The retail world is undergoing a radical transformation driven by the rise of modern technology and the increasingly enormous amounts of data generated by our everyday activities. Data is no longer the sole realm of online retail either – new solutions like analytics and automation are also making their ways into bricks-and-mortar stores. Already, this is helping managers create better customer experiences that extend far beyond the previous limitations of physical spaces. Retail business intelligence software is where it all begins.
What is retail business intelligence software?
The digitisation of retail is nothing new. Retailers have been collecting digital data for years in the form of transactions and customer loyalty programs. In more recent times, however, data is available from an even wider range of sources. For example, smart shelving units equipped with RFID hardware can automate the monitoring of stock levels by providing real-time insights into which SKUs are out of stock or misplaced. Another recent innovation is cameras equipped with artificial intelligence and image recognition used to monitor everything from stock levels to foot traffic. Retailers now have more opportunities than ever to collect valuable data from their customers.
The challenge lies in making all this data useful, and that’s where retail business intelligence software comes in. As data sets continue to grow to the point of being practically impossible for people alone to make sense of, it’s necessary to use modern business intelligence software to transform the data into actionable insights. Business intelligence solutions collect, analyse, and display data in the form of digital dashboards and visualisations. Combined with the power of artificial intelligence and machine learning, these platforms can also draw upon previously recorded data to make informed predictions that help drive smarter decision-making based on facts rather than emotions and guesswork.
How can retail business intelligence software help?
These days, every smart business decision begins with data-driven insights. Before the age of modern business intelligence solutions, the process was far more cumbersome and prone to error. For example, in high-street stores, it often meant waiting for staff to carry out manual audits, which were time-consuming and vulnerable to human error. Now, business intelligence tools and readily available data make it possible to capture consumer activities and inventory metrics in real-time, using advanced analytics to make sense of it all. These insights empower almost every area of the business to improve operations and reduce costs:
· Staff can take a more customer-centric approach by learning how shoppers interact with things like product displays and promotions.
· Sales reps can create more immersive and profitable customer experiences based on insights from customer data.
· Marketing teams can build highly targeted campaigns by tracking purchasing patterns, shopper pain points, and modes of interaction.
· Supply chain staff can adopt more efficient inventory and purchase planning to reduce waste and maintain optimal stock levels.
What does the future of retail business intelligence hold?
Recent years have seen business intelligence learn heavily towards artificial intelligence and automation to the extent these factors have become the most pervasive trends of all. AI, for example, can spot patterns and trends by analysing huge amounts of data at machine speed – a task that’s impossible for human teams. For example, AI might reveal that customers of a certain demographic are more likely to purchase organic foods, while others might be driven more by price.
The retail sector is also starting to see the benefits of connected technologies, particularly with regards to the way they collect more valuable data for business intelligence platforms to turn into actionable insights. Popular examples include internet-connected in-store beacons to map things like foot traffic and time spent browsing particular displays, and store shelves equipped with image recognition cameras for monitoring stock levels and planogram compliance. These are just some of the exciting trends driving the retail sector.
Inspector Cloud is changing the CPG sector with its award-winning image recognition solution. Our powerful, AI-driven software slashes retail audit times, eliminates human error, and offers a detailed analysis of store efficiency. Get in touch today to find out more.