Retail is one Business intelligence of the most diverse industries in the world. In a rapidly changing environment, retailers must face the challenge of maintaining profit margins that are often thin, the market is volatile, and market trends change rapidly. This requires a fine balance between effective marketing and effective operations.
Retailers need to make complex combinations of the right products, find suppliers and shipping methods, customer expectations, pricing, inventory and demand, etc. to achieve the best results. Within a retail organization, there is a wealth of information that can drive operational efficiency through Business Intelligence.
7 key areas of retail to better utilize Business Intelligence
1) Sales and profitability analysis
Product sales analytics allow retailers to continuously monitor point-of-sale data and understand the growth of transaction data. This helps retailers discover sales trends, track product demand , and plan based on seasonal cycles. This involves accounts payable, accounts receivable, advertising spend, customer count, gross profit, product cost, return on assets (ROA), sales revenue, etc.
2) Store operation analysis
BI enables retailers to monitor store performance, analyze various store functions, improve category management, and increase efficiency in sales management, marketing promotions, operations, and budgets. BI enables country email list retailers to manage performance and control operations across stores and regions, maximize profitability across sales channels, and support fact-based decisions. Most importantly, it provides customers with a consistent shopping experience. This includes asset turnover, comparable store sales, competitive stores, front-of-store sales, inventory turnover, margin, sales per square foot, etc.
3) Customer analysis
Understanding customer behavior is critical to retail and relationship marketing. BI enables retailers to monitor customer lifecycles, track customer interactions, determine consumer behavior trends, plan strategic prohibited directives contain marketing activities, maximize customer acquisition and retention, and execute customer segmentation. Evaluate profitability by customer base, population size, seasonality, and other factors. BI helps determine attrition risk, customer profiling, list generation, post-marketing analysis, segmentation, product portfolio share, target marketing, etc.
4) Goods management
Effective merchandise sales enable retailers to deliver the right products to the right stores at the right time and maximize profitability in the merchandise sales process. BI enables retailers to compare product performance and evaluate individual items, categories, geographic locations, and the effectiveness of cell phone data cross-supplier promotions. BI also helps monitor all aspects of the merchandise sales process, including returns, performance analysis, assortment planning, and space allocation to improve merchandise logistics, reduce out-of-stocks, and optimize inventory. Merchandise analytics encompass information such as effective SKU, inventory percentage, inventory turnover rate, seasonal purchases, and week of supply.
5) Inventory management
BI enables retailers to use data to define sufficient inventory levels and inventory levels to meet demand and avoid overstocking or shortages. It allows retailers to account for seasonal, regional, and local changes and manage warehouses, transportation, and distribution to deliver the right inventory to the right place at the right time. Inventory management includes defect percentage, on-time delivery percentage, average inventory, EOQ, stock-out percentage, inventory carrying cost, inventory turnover rate, etc.
6) Market analysis
BI enables retailers! to analyze customer transaction history! stated preferences! and current interactions! identify opportunities for better promotions! promotions, recommendations, and targeted advertising! and build customer intimacy, increase loyalty, and ensure customer satisfaction. Maximum ROI. Marketing analytics include channel share, click-through rate, customer subscription, threshold efficiency, sales lead conversion, market share, promotion lift, etc.
7) Financial management
Today, retailers! need to incorporate financial ! reporting into strategic decisions and use financial reporting ! more to monitor the financial ! status of their organizations. BI enables retailers to use integrated financial! data from multiple! sources to set goals and track! progress. BI is used for budget analysis! financial ratio analysis! profitability analysis! etc.
