis. The appetite for better data is growing – customers want to do more with less, and actionable data is the way to do that.

42 Technologies is working on a ChatGPT-bot to help our clients get answers much quicker. Instead of having to crunch numbers in Excel, they’ll be able to ask ‘what were my top items that sold last week?’ and get faster answers without that manual calculation work.”

Do you feel like retail brands have a bigger appetite for data in the past few years? We know it’s getting more and more competitive out there.

“I think retailers are looking more granularly at their business and realizing that better data means they can optimize and reduce expenses. Since the pandemic, there have been supply chain issues that persist today, so analyzing their data can help retailers know what they have in stock and what products they need to move between stores.

And because of the impending recession, they also want to be leaner with their overall inventory. So our clients are using our analytics to see on-hand and sell-through reports. It leads to better inventory management and again, being able to do more with less.”

What mistakes do you think retailers often make?

“Not looking at the trends in their own data. In other words, not taking the time to actually analyze their trends. Some retailers are putting too much weight on small things like the color of their products, their fabrication when it comes to selling trends; but they’re missing the forest for the trees.

Being able to step back and have that 360 view of their trends leads to more foresight and thinking long-term. Looking at their data can help answer big questions like ‘what are our inventory positions on our best items?’ which can really drive more revenue.”

We see some of that too, where brands can get overwhelmed with data and end up focusing on the wrong things instead of the big actionable insights that can really move the needle. Presenting data in an easy-to-digest way is key to being effective tools.

What analytics tips do you have for retail brands?

“Look at your KPIs every day. I often hear ‘oh we only look at our analytics on Mondays.’ But that’s too late! Teams should be looking at their trends every day, their growth, their decline.

KPIs that I would recommend teams view daily are Product Sell-Through, Sales-to-Stock Ratio, and Conversions (which is underlooked).

Also, your data shouldn’t be siloed and accessible by just one person or small team. We see teams of 30 or more where just 5 people have access to the analytics. That’s less effective and democratizing data usually leads to better insight and results.

We make our dashboard really easy to view and use. It empowers teams to analyze data and to pull numbers on their own without much hassle.”