Advantages of business intelligence in the retail industry
Retail companies increasingly rely on business intelligence technologies to capitalize on every opportunity.
With data-driven insights on store performance, customer interactions and engagement, product merchandising, and inventory management, these technologies help retailers make better business decisions.
Below, we will explore the advantages of business intelligence in retail technology.
What exactly is Retail Business Intelligence?
Obtaining mass amounts of information is crucial, especially in the era of e-commerce, for companies looking to gain a competitive edge over their competitors.
Business Intelligence (BI) allows retailers to collect, store, and manage large amounts of data to make it accessible. It can then easily be analyzed to enhance brand image and surpass business objectives.
What is the Importance of Business Intelligence for Retailers?
Using the proper business intelligence tools allows retailers to make better business decisions on the fly.
For example, presenting consumers with a list of relevant product suggestions based on their previously viewed items creates an enhanced personalized customer experience.
Bricks and mortar stores also use Business intelligence platform to track their inventory online and offline in real time. Providing cost-effective shipping options such as a pick-up in-store or online shipping is only possible with BI.
5 Advantages of BI in the retail industry
Does collecting and analyzing retail business data and trends really help? Below are five advantages of incorporating BI in the retail industry
Determine where your clients are coming from
Business Intelligence platform allows retailers to identify the physical location of their customers, such as their cities, along with the channel they used to get to you.
BI data can identify the channel a client used to find a product, whether it be through the website, social media or email campaign.
Keep track of your customers’ spending habits and actions
Companies can effectively track customers’ spending habits and behaviors by implementing a customer loyalty program.
The latter also allows for better customer engagement. Loyalty programs allow brands to connect with their audience and evaluate brand engagement to glean insights on what isn’t working in their marketing.
Increase your understanding of company processes.
BI is vital in allowing companies to gain visibility into their business operations. Retailers can get valuable insights into every aspect of the buying experience, from organizing to the final product delivery. Companies can then identify any inefficiencies in their processes and fix them.
Marketing efforts that are targeted
Business Intelligence software allows companies to analyze their marketing campaigns to see if they are reaching their targeted audience. Retailers can see whether consumers have opened their email, clicked on links, visited the website etc.
Analyze your social media activity
Target customers who positively interact with social media posts are a good business solution for the company, as they are more likely to spread the good word about a brand.
A retailer can also track social media metrics to evaluate a particular store or product’s performance.
XRM Vision allows you to explore the benefits of business intelligence in the retail industry
Retailers can fine-tune their internal processes, personalize the customer demand and experience and increase their business objectives by implementing the latest BI tools.
If you’re interested in learning more, contact XRM Vision today and let us help you get started!