B2B SaaS and digital stores are the new trends – or you can say, a necessity as everything is getting digitized. Businesses worldwide are now aiming to step their foot in the digital world, while some are eyeing expanding their venture. Whether you are a newbie or a veteran of the game, you must be aware by now that the online business concerns more about data. Data is nothing but information about the targeted customers, market, competitors, and analysis of its performance. The question here is, how do you get data? Well, the answer is Retail Business Intelligence.
What is Business Intelligence?
Business Intelligence provides data analysis through various steps so that an organization can make a well-informed, data-driven decision. A few of the measures included in the process are –
- Gathering data, also known as data acquisition
- Storing data
- Analyzing data
- Visualizing data
Business Intelligence in Retail Industry
As mentioned above, business intelligence, in a nutshell, provides data analysis. In the retail industry, BI’s usage is to find valuable information about customers, do market research, and provide enough information to the company to make the best possible decisions.
Why do you need Retail Business Intelligence?
There are many reasons why an organization needs Business Intelligence; one of them is cutting down the extra effort to keep up with the never-ending excel sheets, spreadsheets, and reports. One can simply use the reports and data analysis generated by BI. Some of the other benefits of using Retail Business Intelligence is listed below
Don’t you want to know which of your products is doing well in the market? Most importantly, the demographic performance of your products. Through BI, you get a detailed analysis of your products, including which product is doing better at a particular place and a specific period.
Knowing your competitors has been the basic rule to run a successful business. If you don’t know the market you are entering; you cannot survive in it for long. But, if you constantly keep an eye on your competitors and understand what they are doing, it will motivate you to do better.
As important as it is to know your competitors, knowing your customers well have the same importance. You cannot cater to a customer’s need if you don’t know them. Through BI, you will get a deep understanding of your customer’s behavior, such as which product they tend to buy, their preferences of payment gateway, and what time they are free. Depending on all these factors, you can decide on a campaign for them or build a marketing strategy.
Businesses must know which product is doing well in which country to develop their marketing strategy and grow their business accordingly. Tracking your customers is one for doing so.
The growing popularity of both business intelligence and the digital retail industry compliments each other well. There are many use cases of BI in the retail industry, one of which is recommending products. BI will process all the data and recommend to your customers the best possible product for them. To know more about the recommendation engine, explore Alie. Try its 14-day free trial, where you can look for yourself on the dashboard feature how Alie is recommending products to your customers.