Retail is one of, if not the, most competitive industry, and in order to stay ahead, these businesses need business intelligence. Learn the secrets on how business intelligence is transforming retail. Business intelligence tools have advanced in recent years, and they’re offering retail businesses better opportunities and insights than ever before. The most exciting of these chances are spatial analysis programs and new big data solutions.
Spatial Business Intelligence
One of the biggest business intelligence developments in retail during recent years has been the advent of spatial analysis. Rather than simply using hard data sets from spreadsheets, summaries, and customer feedback, spatial business intelligence tools allow businesses to consider data about where their business is located. This may reveal community issues the business can address formally, such as poor roads, constipated traffic, or inefficient foot traffic accommodations. Other tools can help them analyze how best to use their space.
Retail relies on techniques like add-on sales and impulse purchases. Successfully executing these techniques demands careful layout and guidance throughout the store. There is a fine line between the customer’s convenience and the retail establishment’s need to sell. This is where spatial business intelligence comes in handy. With these tools, it’s easy for businesses to track how many customers visit, what areas of the store they’re drawn to, and how customers move through the store. All of these factors play heavily into successful sales strategies, especially in retail. It doesn’t matter how great a retail business’s space is if it isn’t utilized to the business’s best advantage.
This technology is relatively rare, especially in small businesses, but it’s gaining in popularity as businesses come to see the advantage of such insight. One of the most exciting elements of this BI tool is that it’s new. This means businesses will discover far more uses for it in the years to come.
Big Data Advancements
Big data changed how businesses operate forever. This dramatic shift in practices and opportunities led to a boom in the BI industry as all kinds of businesses worked to analyze and exploit this new technology. Retail, however, has always had the most to gain. Big data is particularly useful for shoppers, and online shopping continues to rise year after year. In order to remain competitive, retail businesses have to have an online presence. Business intelligence tools help retailers use that online presence to hook buyers. Since the number of competitors online drastically outnumbers competition from other regional brick and mortar stores, however, retailers have to look for unique, creative ways to do business. Again, business intelligence offers those solutions. Since these tools work with the data they are given, they can help any type of retailer improve their unique brand and style.
The best way to stay ahead is to use business intelligence to outmaneuver the competition. Whether businesses need to refine how they utilize their retail space, draw new customers, or address location concerns, business intelligence is the key. They say you need to know what the customer wants before they ask for it. Business intelligence can help you do just that.