The Surging Importance of Business Intelligence Solutions in Retail Industry
Business Intelligence or BI solutions have helped the mushrooming of the retail sector. The retail industry has been fickle, and the market trends have been erratic. It’s no secret that I the last few years the sector has cut into the growth of instant contentment of having the accessibility of the latest products with personalisation and impeccable services. E-Commerce giants like Amazon, Alibaba and Walmart have become an inspiration to the entire sector globally by investing heavily to explore the online possibilities. Business intelligence helps companies to identify their targeted customers and widely understand their dynamic requirements to outpace the competitors.
BI is the gathering of numerous data bits in a way to manifest effective marketing strategies. Today, companies don’t want to risk their loyal customers as they are the key to help the brands sustain in this fierce market. This has turned many companies to opt for business intelligence services that can help to find out loopholes in the business and launch informative decisions. Data intelligence offers data mining, online analytics, business performance, and event processing.
How Can the Data be Utilised to Reap Maximum Benefits?
Other than merging useful information into the business’s progress and sales, the data can be utilised further for many other purposes. Once you have tracked every online click, product viewed and product purchased or later rejected by the customer, a customer buying pattern will emerge. The pattern will help the company to understand its customers better and initiate schemes, discounts, and offers accordingly. Vigilant data analysis helps companies to narrow down such products that are most likely to be purchased by the targeted customers.
Smart Communication and Personalisation
With the help of business intelligence solutions, companies come up with personalized communication model that empowers a healthier client-company relationship. By using customers’ preferences, shopping habits, and purchase history, BI can create special emails with tailored offers. Additionally, BI-enhanced interactive in-store technologies influence consumers towards a “self-serve” purchase which is easy to measure. This helps in recording customers’ patterns to be manifested during a timely fashion.
Additionally, BI-backed funnel analysis visualises the flow of users that would otherwise be impossible. This has helped many companies to improve and iterate their engagement efforts at such a level that has revolutionised the brick and mortar marketing techniques into a whole new level.
There is a huge difference between the advertisements which we see today from those of decades back. Online websites have fuelled a revolution in the advertisement world by using data intelligence. Giant brands like Amazon and eBay advertise on the record of their customers’ searches, past purchases, and wish lists instead of shooting arrows in the dark. Ergo, a better buying and selling experience for both buyers and sellers.
Retail Inspiring Stories
One of the global retail stores exposed that men are more likely to purchase nappies than women. The company tactically placed a beer outlet right next to the nappies section. And in just a few months, their beer sales had noticeably shot up! Astonishing isn’t it?
There are numerous companies and stores that have adopted business intelligence solutions and brought spectacular changes in their outlets. Amazon is one of the biggest investors of data intelligence. The company recently began predicting what its consumers are likely to buy next. Based on their prediction, they shifted their goods to keep the desired item available at the outlet nearest to the customer’s location. This improved customer satisfaction and speedy delivery.
The foremost strength of any organisation is its people and their data. Business intelligence solutions help companies to manifest the data at hand to commence the most significant internal revolution. Exploring the technology and utilising to the maximum can probably unveil more possibilities making the complex process easier.