Working with Retail Intelligence
Working with Retail Intelligence does not mean having more data than anyone: the truth is a retailer must know what data matters in each store and have a good control over them.
Retailers need to think of what decisions to make in-store and what data would improve the business. What are the main objectives?
- Better buying
Buying well is one of the keys to the success of your business. In order to buy better, retailers need to have a good control of their stock and sales. In fact, you can find all the data you need in your sales history. If not, you may have to add more information to each product tab or that you need to improve your actual software.
- More space in-store!
Each square meter of the store costs: leasing, maintenance, staff, lights … To obtain maximum profitability per square meter or linear meter you have to have data on how your customers move through the store, which are the products that attract the customer or cause long circulations, or what products or categories bring more benefits to your business.
- Increase the average ticket and sales
When a customer enters the store or when he is a regular customer, your goal is for him to buy more (upselling and crosselling) or more frequently. Control the average ticket and what products tend to be bought with what others.
- Better relationship with clients!
If you want your customers to be more linked to your brand, you have to know them better. Explore the results of your satisfaction surveys. Check the type of the customers who buy more or who come more frequently. Learn about the favorite products of the people who are part of your customer club. Also, measures the opening or click rates in your communication campaigns.
This is just a sample of what you can do. Set yourself a goal and reflect on the data you would need to know how to get it.