Top Benefits of Business Intelligence in Retail

The advent of e-commerce and its continually massive growth trajectory has been mostly well received from all quarters. Well, almost all quarters, to be precise. Why? Because there is one industry that has suffered due to e-commerce, its retail. Like Amazon, Flipkart, Etsy, and eBay show no signs of slowing down, companies running brick and mortar businesses have desperately looked for means to help their cause. We'll admit that the situation is quite alarming, but it doesn't spell the death of retail either. Unlike what alarmists would have you believe, retail is still well and alive -- it is only struggling to owe to the competition posed by e-commerce.

As the saying goes, "When the going gets tough, the tough get going" -- brick and mortar businesses to are steadily evolving to demonstrate that retail isn't going anywhere anytime soon. Also, one of the most reliable tools that have enabled this is business intelligence. Today, an increasing number of retail businesses are turning to analytics and business intelligence to not only streamline their products but also optimize their pricing strategies and marketing endeavors, thus enabling them to engage customers in a highly customized fashion. As a result, with Business Intelligence by their side, retailers are not merely surviving in the evolving environment, their businesses are flourishing.

Let's take a look at precisely what benefits proffered by Business Intelligence is enabling retail to thrive in an otherwise challenging ecosystem.

1. Better customer experience: BI empowers retailers to leverage in-person engagement with their customers, ensuring that factors such as the store's feel and staff interactions with retail staff are designed in a manner that serves to improve the customer experience. Among other things, BI tools gather and analyze data proffered by customers in a store and use it to help the business to position staff around the store to prompt customers into buying products on offer.
2. Tailored engagements: Seeing as to how BI is a highly dynamic tool, it helps sales personnel by providing insights about customers’ shopping behavior and buying history. In addition to that, it can also offer recommendations for specific marketing promotions to help the business deliver focused advice and that too at the appropriate time.
3. Efficient operations: Yet another way BI stands to help retail businesses is by enabling them to make data-driven decisions to achieve better efficiency in their services. Case in point, a BI tool can help a brick and mortar business understand how to operate their retail stores by the store's footfall. It not only makes sure there's ample staff to satisfactorily tend to customers and avoid overstaffing at the same time.

Trust us when we say that retail is here to stay, provided businesses continue to make use of smart technologies such as BI to deliver tailored and engaging experiences. Moreover, the quickest way for you to jump on this bandwagon is to find a trusted business intelligence service provider who can help you adapt to the evolving market and achieve continued business growth.

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