Keeping growth curves in check and offering value to your customers is challenging, but retail analytics makes it happen in one go. Budget and resources are always limited, and creating the right mix of tactics for success is always a problem, but smart retail solutions make it possible.
But to get their business off the ground, Dayta AI successfully raised $1.8M for Grosvenor, XCEL NEXT Ventures, EC healthcare (2138. HK), and Abacus PropTech for their pre-A round funding. The proceeds will be poured into optimizing overseas expansion but most importantly, to fuel research and development to further help you ace your business decisions.
Today, Dayta AI provides retail data analytics through Cyclops to help you transform data into actionable insights. In return, allowing you to strategize your data and use it to gain enticing returns. We couldn't stress enough how important retail analytics is for your business. So here is a brief run-through of its basics.
 

Why Is Analytics Important in Retail?

First, several retail sectors are becoming digital. Thus, eCommerce retailers also shift to the digital way of outsmarting competitors. As a result, the traditional way of developing business decisions will leave you running behind.
To keep up with the competition in a digitized space, most successful eCommerce retailers rely on accurate retail analytics and use it as a foundation for making informed business decisions.
With the help of retail analytics software, you can use retail analytics to make shopping more meaningful, convenient, and personalized. Doing so can improve sales and increase consumer loyalty.

How Is Data Analytics Used in Retail?

Retail analytics compress large volumes of diverse data into a few details, so you won't have to spend time categorizing every aspect of your retail business. With retail data analytics, you can analyze your strength and weaknesses and strategize them.
However, it's not just about smart retail analytics making data more interpretable. It is also the way it can forecast outcomes with supplied data so you can implement actions to succeed. These make it essential in running a retail store.

Best Retail Analytics Software Tools

Besides collecting relevant data, smart retail solutions let you understand customer habits and find ways to attract new customers. You will need retail analytics software to collect data effectively and to guide you. Dayta AI's Cyclops is one of the best options to date.

Dayta AI's Cyclops

Dayta AI dedicates itself to being the all-in-one smart retail solution for operators to collect, analyze, and interpret big data. So far, it has attracted a large amount of support from renowned Hong Kong investors and organizations, indicating their credibility in the field.
As your trusted partner, Dayta AI made Cyclops and offers insightful retail analytics using only your camera. Cyclops is a cloud-based SaaS solution that connects to almost all video cameras to gather, analyze, and shed light on newfound in-store data.
In addition, Cyclops analyzes more than thousands of videos every day, collecting store visitor data in real-time to evaluate and interpret later on through retail analytics. This smart retail solution works by transmitting video footage via the internet throughout the day, providing valuable data and insights about store visitors.
Cyclops is also a single tool applicable to a range of sectors, such as marketing, operations, strategy, leasing, and more. The actionable insights acquired by Cyclops can benefit others within your organization.

Features

·       Supports over 95% of cameras: Cyclops supports any RTSP-compatible camera, so you can use your existing video cameras without replacing any equipment or incurring any upfront costs. Cyclops is a plug-and-play solution that can be deployed remotely without the need for additional expenses in setup.
·       Guarantees privacy; no facial recognition: Cyclops does not store faceprints to ensure privacy in compliance with General Data Protection Regulation (GDPR). Cyclops only capture the demographics and behavior and the in-store visitors but never their identities.
·       Traffic data: With this retail analytics software, you can monitor people who are only passing by, entering specific locations, or entering a zone defined by the user. It also tracks the number of people engaged in a user-defined zone.
·       Behavioral data: Cyclops can gather data on a visitor's average time spent browsing and staying at a store and the average time spent at the queueing area. Additionally, the retail analytics software can monitor a customer's engagement stint and behavior when entering your store.
·       Demographic: Cyclops determines the average percentage of females and males and the average percentage of different age groups.
·       KPI analysis: Cyclops' smart retail solution allows you to examine and compare your sales, traffic, and engagements using applicable metrics widely adopted in your industry.
·       Heatmap analysis: An in-store heatmap plots the number of times customers spend at each store section. Warmer colors indicate areas where customers spend the most time, and cooler ones are where they spend the least time.
·       Executive report: Along with detailed retail analytics, you can also produce executive reports in just a click to summarize your data every month. This will let you evaluate your performance easily.
All in all, Cyclops features smart retail software that protects consumer privacy and ensures seamless operation since it is built on cloud technology. It is also ready to scale for your specific needs.
Apart from that, it provides predictive analytics in retail where you can figure out why visitors engage. You can also evaluate their experience through the state-of-the-art in-house algorithm.
Cyclops is also IP-camera compatible, mounting an extra layer of intelligence to your existing infrastructure. Its proprietary AI algorithm is also trained using retail data gathered from retail stores. In other words, you can be assured with nothing but the highest level of accuracy.

Pros

·       Easy to operate SaaS solution for your retail needs
·       100% cloud-based
·       Supports most cameras most retail stores already have
·       GDPR compliant to ensure data privacy and security
·       Collects every data that you will need
·       Generates report so you can summarize, compare, and evaluate

Cons

·       No freemium version
Using Dayta AI's Cyclops, you can quickly and easily gain better insights about your retail store using the cameras you already have. Now equipped with the data you've collected, you can develop more effective business strategies and use the information efficiently to make better decisions.