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Top 5 retail insights you need from BI in 2019

Tuesday 7 May 2019 Data Insight & Analytics

By Nader Koder

There’s no guesswork about this prediction

Like most retail businesses, you’ve probably got a wealth of transactional data at your fingertips. How effectively are you using it to make trustworthy projections for your retail business or retail client? Which business intelligence (BI) insights can make the difference between profit and loss? How quickly can you act on insight cues in this fast-changing and sometimes capricious retail environment?

The latest, accessible data science skills and platforms mean it’s now possible for agencies and retailers of any size and maturity to put purchasing data to work. And you can make it work hard to deliver valuable, game-changing insight. Insight that supports accurate and timely forecasting and investment decisions, by matching sales with customer type and modelling different external and market scenarios.

 

These days, data modelling and interrogation isn’t just for data experts. You can find the information you need fast and easily, without waiting in a queue for financial analysts or IT teams to produce reports. You don’t have to be a spreadsheet whizz and design hand-cranked Excel calculations. Intuitive dashboards and mobile compatibility make BI information available and actionable for every function and manager, any time. So, you can adapt and refine orders and campaigns to anticipate trends and meet demand accurately.

Here are the top 5 insights our customers are exploiting from their retail BI.

  1. Basket analysis
    Understand not just what customers are buying more or less of, but map their propensity for upselling and cross-selling and understand the longer term effectiveness of promotions.
  2. Demand forecasting
    Overlay external data, including weather, seasonal trends and competitor promotions, to understand how variables will affect demand, to avoid waste and overstocks or lack of availability. Model profitability to help you choose and prioritise the most successful new lines.
  3. Store performance
    Track individual stores’ performance and group and review similar store types. Get granular information about effective operational and promotional practices across product groups so you can apply them to other similar stores and optimise sales.
  4. Returns
    Make use of the information you gain from returned products: identify quality issues rapidly and understand how you can better satisfy customer requirements or make it easier for them to select the right products first time.
  5. Consumer profiling
    Understand how customers behave online and instore so you can optimise design and experience to keep them coming back. Reduce abandoned baskets and campaign response online, tailor messages and merchandising by store.

If you’re missing any of these, talk to us about how to access them rapidly and build them into your 2019 business planning and operations.

Top 2019 BI retail insights

Top 5 retail insights you need from BI in 2019