Business Intelligence — A Smarter Solution For Retail Industry
Nowadays, the retail market has become fiercely competitive, and retailers are under the constant pressure of achieving their sales targets. The steady rise of mCommerce and eCommerce has greatly increased the competition for a retailer by heavily eating into their profits and customer base. However, like other industries, the retail industry is also undergoing a significant transformation with the introduction of newer technological tools and applications. These new technological tools are helping the retailers run their business more efficiently by providing them with intelligent insights about their competitors and the different promotion campaigns run by them.
Even the demands of consumers have changed significantly. In this digital age, customers focus more on the content. It means that customers seek more information about a particular product from diverse sources, like mobile apps and websites, before making their buying decision. Moreover, they need all the information instantly at their fingertips. Hence, they seek only those retailers who could provide them with the information they seek.
Therefore, to increase the potential and business of retail stores, the retail owners need to fulfill these customer requirements in order to attract more customers to their retail stores and retain their existing customers. Additionally, retailers need proper insights and data to further push their sales and their business.
So, as the retail store owner, you want to:
-> Achieve better sales
->Decrease the costs linked to customer acquisition and daily operations
->Provide optimum customer experience.
These are some of the main requirements of the retail business. The question is — how to achieve all these? The answer is BI reporting powered by Microsoft Power BI. Let us check out how business intelligence dashboard software provides a one-stop solution to the modern issues of retail businesses.
1. Data visualization
It is a proven fact that our brain is able to process images faster than text. Moreover, the latest survey by a leading consulting firm proves that the probability of companies making faster business decisions is twice as much with the use of analytics.
In addition, visuals initiate action from the onlooker. They work at different levels within the company, which also helps in getting insightful answers to the problems, and make data visualization the core component of the business.
BI reporting tools provide interactive reports and visual data for your analysis. This way, the company receives the necessary insights which are essential to make the right business decisions, and the interactive visuals motivate the decision-makers to take the right action to achieve their business goals.
2. Increased Data Points
The retail outlet provides far too many opportunities to set up data points. Unfortunately, only a few are being capitalized to collect data. With the help of BI reporting tools, you could set up effective data points at various locations inside the retail outlet. Doing so would allow you to capture important data that is necessary to generate interactive insights for the business.
The data received by the data points would be fragmented data consisting of unstructured, semi-structured, and structured data. It can be saved in different places in various formats with the help of business intelligence tools. Moreover, retailers can also utilize biometric scanners, mobile apps, websites, and CRM software as their data points to collect data.
All of these data points generate immense valuable data which has the capacity to offer you better, actionable insights to improve your revenue streams and usher newer business opportunities. The more data points you set up for your retail shop, the greater are your chance of getting accurate analysis. That’s how important BI in the retail industry is.
3. Visual Analysis Of The Available Data
An analysis of data on the excel sheet would provide a basic overview of the available data. It helps you identify the parameters necessary for your business, but it can push anyone into a dull and boring numerical maze that is very hard to navigate through. Additionally, erroneous or bad analysis can result in faulty decisions that would require immense rework. It could create serious repercussions for your business. It is for this reason why most businesses lose their money.
Empower your workforce with modern BI reporting so that your employees could create interactive dashboards and generate intelligent reports out of the available data. These features make work more engaging than the plotting of data on the excel graph. Power BI empowers you to take action on the available data sets by providing you with better actionable insights on the data.
hese are some of the ways in which business intelligence dashboard software could provide smarter solutions for the retail industry, and empower you to attract more customers into your business, and boost your sales.
If you want to know more about the implementation of BI in the retail industry, then you must visit ClicFlyer today.