Nowadays, consumers expect good quality, low-priced products. They want to engage with retailers in the easiest & fastest way possible. They are highly-informed before they purchase any product through the reviews & ratings in the social media & websites.
Overcoming the challenges
The retail Business Intelligence framework lets you prepare for, and analyze the big data to figure out the patterns in consumer purchasing behavior. It will monitor, plan and evaluate the success of your promotional activities and get some insights into how your customers react to marketing incentives, competition & promotions. It will analyze the user engagement level(Share, clicks, likes & comments) in the social media to track the demographics & buying patterns. With the real-time data, companies can reduce their supply cycles respective to the customer preferences.
Supply chains have become more complex in the recent years. Products have to be available on shelves at all times, there is a consistent pressure of ensuring fast restoration, often multiple times a day, while reducing the inventory inside outlets.
Competitors are the real barrier for a retail business to grow. If they outsmart you in the business, the company will be kicked out from the market. Using any BI tool, companies can enable 24/7 real-time monitoring of your competitors including their profiling, business model analysis & competitive forecasting. Gain knowledge about your competitor’s offer, pricing & identify what you are missing out and find out the potential opportunities for your company’s growth.
Advantages of BI
Companies that can tap into good customer support can deliver 5.7 times more profit than their competitors.
By handling the data in a meaningful way, companies can better understand their market and monetize on it. Using all the big data and transforming it to easy actionable steps allows companies to plan and strategize the business more effectively as per the market needs. If the business doesn’t operates so efficiently, companies have to identify the pain points early on and it can be quickly eliminated to improve the business.
Customers now expect companies to interact with them on an Individual level. A satisfied customer is 5 times more likely to make a repeat purchase & 4 times more likely to refer a friend. Your marketing campaigns need to directly connect with every individual as per their interests because customer satisfaction is vital.
In the modern era, business should be able to adapt, future-focused & personalized.
Keywords
Instinctools. 2021. How is-business intelligence changing the retail industry- Instinctools[Online] Available at: <https://www.instinctools.com/blog/how-is-business-intelligence-changing-the-retail-industry> [Accessed 2 March 2021].
After reading this blog I got a knowledge of Business intelligence and how retailers utilizes business intelligence in their. Business intelligence gives business Better insight into company operations and finance, Streamlined decision-making process, Improved company efficiency, Reporting and data analysis automation, Regular access to the latest information about the company situation. I think every companies should adapt business intelligence for better performance.
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ReplyDeleteBeautiful piece of writing on "Business intelligence in the retail industry. According to me, Companies have been attempting to increase the efficient use of funds in their budgets for information infrastructure investments as a result of today's dynamic market situation. By using business intelligence techniques, these organisations can get more information with the same amount of money. IT budgets are not necessarily decreasing or leveling off, according to Rubin (Chabrow, 2004), but rather businesses are transitioning from a cost-cutting mode to one that emphasises agility and performance. The massive regular growth in company data necessitates more funds and investment in the technology and resources needed for collecting timely and critical information to aid decision-making. This requirement spawned a slew of market intelligence techniques aimed at processing large amounts of data gathered from current applications and presenting it in a manner that businesses would use to make everyday strategic decisions.
ReplyDelete--Thomas Devasia
Brilliant work. This blog informatively explains about business intelligence and what are the needs of it in retail business. Business intelligence associate business analytics, data mining, data visualization, data tools and infrastructure. BI has had a suppressed past as a buzzword. Olden business intelligence, capital letters and all, really emerged in the year of 1960s just as a system for transferring information with in organizations only. Business intelligence can now help organizations for making a better decision by keeping present and past data within their business background. BI really helps to analyse the customer behaviour too. Anyway, this blog explains the crucial role of BI in the present business world. Well done.
ReplyDeleteHari.