Retail is one of the most data-driven industries in the world, so using business intelligence (BI) software to estimate inventory needs, understand customer behavior, and build forecasts is a necessity of any retailer. As technology advances, so does customer expectations.
BI tools are based on a dedicated data warehouse platform using ETL processes for data integration and aggregation. Predefined and adjustable multi-dimensional analytical models provide meaningful information about suppliers, customers, employees and inventory.
Sales analysis is one of the most important reporting elements in each company. Retail analytics support all main aspects of your business – marketing, merchandising, operations, supply chain, finance etc. All sales data is centralised in one place from which you can measure your sales network performance, stock rotation, retail-related KPI’s, margins and marketing campaigns.
To do stock allocation, factors such as transactions and browsing in their stores and online, but also other data such as the weather, macroeconomic conditions, and social data should be considered at each store location. This way the busiest stores will always have enough stock and quieter stores will never be overstocked, supplying demand where it is needed efficiently.
Retail Analytics Sales analysis is one of the most important reporting elements in each company. Retail analytics support all main aspects of your business – marketing, merchandising, operations, supply chain, finance etc. All sales data is centralised in one place from which you can measure your sales network performance, stock rotation, retail-related KPI’s, margins and marketing campaigns. By monitoring sales patterns in different distribution channels and in different dimensions (products,services, regions, time periods, etc.) you can generate predictive reports forecasting sales in order to optimise the supply chain and focus efficiently on an individual customer. As a result, you will increase store profitability and improve your overall growth strategy.
What does all this mean? Physical retail isn’t going away, it’s evolving. Retail consumers are price sensitive, short on time, and convenience driven, and this is what has allowed e-commerce to capture so much of their business. By leveraging analytics and business intelligence (BI), e-commerce retailers are able to optimize their product offerings, price points, and promotions to target consumers on a very personalized level. While it is true that retailers relying on traditional sales, marketing, and operational tools and strategies are likely to get left behind, BI can enable brick and mortar retailers to not only survive, but thrive in this new retail ecosystem. By bringing business intelligence into the brick and mortar space, retailers can reap many of the same analytical benefits their online counterparts do, modernize their operations to meet the demands of the modern consumer, and offer an in-store experience that can outstrip anything currently available online.
To know more on how your store can benefit from data analytics click on https://getpy.biz/products/