In a highly competitive market, what drives retail business is in store conversion, i.e. number of store visitors vs. no of people who left with a purchase.
With consumers becoming highly agile in their buying patterns and moving seamlessly between in-store and online, information and insights are becoming key to understand business critical factors such as inventory, supply chain, demand for products, consumer behavior, etc.
Due to the lack of business insights, retail businesses are failing to make informed decisions. According to some sources, more than 35% of top 5000 retail companies are failing to do so.