HAVE A CLEAR MARKET VISION
CONCRETE BI EXAMPLES FOR RETAIL
Retail businesses generate a wealth of data through web campaigns, loyalty cards, accounting software, purchase reports, and more. However, combining data to get a clear view of what's really happening can feel like an impossible task. Here's where BI comes in. With the power of business intelligence:
- Explore market trends and predict what's next
- Identify customer segments, preferences, and buying triggers
- Optimize and automate marketing actions to create personalized offers
- Collect data to fully understand the performance of branches, suppliers, and logistics
- Predict onboarding needs to improve customer service
INTERACTIVE BI REPORT EXAMPLES
THE IMPACT OF BI ON RETAIL
|The Old Way of Doing Things - Without BI||The Data-driven Way of Doing Things - With BI|
A company sees that a trendy new product is flying off its competitors' shelves. It decides to place an order, but the product is no longer in stock. Unfortunately, the company's marketing department couldn't anticipate the new product's popularity and no promotions were launched to remain competitive.
A retail business uses BI to explore market trends, leveraging publicly available data (studies published online, social media, etc.). The reports indicate that people are increasingly sharing, mentioning, and liking a certain type of product. The company adapts its marketing actions accordingly. It instructs the purchasing team to place large-quantity orders for the product in question (and, of course, to do it before everyone else!).
What's more, business intelligence helps target the appropriate customer profile. As a result, marketing actions can now be adapted to reach the right customers and boost ROI.
The marketing team sends promotions to customers without adapting messaging to new preferences. Without any real strategy, the team relies on its intuition to determine which products should be featured online and in-store.
By collecting loyalty card data on shopping habits, a merchant can automatically create and send personalized promotions. Moreover, by emailing customers promotions on their favourite products, open and click-through rates skyrocket—much to the delight of the marketing team!
And by combining customer data with insights related to shopping behaviours and promotion effectiveness, the marketing team can discover new customer segments and develop a range of products accordingly.
A big box store relies on sales numbers from the previous year to assess staff scheduling. Managers build each employee's schedule manually and, as a result, errors and conflicts are all too common.
Lastly, when no data is collected on worker performance, employee contributions remain unnoticed, causing unhappiness among staff.
Using business intelligence, a big box store can determine staff scheduling based on last month's sales, the weather, campaign performance, customer satisfaction, and several other data points. Schedules can be made using AI, thus avoiding errors and maintaining employee satisfaction.
By collecting data on staff performance, HR can establish a training program tailored to individual needs.
VISUALIZE KPIs IN REAL-TIME
BI DATA SOURCES FOR RETAIL
Retail businesses generate a wealth of data from:
- Loyalty cards
- Google Analytics reports, marketing tools, and data
- The Internet of Things (IoT)
- Accounting software and human resources management tools
- POS systems
- Pricing systems
- General feelings towards a product or a brand via social media
- All other available data sources
RETAIL AND E-COMMERCE 4.0
FROM DATA TO ACTION
Big data is necessary for BI to assess what happened, why it happened, and what's likely to happen next. These types of insights ensure a retail business's success.
YOUR BI PROJECT IS IN GOOD HANDS
We take a personalized and scalable approach, ensuring the BI solution we implement accounts for your unique business realities and objectives. Moreover, our training and onsite support let you take full advantage of BI for better, faster decision-making.
TESTIMONIAL FROM THE RETAIL INDUSTRY
WHY CHOOSE OUR BI EXPERTS?
Our expertise and flexibility are incomparable. We take a personalized and scalable approach, ensuring the BI solution we implement accounts for your unique business realities and objectives.
sum up the process in 4 steps:
- Needs analysis
- Data integration and formatting
- Dashboard deployment and implementation
- Training and change management
Our turnkey service covers all angles!
DATA ANALYSIS AND EXTRACTION
CHANGE MANAGEMENT AND TRAINING
Speak with our business intelligence experts
1 833 584-8036