Retail enterprises face some challenges. One challenge is of continued profit margins in a market where net incomes are usually low. Retailers can flourish or weaken by increasing pricing, understanding customers, mastering their supply chain, and finally selling stuff. Retail is a standout industry among the most differing commercial business in the vertical industry arena. If you are a retailer you face some challenges like, selection of suitable suppliers and delivery options, anticipate and estimate stock and inventory requirements, manage customer expectations, manage regular shifts in demand, set suitable pricing and select the right products to sell.
Though, there is a vast gap between having the information and pushing it to work for you. Bundle of information is available to retailers to make worthy decisions, from web analytics and loyalty programs to third-party information and point-of-sale details. Factors that impact income and the bottom line are hiring, training, facilities management, resource allocation and hours of operation. The retail market is shifting, and market designs change rapidly. In order for the retail initiative to be sure of the operational cost they should sensibly optimize it.
- 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.