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Business Intelligence Is The Need Of The Moment For Retail Industry
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Since the emergence of the retail industry, it is said to be moving on 8 diverse strategies of business, including price as a base, visual merchandising, mass media & communication, location, service, staff, assortment/merchandise and store. A sustained retailer was said to be the one who attained leadership in any of these two but the retail industry strategy is completely set on reestablished mode now!
Recently the consumer technology has undergone an unparallel revolution and so has the behavior of the consumer. Today’s consumer is more educated about the whereabouts of any product with better purchasing option and information. The consumers have increased expectation from switching off has become common trend.
WHAT TO DO TO CONTROL SUCH ADVERSITY?
To come out with the more challenging behavior of a consumer, retailers are required to set a new strategy with business intelligence to strengthen their relationship with consumers. They are also required to control consumers’ decisions regarding purchase, utilize mass media for winning consumer preference and append business intelligence to succeed in the competitive environment.
WHY ADVANCEMENT IS NEEDED?
The abovementioned 8 historical factors are undoubtedly the pillar of retailing but with the changing trend it is clear that they are unable to stand alone in the competitive market.
With the consumer’s empowerment, retailers are also benefitted in several ways. Customer relationship management is divided into several consumers’ category which should be practically applied by a retailer to succeed in long run. The relationship of a retailer and a consumer never fades away with time rather it grows strong.
APPLICATION OF BUSINESS INTELLIGENCE
Application of business intelligence is holding a great role in the competitive world by facilitating better decision making in an organization. Business intelligence is said to be right advisor that delivers right information at the right time to the right person. It may be the reason that the right decision maker is not only those who are in tailored suit only but could be among those remaining people who are just a supporter to your business. Now decision making is not confined to corporate leaders, or the business intelligence. For more understanding read: http://www.amddatawiz.com/advanced-analytics-services/
BUSINESS INTELLIGENCE SOFTWARE
It utilizes data to develop that extraordinary customer experience and ideal forecasting of merchandise planning which was tough earlier. It could only be executed by avoiding intuitive decision making and by practicing data driven, evidence supported and fact based suggestions in the diverse streams of business. To learn more you can read http://www.amddatawiz.com/data-management-solutions/
8 FACTORS ARE NOT WORTHLESS, IT’S JUST HAVE LESS IMPACT
The traditional 8 competitive factors role with business intelligence in today’s market are as follows:
Assortments/merchandise- today designing replica of any merchandise is just a matter of few days and it is done especially in Bangladesh and China. Though better data is designing better science to hail planning for merchandise assortment so that those educated retailer can enjoy the benefits of preplanning and forecasting the improved merchandise. Merchandise is too sophisticated factor as competitors easily duplicate them and only the right application of data could allow them to enjoy competitive advantage.
Visual merchandise- this factor could be duplicated easily, hence though it is important but easily replicable.
Store and location- Omni-channel facilitates one location and less storage. In order to sell more it is advisable to use more channels but in no regards it emphasize over the less importance of any channel, location or store.
Staff- staff is always treated as liquid liability but the new retails with business intelligence treats them as an asset achieving goals through customer experience management. A right set of staff is now treated as an asset as it helps in building asset directly by new analysis.
Service- To develop memorable customer experience, the process of continuous better pre and post sale services are practiced and is acting like a competitive advantage today. It will help to overcome the fragmented system and process.
Price- price competition appears as a fool task unless it is brand name. Retailers’ takes initiative to increase sale today as it helps in having more profit, resulting in more savings.
Mass communication- in present market the concept of mass communication has lost its importance. Often the customer feels more reliable on online reviews than the paid advertisement. Retailers are engrossing customers through planned social media strategy and finally delivering that personalized message that helps in campaign effectiveness.
The whole world of retail trade is now divided into two segments- those who believe in growing with the growing world and another who waits to witness this change. An innovative retailer uses right business intelligence and grabs maximum consumers.
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