How to Use Your Retail Data To Boost Sales?
Tracking Near Real-time Performance To Formulate Immediate Action Plan
Turning Meaningless Silo Data Into Insightful Integrated Information
Predicting The Future By Examining The Sales Trend
Tracking Near Real-time Performance To Formulate Immediate Action Plan
When a promotion campaign is launched, one thing that concerns a retail manager is how well it performs and whether it achieves the expected result or not. In a conventional retail shop, hours of time are usually required to be spent every day for the retail staff to do daily or even hourly reporting to their manager. Without the near real-time sales update, the decision maker who is not always in the physical shop will be blind from the outcome of the promotion campaigns, hence delaying the action plan to counter-react to the market change
2. Turning Meaningless Silo Data Into Insightful Integrated Information
As a manager in middle management, one of your responsibilities would be to compile relevant data to share insights of your team’s operations. Even though you are able to understand the connection between the operations data such as sales performance and inventory data that you have at hand, it might not be the case for other stakeholders or higher management. As such, this is the time when you have to make visual aids like pie charts, line, and bar graphs to help others in making sense of the operation data. To make your presentable slides, it might take many hours of your productive time every week to complete. Nevertheless, with the aid of the BI system, it will save you from the hassle of compiling and “beautifying” all these operations because all these visual aids will be readily accessible to you on your dashboard. With that, It would be easier for you to convince other stakeholders and higher management to buy your improvement proposals and ideas, hence improving your sales performance of your business.
3. Predicting The Future By Examining The Sales Trend
Ever experienced understock or overstock situations? One Shopee retailer once shared with me regarding his e-commerce understock issues during festive occasions. As he was mainly selling perishable goods like snacks and candy, he was always prudent in managing his inventories as not being able to sell his products before its expiry date would result in great losses. However, there was a time when his inventories could not keep up with the demand of the customers available, causing him to lose a lot of potential sales from these customers. This is when the BI software comes into play. With the integration of relevant user e-commerce activity such as your daily online shop visit rate, add-to-cart rate, and your average spending of your customer, it would be good supporting data to assist you in making your sales forecast and managing your inventories. Thus, BI software will help you to better capture the latest market trend, helping you to maintain a good cash flow for your business.
All in all, BI tools do not just save you from the hassle of compiling your data manually but also help you in boosting your sales. Without BI tools, your shop will lose the competitive edge in face of the rapidly changing market. Imagine the risk of being replaced by other competitors who are able to better predict the sales trend. Right now, you might be wondering where you could get affordable BI tools that equip you with this competitive edge? Fret not! Inquire now or check out our solutions to take an in-depth look at how you can adopt BI for your business today!