Consumer Data Overload Will Hold You Down Without the Right Strategy
Over the last few decades, we’ve seen exponential growth in the amount of retailers using technology to identify trends for business improvement and strategic maneuvers.
Gathering consumer data is seen as the way to gain an advantage over your competitors. Companies compile vast amounts of information with the goal of using it for targeted campaigns, identifying buying patterns, growing loyalty and forecasting trends.
Unless you can make actionable decisions based on the data, retail analytics collection is worthless.
What’s evident is that that just because the data is collected, doesn’t mean there is an obvious competitive advantage.
What we’ve discovered about retail business intelligence (BI) is that the right data strategy (including how you store and analyze consumer information) will determine whether or not you succeed in this highly-competitive industry.
Retail Business Intelligence Allows for Price Optimization and Consumer Driven Marketing
“We chose WCI to extract and map data for our company because they’ve been around for a while and have a good reputation. They know technology and the business. They speak our language and engage well with ERP system owners.” – VP of IT
Making sense of data through retail business intelligence will yield results to identify ways to target what your customers are interested in thus reducing conversion rate. WCI Data Solutions has been working with business intelligence strategy and data warehousing since 1998 so you can rest assured that we know how to properly roadmap and strategize in ways that are consistent with your business goals. We believe that a one-size-fits-all solution should never be the way to approach problems. Through our experience, we’ve found how to customize our approach to fit your retail business goals.
Retail Business Intelligence (BI) Consulting from WCI
WCI works with retail organizations like yours to reduce ineffective systems and help you structure your data analytics plans. Retail business intelligence and analytics will help your business with:
- Data Organization & Cloud Data Organization: Track global customers, locations and merchandise in one place
- Pricing Optimization: Find out what is the best price range for your products by studying buying patterns
- Supply Chain Analytics: Improve your inventory control by knowing exactly what to order and when, saving you from unsold stock
- Loyalty Programs: Track your customers who are in the loyalty program and maximize how you interact with them
- Product Recommendation: Analyze data to identify what your customers would be likely to purchase based on their buying habits
- Workforce Analytics: Identify how your staff is being utilized by looking at consumer traffic patterns
- Customer-Driven Marketing: Identify what your consumers are interested in and send them only information about products they would actually be interested in
- Trend Forecasting: Discover new revenue opportunities based on what products are trending
- Improve Post Sales Customer Interactions: Analyze patterns to determine what was purchased and follow up with relevant campaigns and services
- Location Optimization: Study data to determine what real estate locations are best for new business and find out what products to store based on looking at local trends
- Fraud Detection and Prevention: Discover patterns in fraud activity to better prevent this from happening to your business
- Centralized Analytics: Have access to all of your information in one place as opposed to disparate systems that don’t communicate with one another
With insight into your business through data analytics, you can determine what is the most profitable route to take when it comes to making decisions in the retail industry. Your company can stay ahead of the competition by making sense of everything you’ve captured. Don’t get caught behind while your competitors navigate retail analytics with ease!
One of the biggest flaws in business intelligence in the retail industry is the use of a poorly-developed BI strategy. Merely having access to a few dashboards that visualize data isn’t going to give you true insight. In the retail industry, a proper data strategy and roadmap with relevant key performance indicators (KPIs) will ensure that you’re keeping tabs on all the right information.
Contact us today to book a free discovery session to discuss your retail analytics goals.