Retail Business intelligence is now more critical than ever and retailers have been augmenting direct customer engagement in apps and other interactive channels. The rise of eCommerce platforms has enabled more options for customers to shop from the comfort of their homes. Business intelligence consulting helps retailers identify customer patterns and behaviour, target new markets and enhance customer shopping experience.
The COVID-19 pandemic has led to dramatic shifts in the retail industry, forcing the closure of in-store experience for many retailers. As one of the dynamic industries across the globe, many retailers who prioritized physical stores over digital platforms have struggled to respond to customers. While omnichannel and digital-first retailers have paved the way for new business opportunities and ways to serve customers without minimum disruption.
Business Intelligence for the Retail Industry
eCommerce allows retailers to make cost-effective decisions based on customer behaviour with business intelligence solutions. Data generated using business intelligence tools can be viewed in real time to create a consistent experience across all channels.
In the retail industry, where the market competition is fierce across all business channels, business intelligence services can deliver customer-oriented promotions and offer immense growth opportunities. Given the rapid market shifts due to customer behavior, technology-driven solutions facilitate a window into the complete market picture for retailers. Looking forward, let’s take a look at the advantages offered by business intelligence in the retail segment:
Advantages of harnessing retail business intelligence
Customer identification: With business intelligence tools in place, it is easy for retailers to identify where customers are coming from. Individuals can discover both the physical locations of customers and how they are locating our websites and business offerings, such as through email campaigns, social media sites, referrals, etc.
Customer behaviours and market trends: BI-powered solutions help organizations understand buying patterns and behaviors of customers. This data helps retailers anticipate customer needs and thus retain old customers, reach potential ones, and deliver exceptional services. Also, by identifying customer choices and taking their feedback on a timely basis can help organizations gain a competitive market edge and generate long-term profitability.
Personalized Customer experience: Ensuring a personalized shopping experience as per their requirements helps increase customer loyalty and ultimately, revenue. Based on customer choices, budgeting, planning, and forecasting is an effective way to stand out of the odds and perform better.
Gain visibility and measure effectiveness: Retail business intelligence provides deep insights into every part of the buying experience, from preparing to packaging to final delivery of the goods. Also, while running a marketing campaign, retailers can see if it’s working and whether customers are opening emails and clicking links, etc.
Drive profitability: Using BI solutions, retailers can define customer churn, why customers leave, and what possible actions can be taken to reduce churn. The right BI tools streamline business operations and enable a high-converting customer experience with data evaluated churn. Many IT industries see that customer interactions and personalized engagement are vital for company growth to drive profitability. Increasing revenue, undoubtedly, is an important goal for every business and data derived from BI tools can help organizations improve their key operations and serve customers’ needs efficiently.
Monitor social media sentiment and modify marketing activities: Predictive analytics allows organizations to assess social media behavior to track metrics and see how business offerings are scoring. Retailers can aggregate different data sources to get a fuller picture of what is happening on social media platforms. With the help of comprehensive analytics on the internet and in-store, tailored offers can be given to customers. The metrics can also be used to analyze sales and the performance of goods, services, and customer experience both online and in-store.
Lower margins: Profit margin is an extremely important concern for any business and fortunately with BI tools in place, inefficiencies can be analyzed easily and margins can be expanded. Aggregated sales data empowers sales teams to build a strategy about spending on work resources cost-effectively.
Better operational efficiency: Business intelligence tools simplify multiple data sources to ensure easy product tracking and inventory management. With accurate data timely available, business managers can focus on their short and long term goals along with saving in operational costs, manual efforts, and valuable time. Considering that failure to issues with data accuracy can lead to customer churn and loss in revenue likewise. Therefore, by leveraging existing data and optimizing time-to-decision, companies can leave behind their competitors and win more customers.
To Sum it Up:
Retail business intelligence is an umbrella that covers major business processes and ways of assembling, storing, and analyzing data to optimize work performance. While customer sentiment helps retailers adapt the shopping experience, business intelligence consulting solutions are important for enhanced work productivity at reduced costs. Additionally, BI tools provide a 360 degree customer behavior view to deliver products matching their demands.
Polestar believes there is no better time than now to implement retail business intelligence now and stay ahead of the competition!
Are you ready to redefine your retail business game? If yes, contact Experts at Polestar today!