One major advantage that online retailers have over brick-and-mortar is that the online space is highly conducive to in-depth analytics, but SwiftIQ is a startup working to bring that degree of data analysis outside of the digital world. SwiftIQ makes it easier for physical retailers to track relevant metrics and process that information.
By implementing SwiftIQ into one's business' supply and revenue pipeline, owners can track impressively granular data, down to the single-transaction level. For brick-and-mortar retailers accustomed to taking weekly inventory and stocking on the basis of necessity, such a system is a massive upgrade.
SwiftIQ has led to tangible insights. For instance, the software's analytics found that energy drinks are most often purchased between 6 AM and 8 AM between Monday and Friday. This drove businesses to include energy drinks in their typical breakfast specials.
Brick-and-Mortar Analytics Startups
SwiftIQ Provides Brick-and-Mortar Retailers with Detailed Data
Trend Themes
1. Brick-and-mortar Analytics - The trend of using analytics in brick-and-mortar retail stores presents disruptive innovation opportunities for gathering and analyzing detailed data for better decision-making.
2. Granular Data Tracking - The trend of tracking impressively granular data in physical retail enables businesses to gain insights at the single-transaction level, leading to more informed strategies.
3. Real-time Analytics in Retail - The trend of implementing real-time analytics solutions in brick-and-mortar stores offers retailers the opportunity to make data-driven decisions instantly and optimize operations.
Industry Implications
1. Retail Analytics - The retail analytics industry can leverage the use of advanced analytics tools and platforms like SwiftIQ to provide brick-and-mortar stores with detailed data and insights.
2. Supply Chain Management - The supply chain management industry can benefit from the disruptive innovations in brick-and-mortar analytics to optimize inventory control, improve stocking efficiency, and reduce costs.
3. Food and Beverage - The food and beverage industry can leverage brick-and-mortar analytics to identify consumer patterns and optimize product placement and promotional strategies based on data insights.