The Key to Retail Analytics
Whatever sector of retail you serve, you’ve got to measure your success or you won’t have any. The one key tool necessary for measure all your key performance indicators is a retail analytics solution. But how do you make your analytics solution work for your retail chain? Here are 4 keys to a optimized business intelligence:
- It’s not all about you – Yes, you have to measure your expenses and look at your revenues. You should know how much merchandise you have in stock, what products make up your inventory, and where that product is located. But if you don’t have a handle on your customers, none of that really matters. Instead of reading your business intelligence reports to make the most of your profits and losses, try reading it to see what it says about your ability to make your customers happy.
- Know what operational data is important – You can get hamstrung or wrapped around the axle about details that don’t really matter. Instead of measuring granular data that doesn’t impact your customer or your business profitability, keep an eye on the operational data that is really important. The first step is identifying what that is.
- Look at your history – Historical data tells a story that numbers can’t. If you know that your peak season is the time between St. Patrick’s Day and Halloween every year for the past 12 years, that should tell you something important about your business. More importantly, it should tell you something about your retail customers. Read your historical data with a keen eye.
- Don’t be afraid of comparative views – What’s so different about 2019 versus 2009? How does the overall economy impact your sector of retail? Is August really a down month for your retail chain, or is there another reason you see lower sales in that month? Comparative views can teach you something about your retail business and your customers that simply crunching financial data won’t tell you.
Your retail operation deserves better business intelligence readings. Give it all it deserves with the right retail analytics package.