According to a Salesforce report, retail is one industry most at risk of declining profits as consumers rethink their spending habits in 2023, in an attempt to reign in their outgoings. So is your organisation prepared enough to adapt to this change in consumer behaviour?
Continue reading to explore how data analyst apprenticeships are completely revolutionising the retail landscape and the benefits they offer for your organisation.
The role of data analysts in retail
In today's dynamic retail landscape, it is the data analysts that play a pivotal role in driving business success, especially as economic challenges arise.
Data analysts harness the power of data to uncover insights into customer behaviour, sales trends, and inventory management that may have otherwise gone unnoticed. And these insights can greatly improve the efficiency and profits of any retailer.
Here are some of the crucial tasks data analysts in the retail industry are responsible for today:
Investigate customer insights
Data analysts study purchasing behaviours to understand what customers are buying, when, and why. This can help retailers tailor marketing campaigns, loyalty programmes, and in-store promotions to better align with customer preferences.
Some of the biggest retail brands in the world are now using data analytics to improve overall performance and to counteract the effects of the cost of living crisis.
Starbucks is a perfect example of a brand who uses data analytics to make waves in the retail industry. There’s a good chance that a large number of us, at one point, have felt the benefits of the Starbucks rewards system, which has around 13 million active members currently.
Starbucks uses the vast amount of data they collect from this system on their app to personalise each customer's experience. And a recent article from Forbes suggests that a whopping 76% of consumers get frustrated when they don’t receive a personalised shopping experience from a brand.
Starbucks clearly knows how to keep their customers returning for their caffeine fix! And this is all thanks to relevant data analysis.
Take control of inventory management
By analysing sales data, data analysts can forecast demand for specific products, helping retailers optimise stock levels. This ensures that popular items are always in stock while reducing the overhead costs of overstocking.
Developing pricing strategies
Data analysts evaluate the performance of various pricing strategies by comparing sales data, competitor prices, and customer feedback. This helps retailers set competitive prices that maximise profits.
Tracking sales performance
Analysts track daily, weekly, and monthly sales metrics to identify trends, peak sales periods, and potential areas of concern. This information can guide staffing decisions, promotional activities, and store layout adjustments.
Optimising supply chain processes
By analysing data from suppliers and transportation logistics, analysts can help streamline the supply chain, ensuring timely delivery of products and minimising costs.
Here’s what Richard Pegler at Sainsbury’s Argos had to say about how his analytics team found upskilling with Cambridge Spark:
"For the supply team, their main objectives are demand forecasting and segmentation across stores. We found the Time Series Analysis and Clustering content particularly useful and individuals have already started applying the knowledge and theory covered. Overall, we are really pleased with the content and make-up of the course” Richard Pegler, Operational Strategy Manager at Sainsbury’s Argos Ltd.
Conducting market basket analysis
This involves studying the combinations of products that customers buy together. Such insights can guide product placement strategies and promotional bundling.
Handle e-commerce analytics
For retailers with online platforms, data analysts track website traffic, conversion rates, and online customer behaviour. E-commerce analytics helps to improve the online shopping experience and optimise website design, satisfying consumer needs to have an enjoyable digital shopping experience.
Analyse customer feedback and reviews
Analysing customer feedback, whether it's from surveys, online reviews, or social media, provides insights into areas of improvement, potential new product ideas, and overall customer satisfaction.
Review location analytics
For retailers with multiple outlets, analysts can study sales and customer data by location to determine which stores are performing best and why. This can inform decisions about store expansions, relocations, or closures.
Explore predictive analytics
Using historical data, analysts can make predictions about future sales, customer behaviours, and market trends. This foresight allows retailers to proactively adjust strategies and stay ahead of their competition.
Essentially, data analysts empower retailers to navigate the market with precision, agility, and foresight.
The benefits of upskilling retailers with data analyst apprenticeships
There are countless benefits to upskilling data analysts with apprenticeships both for the individuals and your retail organisation as a whole.
1. No cost to your organisation - All of our apprenticeship programmes are publicly funded through the UK Apprenticeship Levy, meaning that there is no cost to your organisation.
2. Future-proofing - As the retail industry evolves and economic pressures change the way consumers behave, having a workforce skilled in data analysis ensures adaptability to technological advancements and changing market dynamics.
3. Employee empowerment - Apprenticeships boost employee confidence and competence, leading to increased job satisfaction and reduced turnover.
4. Continuous learning - Apprenticeships foster a culture of continuous learning, encouraging employees to stay updated with the latest analytical tools and techniques.
5. Innovation opportunities - With a deeper understanding of data, retailers can identify new market opportunities, leading to innovative product or service offerings and having a competitive edge over employers.
6. Flexible learning pace - Our apprenticeships are delivered online which achieves a better work/life balance for our learners. Learners can choose when and where they want to learn and complete assignments and ultimately take more control over their studies. Apprenticeships can also be tailored to individual learning or the organisation’s needs.
7. Better staff retention - Investing in your staff and encouraging development helps to create a positive work and learning environment, making staff want to stay with your organisation for longer.
8. Robust retailer talent pipeline - Upskilling your workforce with apprenticeships creates a hub-and-spoke business model. Employees develop as experts in data whilst relaying that knowledge onto other colleagues and developing existing staff. This reduces the pressure of hiring externally for data talent.
9. More competitive hiring - Being able to offer data analyst apprenticeships as an added benefit to working within your company means you’re able to compete against other retail organisations for staff.
In essence, data analyst apprenticeships not only enhance the immediate capabilities of retailers, but also set them up for long-term success in an increasingly data-centric world.
Data analysis apprenticeships with Cambridge Spark
Retailers have been facing complex challenges since the Covid-19 pandemic. But upskilling their workforces has made it possible for them to stay prepared and agile.
Cambridge Spark’s data analyst apprenticeship curriculum gives learners a holistic skill set that enables retailers to maintain a competitive advantage and increase productivity across the organisation.
We also tailor our learning approach so that our learners can benefit from apprenticeships as much as possible. Our curriculum consists of both hands-on, applied learning combined with gold standard mentorship.
Here are some of the unique strengths of our programmes:
EDUKATE.AI is our proprietary e-learning platform. It offers apprentices a comprehensive learning journey with features like lecture presentations, video recordings, quizzes, hands-on tasks, and real-time feedback on coding assignments.
Additionally, the platform works fully within learners’ web browser—it requires no initial setup or installation. Students can easily access it by simply logging in through their internet browser from wherever they are.
"EDUKATE.Al is a fantastic platform containing all the educational aspects of the course. It’s extremely user-friendly with easy access to all learning units and videos from the workshops. The best part for me is the assignments section where you can instantly receive feedback on your code and improve it if needed. Such a helpful feature!" Dorota Kowalska, Reliability Engineer at easyJet
Personalised learner support
Every learner undertaking an apprenticeship with us gets a dedicated learner success coach and data mentor to support them through their upskilling journey. We believe in supporting our learners in both their technical learning and their personal development.
“One thing that surprised me was my coach and my mentor... having access to people that really care about what you're doing and really want to see you succeed. So you're never on your own. That is incredible.” Elle Neal, Data Scientist, BPA Quality
Flexible online learning
We deliver all of our programmes online to ensure maximum inclusivity and flexibility for our learners when they are completing their apprenticeship.
When apprentices begin their journey with us, they join a vibrant community of data experts. This offers them the unique opportunity to connect with seasoned professionals and fellow learners, fostering mutual learning and growth.
Every apprentice can access our Knowledge Base forum, a platform where they can pose questions and participate in conversations with both their instructors and peers.
Our digital platform, EDUKATE.AI, provides students with hands-on experience in a simulated setting, enhancing their learning speed. Through our apprenticeships, learners complete portfolio projects where they apply their knowledge directly to their job, offering immediate value to your organisation from the onset of the apprenticeship.
Future trends in retail data analysis
As the retail industry continues to change and adapt to the ever changing state of the economy, data analyst apprenticeships will be forced to adapt too.
Below are some of the predicted trends in retail data analysis and how apprenticeships are adapting with them:
1. Omnichannel analytics - With the rise of e-commerce and mobile shopping, consumers are interacting with brands across multiple channels. Apprenticeships will focus on teaching how to analyse data from various touchpoints (online, in-store, mobile) to provide a seamless customer experience.
2. Predictive analytics - Retailers are increasingly using predictive models to forecast demand, optimise inventory, and personalise marketing efforts. Apprentices will learn to use historical data to predict future trends and behaviours.
3. Customer segmentation and personalisation - Understanding different customer segments and tailoring offerings to each segment is crucial. Apprenticeships will emphasise the importance of segmenting customers based on their behaviours, preferences, and purchase histories to offer personalised experiences.
4. Real-time analytics - The ability to analyse data in real-time allows retailers to make instant decisions, such as dynamic pricing or targeted promotions. Apprentices will be trained to handle and interpret real-time data streams.
5. Supply chain optimisation - Efficient supply chain management is vital for retailers to ensure product availability and reduce costs. Data analysis apprenticeships will focus on using data to optimise supply chain processes, from procurement to distribution.
6. Artificial intelligence (AI) and machine learning (ML) - AI and ML are revolutionising the retail industry by automating tasks and providing insights that were previously unattainable. Apprentices will be introduced to these technologies and their applications in retail, such as chatbots, recommendation systems, and fraud detection.
7. Augmented reality (AR) and virtual reality (VR) analytics - AR and VR are emerging as new channels for customer interaction. Data analysis in this area will focus on understanding customer behaviours in virtual environments and leveraging these insights for better product placements and immersive experiences.
8. Sustainability analytics - With growing concerns about the environment and ethical sourcing, retailers are focusing on sustainable practices. Apprenticeships will teach how to analyse data related to sustainability, such as supply chain carbon footprints or sustainable product sales trends.
9. Voice commerce analytics - As voice-activated devices like Alexa and Google Home become more popular, voice commerce is on the rise. Data analysis will be crucial to understand voice search behaviours and optimise for voice-driven sales.
10. Loyalty programme analytics - Loyalty programmes are a key strategy for retailers to retain customers. Apprentices will learn to analyse data from them to understand customer loyalty trends and devise strategies to enhance the programmes’ effectiveness.
Looking to upskill your retail team in data analysis?
At Cambridge Spark, we offer data analytics apprenticeships that upskill your workforce in cutting-edge data skills that empower you to revolutionise your retail organisation.
Get in touch with us today via the form below to start your data transformation journey.
Fill out the following form and we’ll contact you within one business day to discuss and answer any questions you have about the programme. We look forward to speaking with you.