As the retail landscape continues to evolve, retailers are consistently looking for ways to improve their operations and drive growth. One effective way that retailers can achieve this is through reporting and analytics technology, which can enable retailers to unlock the full potential of data to drive maximum value for their business.
The importance of data in retail cannot be overstated. In today’s omnichannel world where consumers demand personalization at every retail touchpoint, retailers must harness data to its fullest potential to stay ahead of the curve.
With automated operational reporting in real-time, retailers can make informed decisions and respond quickly to rapidly changing retail needs. In fact, McKinsey recently found that retailers that use data analytics and operational reporting to optimize processes and decision-making are up to 23 times more likely to acquire customers, and up to 6 times more likely to retain existing customers.
Informed Decisions through Data
Outdated solutions do not allow retailers to drive the full value of data, and retailers that rely on them can put themselves at risk of being left behind in today’s fast-paced retail climate. Real-time data gives retailers complete visibility of their business operations and allows them to make more effective decisions.
With real-time automated data analytics at their fingertips, retailers can make informed decisions related to their procurement, promotions, and distribution, ensuring that the right products are where they need to be at the right time. Built into a technology stack and integrated with wider omnichannel solutions, retailers can adapt discounts and stock allocations depending on each location’s unique data.
From tracking individual store performances through identifying loyal customers to navigating top-selling products, retailers can utilize state-of-the-art reporting and analytics tools to make the right choices for their business. In fact, the latest solutions provide retailers with automated forecasting which can be a game-changer in retail strategies.
Building Efficiency to Boost Business
With the vast amounts of data that retailers have at their fingertips, next-generation reporting tools can help retailers spot gaps they may have missed and provide them with opportunities to improve. What’s more, by creating a more efficient process, automated reporting tools also remove the possibility of human error that comes with manual data entry.
Business intelligence reports, which can be built through reporting and analytics solutions, provide up-to-date information that allows retailers to track everything, from stock levels to consumer demands, in one place. Furthermore, these reports collate information from all of a retailer’s locations, offering a truly global perspective on operations.
Efficiency in business is essential for retailers to provide the desired experience for customers whilst also maintaining strong stock levels and visibility to keep up with consumer demand for popular products.
Data reporting and analytics provide essential information to retailers to enable them to build and grow their businesses based on facts and proven consumer behaviours. By harnessing the power of data, retailers can make informed decisions quickly. This helps them to elevate their efficiency and positively impact profitability.
With nearly two decades of experience in corporate and channel sales, as well as marketing, Amber Hovious leads Teamwork Commerce’s fast-growing retail software organization in its global expansion. Hovious joined the company in January 2013, and in her current role, is responsible for developing and managing Teamwork Commerce’s channel programs, partnerships and strategic marketing campaigns.
