Data is one of the most valuable assets to any company, but only if used correctly. The future of business intelligence in the retail industry holds promise for accurate inventory predictions, staying ahead of trends, and building rapport with customers and partners. A value-added approach, business intelligence tells the story of your company and where it’s going. Make informed decisions with confidence as you propel your company forward into long-term success. Let’s dive into the benefits of business intelligence.
Predicting the Future
While time travel and knowing the future may not be possible, predicting it can be. And in the retail business, that power is as good as gold. Through the use of business intelligence, you can identify exactly which products are selling the most, the quickest, or even the slowest. Add in factors of pricing, seasons, and location, and you can start to recognize ever-changing patterns of purchasing behavior.
These ever-changing patterns are what we like to call “trends”. In retail, you can be “in” one day, and “out” the next. With this information, you can know exactly what you may need more of before you run out. Look ahead to the fall when you’re only in February, with the confidence that you know exactly what your customers are going to want. Gain control of inventory and forecast future demand, your customers will appreciate it.
Retail is all about staying current. Knowing what’s “in”, and most importantly what WILL be “in” is what differentiates industry leaders from the competition. Trends come and go. They can change based on the season, location of the store, and even the type of customers. Following these shifts is easier when you have business intelligence that can analyze data against multiple factors to determine upcoming and reemerging trends.
A major channel that is instrumental in this process is social media. Analyzing engagement rates with content, or increasing visibility for new products, all results in data that tells a story of interest and intention. Measuring conversion rates to purchasing decisions is extremely telling when business intelligence is used with social media. An interesting tidbit to note is that business intelligence offers the opportunity for companies to become trendsetters.
Understanding Your Customer
Understanding who your shoppers are, what they are interacting with more, and which products are selling fastest, are all important factors when improving the overall customer experience. When you can visualize how your brand is being experienced and perceived, it is much easier to make decisions on new floor layouts, events, what content to post on social media, and even what your store aesthetic should look like.
When you can confidently create an experience that will keep your customers coming back, you build brand equity, and there is nothing more important than a loyal customer.
Learn more about how business intelligence could transform your company today!