What is meant by "retail analytics"?

Retail analytics refers to the practice of collecting and analyzing data specific to retail operations to enhance performance, optimize strategies, and improve decision-making. This involves using various metrics and data sources, such as sales figures, inventory levels, customer behavior, and market trends, to understand how to better meet customer needs and maximize profitability. Retail analytics can inform various aspects of a business, including inventory management, pricing strategies, and promotional efforts, ultimately helping retailers to refine their approach and achieve their business objectives more effectively.

By focusing on the systematic analysis of relevant data, retailers can gain insights that lead to more informed decisions, making this choice the most accurate definition of retail analytics.