In an increasingly automated and technology savvy world we want things fast or we want it now. A customer has many channel options to buy particular products– from Brick-and-Mortar stores to Online shopping, or shop in an Omni-channel approach. Not to mention these retailers face competition within their own industry. But whether customers shop online or travel to a physical location, retailers must be able to provide convenience to not only fulfill their orders quickly but ultimately provide a satisfactory experience to its customers.
This puts pressure on Retailers to have a good monitoring and business intelligence system in place so that it can understand and fulfill their customers’ needs. In this series, we will take a look at dashboards that can quick start your road to success in getting the most out of your data to make informed decisions in the retail world.
But before we dive into the analytics themselves, my recommended BI tool of choice is Tableau Software for analyzing your retail data. Tableau is a major BI tool of choice in the global retail market. Tableau as of 2018, is used by over 80% of the top 100 retailers in the United States. Of the Top 15 of these retailers, 100% use Tableau! Globally, 7,000 retail and consumer goods companies trust Tableau to help them understand their data and take action.
In this blog series I’ve identified some key analytic dashboards that can be implemented quickly with your Retail organization. We can divide these into 3 strategic ways of analyzing your retail data:
- Fulfillment analytics – Allow retailers to fulfill the intended needs of the customer with speed
- Influence analytics – Get your customers to purchase more or purchase differently
- Waste optimization analytics- Reduce wastage by measuring and finding out the root causes of wastage – This commonly pertains to fresh goods and restaurant retailers.
There are many more recommended types of Retail Analytics that can be suggested depending on your business needs and situation. Contact Kaisa today so that you can improve your ability to make better Retail decisions. Watch out as we go into these Retail analytic Strategies in the upcoming weeks. Cheers!
– Dustin Guiyab, Subject Matter Expert in Business Intelligence and Analytics