With tight margins, volatile markets, and changing customer expectations, one can’t rely solely on intuition alone to drive business growth and meet heightened customer demands. They need data-guided analytics. This is why; many mega retail chains and wholesalers are turning to advanced and robust BI to respond to the demands of the industry. With this BI software, you will have a full glance of inventory by season or segments or target customers in just a few clicks.
So, it’s no secret that BI plays a massive role on retail industry. Retailers, from large global enterprises to smaller shop retailers are turning to analytics to drive competitive advantage.
In this blog, we will talk about how retailers are leveraging BI technology to gain a deeper understanding of consumers’ needs and expectations.
“Get the power of in-the-moment thinking with BI software”
- Product Availability
With BI software in place, it becomes really easy for a retail shop or multi-chain outlet to solve the problem of having the right inventory at the right time and avert any possibility of overstock or out of stock situation. By analyzing product availability by supplier, day, category, retailers can efficiently drill into details.
- Visualize data during each phase
It’s important to visualize data during each phase. This dashboard shows retailers exactly what’s happening during each phase. Whether it be pre-promotion, the promotional period itself and post promotion, it helps retailers to know exactly what’s happening throughout the promotional cycle so that they can be prepared well in advance and avoid any potential inventory stock shortages.
- Understanding shopping cart behavior
In today’s highly dynamic and always-on world, understanding online shopping cart behavior is absolutely essential for retailers. With BI dashboard, it becomes really easy for retailers to analyze traffic sources, marketing campaigns, the behavior of specific customer segments, and other variables affecting shopping cart habits. This online shopping cart analysis describes the frequency of customers adding or removing items from their cart.
- Making better and faster decisions
Making better and faster decisions with data has become a priority for retail outlet everywhere. And with new shopping experiences and technologies emerging every day, retailers are turning to robust and powerful BI dashboards to stay agile and competitive. So, whether you are operating a multi-chain retail outlet or has just started out in this industry, it’s important to know leading retailers are using it for inventory management, end-to-end store operations, merchandising assortment, supply chain and online shopping cart.
With such a large product portfolio, it becomes increasingly important to track each and every detail of retail organization, especially when it comes to ensuring quality and meeting heightened customer demands. Polls and surveys are one such way to stay in touch with your buyers. Tableau dashboard allows you to slice details that benefit your retail organization in one way or the other.
Have you planned your journey to success with BI tool? It makes sense to partner with the premier partner of Tableau or Tableau Gold partner that can help you discover the range of possibilities in your retail business.