Surely many times you have come across the term retail intelligence, but do you understand really what is its importance? Then you explain it.
The retail are an ideal backdrop to observe, measure, and analyze the behavior of the client during the whole purchase process. To help the success of this task, there is the retail intelligence, which has already proven to be a very complete tool.
The retail intelligence it is a combination of algorithms capable of analyzing large volumes of data and the use of technological tools, being able to integrate real-time and interactive way to relevant information on the operation of the store and its interaction with the customers.
For example, lets you know data in the field of prices,number of sales, market trends, among many other data that contribute to the decision making in order to get higher incomes and better shopping experience to the customer.
Advantages, benefits and features
The retail organizations now capture a volume of data without precedent for its products, sales and customers. However, to convert this data into actionable information can often be a difficult task, and that is where comes into play retail intelligence.
Below, we detail how the retail intelligence you can help companies to get the best yields:
1. Allows to obtain information for decision making, timely and accurate
Using Business intelligencetheir decisions will be based on data and insight, instead of being taken by the instinct, and was thus able to analyze the data in real-time to make immediate decisions. In addition, you can remove the guesswork, and therefore work on the basis of information.
2. Makes it possible to Identify new revenue opportunities
By being able to analyze all your data you can obtain information about the potential opportunities that might be lost in the you Can create new offers to adapt to the current situation of the market and better satisfy their customers.
3. Track successful KPIs
Through this technology, you can get alerts and notifications each time the data changes with respect to a KPI specific.
This way if the data changes, you are notified and can drill down to see what happened and what you can do to fix it.
4. Provides answers to all the questions the business
This is the beauty of the perceptions automated, prevent our biases of natural observation and give us solutions to problems we haven't even noticed. We also grant additional responses to questions on which not even thought of.
5. It offers a 360 ° view of your customers
In this way you can better understand their behavior and use it to provide you with personalized offers, knowing what to buy or not to the customers, at what time and where, allowing you to convert this information into profits.
6. To have a better management of inventory.
Through the Business Intelligence it is possible, since it can help you manage inventory quantity you request, the logistics for the proper administration and to detect any anomaly in the data inventory.
7. Greater efficiency
The retial intelligence allows us to achieve greater efficiency thanks to that allows you to save a lot of time to provide information to you in seconds.
Gone are the days of reports that took weeks, because it is now possible to get answers more quickly.
8. Is achieved by an allocation of resources that are more accurate
This happens because it will help you to determine what areas of the store you need more Business Intelligence allows you to analyze exactly how it is working each business unit, and provides you with information on how to improve them.
Retail Intelligexia
As we already know, for an efficient management of the valuable information generated by the store, it is necessary to integrate the technology in its maximum expression, using the best tools available in the market.
Oriented systems Retail Intelligence you are able to monitor the most competitive prices in real time and interpret market trends, this is just to mention a few of its attributes.
That is why it is advisable to make use of the full suite of solutions that offers Intelligenxia Data Driven Solutions that in its portfolio systems and app of proven effectiveness in the competitive and changing market of Latin america.
Conclusion
The new era of retail becomes necessary to pay special attention to the information generated in each operation of the store and especially in relation to the customer journey and your experience in general, on the basis of this, it is crucial to implement the retail intelligence in search of profit.
To monitor the effectiveness of the marketing strategies and the behavior of the shop in general, retailers have the opportunity to take advantage of the tools and technologies of Retail Intelligence dedicated to the collection, systematization and analysis of data to reveal the true profitability and do not leave anything to chance at the time to achieve our goals.
