When asked why you should invest in Business Intelligence for a store, the answer will be measured in higher sales. Next, we explain how.
Under the concept of “data-driven stores” Business Intelligence is born, given the need to take advantage of the infinite amount of data generated within the commercial activity and that can be very useful in the retail area.
Ignorance of the possibilities offered by the analysis of data becomes a disadvantage for modern retail companies since the vast volumes of quantitative data collected daily will allow better management and control of consumer preferences.
But before delving into the mystery of why should I invest in Business Intelligence for a store? It is necessary to understand how it works.
The basic concept of Bussiness Intelligence
This tool uses a series of tactics and own strategies for day-to-day data processing, such as; how much, what and when we sell it and even who sells it. Allowing for answers through efficient data processing.
Using the information collected, Bussiness Intelligence makes it possible to search for hypotheses and predictive patterns that allow improving business performance in its various areas, such as finance, marketing, human resources and even after-sales service.
Its application will mean a significant increase in the efficiency of decision making and everything based on the study of data.
What improvements can I achieve through the use of data in retail?
- Analysis of customer loyalty, as well as many other aspects related to your preferences and purchasing habits.
- Better planning of the display of products in shelves and corridors, making the customer stay as long as possible in the store.
- Determine which products and brands to sell, based on the information of the economic benefits and the volume of sales that they report.
- Predict what will be the future demand for certain products sold in the store.
- Improve inventory management and the flow of product supply.
Key advantages of using Business Intelligence for retail
1. Improve the customer experience in the store
Customer expectations are higher than ever now that there is more competition in the retail world and brands must ensure that customers stay happy at every stage of the buying process.
2. Predictive modeling
The most successful retail companies not only measure their current data, but they also look to the future, and this is possible with the use of predictive analysis tools for retail sales since companies can combine current data with other relevant statistics to look for new sales opportunities.
It is also possible to identify upcoming trends and create promotions for those products that are more likely to be purchased by customers.
3. Optimize the price
Having access to data on customer behavior and sales means that brands can update their prices in real time to match the current offer, demand and upcoming trends.
Retail Management Expert Level
Given the constant change experienced by consumers in terms of how to interact with brands and make their purchasing decisions, retail companies have had to adapt to new technologies in order to become more competitive. Among those tools that technology provides for this sector, the Expert Level Retail Management system is very well positioned, which are based on the trend of data-driven stores.
It arises as a necessity in the face of the difficulties that data management can represent that can become overwhelming.
The Expert Level Retail Management system allows solving this problem in an automated way, allowing the analysis and interpretation of the aspects that most strongly influence each store.
Its main advantages are:
- Execution in store and Visual Merchandising.
- Staffing and Staff Quality.
- Compliance and adjustment of Fair Goals .
- Availability and exhibition of Products
To keep the store afloat in today’s competitive retail market is not an easy task since it requires the constant application of systems and strategies to increase sales, which is why it is necessary to have allies that allow us to stay ahead of the curve.
That is why it is very convenient to use Bussiness Intelligence to collect and track the data that really matters, allowing us to analyze the behavior of customers, as well as the operation of sales and the store in general.
The result will be more satisfied customers and higher sales volumes, in an environment driven by data.