How Retail Analytics Can Transform Your Business
Sherif Kottapurath, CEO, Posibolt
With the recent phenomena of applying emerging technologies to solve business problems IT in general is getting its due respect finally and Industry segments like Retail is experiencing huge transformation, paradigm shift and being seen as a torchbearer in using IT to drive disruptive change.
The success of some of the retail giants has made them household names not just in the west but in developing economies like India. The key to success of these well-known online retail giants is their capability to understand the customer behavior and provide a more personalized and convenient shopping experience while optimizing their fulfillment and delivery processes offering products and services to the time starved and demanding mobile customer of today. This very act of making business sense and actionable insights out of the knowledge of customer demographics, preferences, shopping history and other heuristics is an example of how Analytics can transform your business.
There are several excellent success stories of retail analytics that are relevant to a variety of companies and are actually driving successful business models today. As an example one of the biggest benefits the field delivers is in optimizing the inventory, procurement and delivery processes. Thanks to predictive tools, businesses can use historical data of transactions and trend analysis to determine which products they should order, and in what quantities instead of relying on hunches or simplistic forecasts based on past orders. It also helps in identifying at store level, what products need to be stocked, need to be displayed prominently etc.
Posibolt solutions understands this requirement well and offers a wide variety of Analytical Dashboards that are based on the past performance and trend analysis data of individual businesses and their various segments.
The following are some examples of our Dashboards with year wise comparisons
- Organization / Branch wise Overall Performance Analysis
- Organization / Branch wise Quarterly/ Monthly Performance Analysis
- Organization / Branch and Segment wise Analysis
Detailed reports on stockout, overstocking etc. combined with fast and slow moving item reports allow the business leaders to quickly understand the changes that need to be made – what to order more, what to order later, what items to promote or clear out with discounts, …
These have helped our customers to reduce the cost overheads and to increase sales; in addition to easing the process of opening new store locations and thus improving their top and bottom lines.