business analytics solutions, the pulse of intelligent retailing!!
TRANSCRIPT
Business Analytics Solutions
The Pulse of Intelligent
Retailing
Customer’s End
• Customer expectations & experiences offered to users across the channels remain on the top of the priority list for Retailers across the globe
• When strategized methodically with the help of combination of contemporary technologies like Business Intelligence services & Analytics, IoT, etc.
Data Analytics Becomes Inevitable for Retail
• Sustainable lifecycles of retail integrates business intelligence & data analytics effectively into the processes. Including sales forecasting, demand projection, etc.
• By analyzing past purchase trends, data analytics drills to find an appropriate technique to identify customer interests and tackle them with specific marketing strategies
Putting Data Analytics to Use for Retailers
As data analytics integrates seamlessly into Retail, making the most of this niche to the advantage of
the enterprise becomes the done thing
Predicting Demand
Intelligently
• Retailers can focus better on areas that are more in demand the instant they get the real picture of consumers buying trends
• Demand prediction includes collecting demographical, seasonal and occasion specific data
Predicting the Future
• Every customer interaction curated by business analytics have a definite impact on current as well as potential relationships in the retail sector
• This process is governed by analytics conducting performance comparison continuously
Using a test-and-learn approach has been identified as the best technique to keep a check on cause-and-effect relationship among strategic shift & key
performance indicators by top enterprises globally, especially in
Retail
Trend Forecasting
• The discreetly captured big data serves as an input to BI algorithms that are involved in trend forecasting
• Such algorithms analyze the promotional needs by marketing departments, and also help make decisions where promotions are not required
Optimized Pricing
• Price determination is area where data analytics plays a key role by varying prices in accordance to the demands forecasted
• Before the methodical approaches of Analytics came into practice, retailers simply lowered prices during off-season
• A gradual price drop when demand starts to reduce eventually helps maximize revenue for a particular product or commodity
Today, retail giants, like Walmart spend millions on perfecting their real time merchandising systems with the view to setup the largest private cloud globally
The objective is to keep a close eye and track the daily happening transactions, whose volume is in millions. Sophisticated algorithms perform this function along with other tasks
1
Optimize markdown timing to optimize inventory, profit & RoI
2
Create strategy for a chain & individual stores based on area specific demands
3
Automate periodic markdown pricing processes to maximise sales
Customer Identification
• Business intelligence services proves to be a dependable method when it comes to identifying which customers would be interested in a particular product
• This has resulted in a wide variety of retailers relying on online recommendation engines, offline as well as online data
Personalization for Engaging
Better
• Personalization is the magic mantra for the millennial age and Analytics remains at the core of this approach, it drives the retail businesses today
Identifying highest Return on Investment (ROI) opportunities
• Retailers make the most out of predictive risk filters & data-driven intelligence helping the Retail industry strategize the marketing approaches
• A better option for retailers would be keep long term strategy at the forefront, and then analyze historical data to come up with predictive modeling, that gauges the impact of such offer
Moving AheadBusiness analytics solutions comes in handy to retailers with competition in areas like brand promotion,
score improvement when it comes to promoters and customer loyalty
Analytics becomes affordable for the smaller retailers to tap the nerve of the market and personalize efforts to engage the customers
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