The retail business involves the process of selling consumer goods or services to customers through multiple channels of distribution to earn profit. There are many challenges which these retailers face on an ongoing basis, where the primary two are – competition for customers and the expenses involved in running a retail business.
Customer acquisition challenges?
Consumers are turning to digital channels and relationships with them and prospects have become more virtual than physical. To understand how to target today’s on-the-go consumers it requires the use of more data analytics than ever before. Using BI tools we can analyze customer data to effectively target customers and gain customer loyalty to maximize profits.
How can BI address customer challenges?
Data warehousing and ETL tools, centralize data from different sources, where it is easy to track historical data. BI reporting tools such as Power BI generate customer analytics reports to show customer trends in the form of charts, making it simpler to assess and analyze customer characteristics. BI reports can further be used to compare business over the years, impact of products promotion, shopping trends of a customer etc. All these can help retail business owners to take smart and quick decisions which can fulfill customers, market and business needs.
Retail Customer Analytics
Once you understand your customer at all these levels, you can align effective tactics to tailored customer segments to provide them with a shopping experience that they need.
