With the rise of COVID-19 cases in Malaysia, retailers as well as SMEs all over the nation have been affected in one way or another, forcing many SMEs in Malaysia to either adapt their business to the new landscape - or utterly collapse.
SMEs in Malaysia are one of the most vital contributors to Malaysia's economy. In 2020 alone, they contributed a total of 38.9% to the nation’s GDP.
Now, as traditional retailers are considered the backbone of the SMEs in Malaysia, it’s imperative that they seek out a solution to keep them afloat during these trying times. That’s where Business Intelligence (BI) comes in.
What Is Business Intelligence in Malaysia?
Simply put, BI is a process that analyses data to help you make better business decisions. Data is gathered based on a business model and converted into actionable information that can help retailers make calculated business decisions with less worry of risks.
Ultimately, BI is designed to assist retailers and SMEs in making the right decisions to reach the full potential of their businesses.
How can Business Intelligence help my business?
BI can be exceedingly beneficial to SMEs and traditional retailers alike. Here are some examples of how BI consultancy can be used to bolster your retail business.
Improve your customer experience
Prediction-based business model
Price optimization
1. Improve your customer experience
As the trends of society are ever changing, the only certainty is the fact that customers will always have high expectations. Given the fact that the retail industry is a hyper-competitive one, it’s likely that potential customers will flock to whichever retail business provides them with the best overall customer experience.
By implementing BI solutions into a retail business, one would be able to ensure that all their customers are kept satisfied and happy from the moment they step into the store to the moment they leave.
2. Prediction-based business model
While it’s always a good practice for retailers to measure their current data to identify their current stance and better position themselves amongst their competition, it shouldn’t stop there.
Part and parcel of a successful retail business is to also position themselves for the future. By doing so, retailers will be capable of seeking out new sales opportunities, predict upcoming trends, and foresee potential issues that may occur within their business.
With the right BI solution implemented, retailers will be able to incorporate pre-existing data with a myriad of other statistics to achieve an overall prediction-based business model.
3. Price optimisation
It’s no secret that pricing is perhaps one of the most important factors when it comes to retail business. Thanks to BI, retailers will get to set their prices as competitively as possible, ensuring that their set prices coincide with the current supply and demand trends.
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