Retailers flourish – or wither – by optimizing pricing, understanding customers, mastering their supply chain, and ultimately selling stuff. Retail is a standout industry among the most differing commercial enterprise in the vertical industry arena. Retail enterprises face several challenges; not the least of which is the challenge of sustained profit margins in a market where net revenues are traditionally low. There are several challenges you face on daily basis if you are a retailer and some of them are, selection of appropriate suppliers and shipping options, manage customer expectations, anticipate and forecast stock and inventory needs, set appropriate pricing, manage seasonal shifts in demand and select the right products to sell.
Bundle of information is available to retailers to make good decisions – from web analytics and loyalty programs to third-party information and point-of-sale details. However, there’s a huge gap between having the information and putting it to work for you. The retail market is inconsistent, and market patterns change quickly. In order for the retail enterprise to be sure of the operational cost they should carefully optimize it. Resource allocation, hiring, training, facilities management, hours of operation and other factors impact revenue and the bottom line.
- Enterprise-wide access and user adoption is achieved with browser-based, easy dashboards that enable instant reporting and analysis of information integrated from numerous sources.
- Optimise and streamline merchandise management.
- Appropriate inventory and stock management is ensured.
- Optimise facility and resource capacity.
- Supplier performance is determined and managed.
- Marketing and e-commerce strategies are analysed and adapted.
- Market basket analysis is performed.
- Market research is performed to support marketing, sales and targets for stores, products and regions.
- Integrate and analyse information from point of sale, inventory, distributor, customer relationship management systems and financial with seamless integration of diverse formats and striking reports and graphics.
- Effective marketing campaigns are designed for specific products by identifying opportunities.
- Financial data is integrated to control cost of operations and optimise business performance for enhanced profitability.
- Information is delivered through personalised BI dashboards, graphs, gauges, automated alerts, charts and other views designed to meet the needs of the individual user and to support their role and function.
- Customer buying behaviour is analysed.
What do customers at Store #283 really want? It’s likely to be at least slightly different than those heading to Store #59.
Use all the information you have about customers to make informed decisions about your product mix. Urban sites probably sell more small items than suburban stores where customers can fill their trunks with bulky things. And stores catering to an elderly population should carry a different selection than those with a high number of twenty-something’s to optimize customer satisfaction – and sales.Click into this visualization and explore who’s who in a store’s neighborhood. Do they buy more hard goods or soft? Is there an age concentration that informs what should be stocked? Does the mix vary as you move towards or away from competitive stores?
Pricing & Supply
Inventory is often the retail KPI that determines success. Getting the balance just right – not too much, not too little – is retail nirvana. How do you create this crystal ball? It relies on aggregating the right data and then visualizing it in a way that lets you make informed decisions.
This visualization offers one way that inventory, shipping, pricing, and sales data can be viewed in one place, driving better pricing and purchasing decisions. What’s the current view on our over/under inventory by product? What happens if we raise – or lower prices. Select the dashboard adjust the price to see how your favorite beverage would perform in different scenarios.
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