10 Advantages of applying big data and business intelligence in retailing
10 Advantages of applying big data and business intelligence in the retail industry
Retail, better known as the retail sector, is a very important sector in the generation of business, with a broad fabric that helps the development of any country, to motivate domestic consumption and ultimately contributes 30% of the world GDP according to Google. Digital transformation positively affects retail transformation. It has very advantageous options to take advantage of and that must be worked together with qualified teams in the digital and business era. This is where business intelligence in retail comes in.
The importance of data
Data in retail provides a comprehensive view of customer interaction with products and services in the sector. There are numerous parameters that can be measured with data today in order to optimize the business through big data.
The major retail chains try to obtain data through but often find it difficult to sort and present it.
You can find more information on this subject in another article of our blog about the importance of data..
Benefits of business intelligence in retail
Retail is a sector with a large flow of data, both sales, products and customers. It is very important to record all parameters, measure KPI's and be able to make better customer-centric decisions, better known as costumer centric.
- Provides real business insight through dasgboarding
- Provides more tailored diagnostics for better decision making
- Optimization of processes and resources and improving management
- Gain insight into customer segments by helping to know them better.
- Real-time information from anywhere
- Allows you to stay ahead of the competition
- Breaks barriers to business entry
- Enables improved retailer expansion
- Adaptive solutions to measure KPIs better
- Increased sales
Some of the indicators that can be measured and improved in retail are:
- Visualization of best-selling products and services
- Stock break forecasts
- Identification of trends
- Types of customers by store, average ticket and UPT
- Cross-selling and customer preferences
- List of products segmented by customer type
- See which commercials sell the most
- Offer related product recommendations
Business Intelligence applied to retail allows you to identify friction points, optimize in-store navigation, test layouts before rollout, recognize specific zones to ensure that display strategies are effective and well managed, and understand where they are located. Many retail information systems are slow to update data and this is a major missed opportunity. A retailer with real-time business intelligence can take advantage of the same time to make decisions and increase sales within a day. Therefore, it is very important to have the information now. According to Tableau, you can save between 10-20 hours a day, up to 260 hours a year in management.
The Business Inteligence aplicada a retail permite identificar los puntos de
tener actualizados los datos y es una perdida de oportunidad elevada. Unahorrar entre 10-20 horas al día, hasta 260 horas al año en gestiones
Business intelligence tools for retailers
At Qaleon we have several business intelligence tools that allow you to take advantage of retail data through a dashboar.
It is the Business Intelligence and Artificial Intelligence solution that allows retail companies to extract value from their data in real time.
It is a Business Intelligence solution that helps you to improve your commercial network at points of sale, in real time through any device.
It is a Business Intelligence solution that helps create a personalized retail shopping experience.