5 cases of success of business intelligence in the retail sector

Information is worth more than gold in today's retail and proof of this are the following business intelligence success stories. Learn about the most successful experiences in the world in this post.

Business intelligence or also known in Spanish as business intelligence is a tool that has shown great benefits for the development of retail, since through big data, collects, organizes and analyzes key information to understand business movements, detect irregularities and seek solutions.

Retailers are making use of Business Intelligence to improve your operations in many aspects, including merchandising, marketing, e-commerce, omnichannel, supply chain and general store management.

Let's see below some business intelligence success stories in the world, in order to better understand the benefits that its application can bring to your retail store.

1. Fraud reduction and dynamic pricing streamlining

Amazon, the online retail giant that recently also penetrated the real world with its physical stores, has been able to take advantage of the benefits of business intelligence to optimize fraud detection and also personalization in customer service to the client.

With the integration of big data, they have reinforced their security with a credit and debit card fraud detection system, with positive results of up to 50% reduction in fraudulent acts.

They have also improved their business strategy by using dynamic pricing that changes every 2 minutes, compared to other retailers that take weeks and months to update their prices.

2. Data processing and sales forecasts

Staples, is another successful case of business intelligence, this large retail chain that has a presence in Latin America, handles approximately 10 million transactions per week, which was previously very difficult to drive. Taking advantage of this technology, they have managed to launch targeted marketing campaigns and forecast their daily sales.

3. Inventory management

The retailer of the pharmaceutical area, CVS, with almost 1000 stores in the United States of America, experienced problems regarding the items it sold, which presented errors in their classification due to poor inventory management.

Through Business Intelligence and big data, it became possible to track the movements of products in inventory using 160 key indicators, which allowed for more efficient inventory management.

4. Sales forecast

Waitrose is the UK's largest supermarket chain, but its demand varies depending on the season, which represented a challenge for the company that it was able to solve through business intelligence.

By integrating this solution, it is easier both in the physical store and in its online platform to identify the demands at the level of each store and forecast which products should be available based on the customer's needs in each season. .

5. Personalized marketing

This business intelligence success story corresponds to the multinational Tesco, which is characterized by adopting state-of-the-art technologies to improve the quality of its services.

Thinking of optimizing their personalized marketing campaigns, they implemented big data into their system, obtaining an increase in the use of their own credit cards and in the use of coupons distributed to its customers through the email marketing.

Conclusion

Business intelligence positively favors retail in terms of being able to obtain valuable data on business behavior and find immediate answers that allow them to solve any obstacle that prevents them from selling what they need to customers.

By observing the business intelligence success stories we can see the importance of using technology as a tool at the service of retail, being able to contribute to the design of strategies to outperform the competition strong>, by enriching the customer shopping experience and earning their loyalty.

And you, are you ready to give Business Intelligence a try?