Insights

Importance of Data Analytics in Retail Industry

The retail industry is under relentless pressure to meet sales targets, especially since the last few decades. The sturdy rise of eCommerce and mCommerce platforms is supposedly the factors for this situation. But the retail sector, like other industries, is undergoing a major transformation, getting a much-needed improvement in the form of newer technologies.

In this domain, understanding customer’s behavior, attitude, requirements, and pain points are important for success. The right data at the right time can help make informed and data-driven decisions. And adopting a business intelligence solution is a powerful way to work towards retail goals.

Giving the features of business intelligence and data management services a face-lift, paired with the proficiency of analytics and data integration, a transformation in the retail business intelligence solution is what this industry needs.

Retail industries handle massive amounts of information – from supplier data to customer’s buying pattern, employee information to inventory.

The Reporting tool can record these data points and generate actionable insights for effectively targeting customers through personalisation. As a business owner, you will want your retail store to achieve higher sales, reduce costs related to operations and customer acquisition and deliver outstanding customer experiences. With an effective Business Intelligence working as your aid, it becomes easier.

When it comes to retail sales analytics data transparency might be tricky. Many members of your team lack the training required to do ad-hoc reporting in CRM tools and are more focused on revenue generating activities like logging calls and completing demos.

That’s fair, too. You want your best reps selling, and your retail sales analysis should accelerate that, not hinder that.

A solution for team analytics is to display analytics on a retail sales dashboard. Ideally, the dashboard will be straightforward, intuitive, and communicate a clear message

An effective dashboard offers your company the opportunity to make significant improvements in various different areas, by providing detailed data on Your customers, Your market and Your performance. The retail dashboard offers a wide range of different indicators.

This BI solution is meant to help a retail business improve its performance in terms of profitability, with a focus on distribution processes. Like any other business, the main objective of retailers is to achieve continuous improvement in that area. Other factors, such as back office management costs (inventory, procurement, production etc.), shipping and product attributes are beyond the scope of this solution. This retail analytics BI solution contains dashboards that will help you identify key factors that have the largest effect on profitability and improve sales force performance.

Retail Basic 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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