Retail analytics solutions provide analytical data on sales, consumer demand, inventory levels and supply chain movement, which is necessary for making marketing decisions. Retail analytics on supply and demand is used for taking marketing decisions. Retail industry needs a way to derive more customer intelligence and operational insights from their overflowing databases. Retail analytics solutions provide detailed customer insights along with insight into business and processes of organization.
Business Analytics is a most powerful tool for being used to enable fact based decisions to manage their strategic and financial performance and increase profitability. Information technology helped decision makers with Business Intelligence Solutions to explore the past and indicate that what will help them in future. Decision making is now in the hand of decision makers.
BI Services make a major contribution to improved decision making. For example, many retailers analyze historic sales by size and use last season sizes ratios as a guide to this year. But most stock outs occur in the best selling sizes and for the next season. Retail Analytics Solutions Analyzing past sales for the period of time that stock coverage was good will give a more accurate planning assumption.
Retail analytics Solutions can provide the marketing department with valuable insights into its customer base. These can assist identifying new areas of opportunity and more effective ways to communicate marketing messages. Analytics can give deeper insight into specific types of customer and their buying preferences.
Retailing companies need to be flexible and reactive so they can quickly respond to increasingly sophisticated customer demands. With the development of internet and growth of multi channel operations, business must be able to change their business model so they can collect real time business information and drive the efficiency of their day to day operations.
Retailers use Business Intelligence Services to improve quality of service in a number of key areas. By providing an accurate portrayal of customers, BI retail analytics solutions can help retailer to make business decisions quickly and with confidence.
Bilytica Provide business intelligence retail analytics solutions to integrate data and deliver actionable results. Our retail services enable retailers to understand the latent, current and future behavior of consumers in real time.