Retailers flourish – or wither – by optimizing pricing, understanding customers, mastering their supply chain, and ultimately selling stuff. Retail is a standout industry among the most differing commercial enterprise in the vertical industry arena. Retail enterprises face several challenges; not the least of which is the challenge of sustained profit margins in a market where net revenues are traditionally low. There are several challenges you face on daily basis if you are a retailer and some of them are, selection of appropriate suppliers and shipping options, manage customer expectations, anticipate and forecast stock and inventory needs, set appropriate pricing, manage seasonal shifts in demand and select the right products to sell.
Bundle of information is available to retailers to make good decisions – from web analytics and loyalty programs to third-party information and point-of-sale details. However, there’s a huge gap between having the information and putting it to work for you. The retail market is inconsistent, and market patterns change quickly. In order for the retail enterprise to be sure of the operational cost they should carefully optimize it. Resource allocation, hiring, training, facilities management, hours of operation and other factors impact revenue and the bottom line.
- Enterprise-wide access and user adoption is achieved with browser-based, easy dashboards that enable instant reporting and analysis of information integrated from numerous sources.
- Optimise and streamline merchandise management.
- Appropriate inventory and stock management is ensured.
- Optimise facility and resource capacity.
- Supplier performance is determined and managed.
- Marketing and e-commerce strategies are analysed and adapted.
- Market basket analysis is performed.
- Market research is performed to support marketing, sales and targets for stores, products and regions.
- Integrate and analyse information from point of sale, inventory, distributor, customer relationship management systems and financial with seamless integration of diverse formats and striking reports and graphics.
- Effective marketing campaigns are designed for specific products by identifying opportunities.
- Financial data is integrated to control cost of operations and optimise business performance for enhanced profitability.
- Information is delivered through personalised BI dashboards, graphs, gauges, automated alerts, charts and other views designed to meet the needs of the individual user and to support their role and function.
- Customer buying behaviour is analysed.