Retail industry is more dynamic today, than it was ever before. Globalization, increased buyer power, newer sales channels are all forcing retailers to use newer and innovative techniques to market their products better.
The amount of data processed by retailers is so large that it is very difficult to maintain and draw meaningful insights from them. BI software provides retailers with an architecture to maintain and analyze data across geographies and store formats. It helps you to reduce your operational costs and maximize the value of information.
- Define multiple primary and secondary metrics to be tracked across various stores and geographies.
- Set up a multi-terabyte data repository through which all employees can access and analyze reports simultaneously
- Understand customer behaviour across sales channels.
- Integrate and manage the entire value chain, right from suppliers to store operations to sales.
- Have individual applications for all key areas such merchandising, marketing, inventory and category management.
Sales and Profitability
Track sales trends and profitability of products across stores in order to plan your merchandise and inventory better. With business intelligence solutions you can:
- Monitor Point-of-Sale data to discover sales trends and product demand.
- Track intrinsic trends such as seasonality, bulk purchases in a better manner.
- Have customized applications to track payables, receivables, inventory and expenses
- Track sales vs profitability in order to understand which products are actually contributing to the bottom line
Customers often purchase in combinations. Understanding patterns in customer behaviour can help you in reorganizing your store formats and driving marketing campaigns that induce customers to purchase more. Advanced data mining options are available that can unearth these patterns from sales data. With BI, you can:
- Create customer profiles and transaction histories and analyze them to identify buying patterns
- Have customized as well as standard reports to help marketers and store managers understand what products customers are purchasing in combinations and the customers who are not purchasing according to the general trends.
- Help marketers to come up with cross-selling and up-selling campaigns and to analyze the effectiveness of these campaigns on customer purchases.
With BI tools, retail chains can take a holistic view of their entire retail operations. Large retail chains can use consolidated reports to see which stores are performing well and which are underperforming.
- Analyze differences in purchasing patterns amongst various stores. For eg, certain items sell better in rural areas while some sell better in cities. This helps retailers in altering their merchandises and store formats to match customer preferences.
- Receive customized reports on store performance, sales and inventory.
- Prevent unnecessary losses by having a better tracking of back orders, damaged inventory, cancels etc.
- Perform shrink analysis and track inventory movement by region and product category.
- Schedule labour and track employee performance efficiently