Insights

Importance of Advanced Analytics in Retail

Personalising the customer experience is a key element of the current retail landscape. This presents significant organisational challenges for decision-makers, which can limit data sharing and lead to teams working in silos. Decision makers need to have access to a company dashboard to help them manage their stores and keep track of performance and customer knowledge data.

40% of marketing managers have stated that they don’t have the skills necessary to use customer data as effectively as possible.

The digitalisation of retail means that a large quantity of data needs to be available for use, including information on products, customer behavior, conversion rates, and store locations and performance.

There also needs to be a centralised place to store all of this data, so it can be consulted easily during the decision-making process.

The retail market is becoming increasingly complex, meaning that companies need to manage ever-growing quantities of information.

Effective reporting is paramount: it is essential to have a dashboard that will give managers, salespeople and other stakeholders daily access to the data they need, even offline.

It is also important to choose the right KPIs. In the retail sector, having access to an overview of sales activity, with both short and long-term data is a key.

Predictive Retail Analytics dashboard demonstrates how the data from millions of past purchases can intelligently determine which prospects are most likely to buy. This in turn allows marketing and sales to develop targeted communications for each audience which increases campaign success rates and generates revenue for the company. It eventually helps the retails to explore the ample opportunity which includes but not limited to

The reporting tools like Power BI brings more Artificial Intelligence (AI) type of capabilities like the Quick insights and the Q&A. The Quick insights are really helpful in finding out the big jumps in gross takings by just analysing it with a set of machine learning algorithms. The feature of Q & A through Natural Language Analysis will help in asking the questions and immediate response of giving a visual back. It also helps in adding cognitive services to the reports to really put some structure against the data. There will be easy navigation across the data through the feature of Bookmarks, Drill through. The Spot lighting feature on a particular visual will definitely draw people’s attention.

Dashboards and charts can quickly visualise the most important retail metrics, providing data driven insights and enabling retailers to focus more time on the business and less time in guesswork.

Retail Advanced Analytics

 

Sources:

1. How Power BI Dashboards can boost the retail industry: https://www.softwebsolutions.com/resources/power-bi-dashboard-for-retailers.html

2. How to create a simple and effective dashboard for your retail company: https://toucantoco.com/blog/en/how-to-create-a-simple-and-effective-dashboard-for-your-retail-company/

3. Bold BI for Predictive Analytics:

https://www.boldbi.com/solutions/analytics/predictive-analytics

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