Decisions which need to be taken based on captured data are always needed to be done in style, and undoubtedly retail is one such industry which is completely a data-driven one. If you are in retail business then it is important for you to track as what exactly is happening right now, in the real-time. This will make it easy for you to forecast to make some informed plans about the future of the business. But don’t you think so much data altogether makes it difficult for you to make an analysis? Is it not difficult for you to find the small nuggets of data which can represent some real opportunities for the business? Well here comes the need of retail dashboard which will make your job easy and share with you vital data which will be important for your retail unit.
The data here gets, analyzed and drilled in real time to offer retailers insights into their customers taste, preference and their habits for shopping which can help to drive up the sales and revenue. How retail dashboard data can help you? Let’s take a look at the below points:
Make sure the stocks are made available to you at right time
It’s true that since ages retailers are making use of historical data to stock up shelves and to make a plan for inventory. But many times, there are seasonal changes and small variations which arise because of changes of different other factors. Such micro changes can now get added to this analysis so that retailers can be in a position to take more proactive decisions to maintain stocks flowing out of the shelves and also the inventory remains ready.
Planning depending on weather forecast
The concept which we are going to discuss now was not possible to execute earlier. The reason is that such kind of data was difficult to be pulled into any complex analysis. But with a change in technology and with the introduction of modern data analytics it turns out to be incredibly easier. This gives scope to the retailers to include the weather within their sales and pricing strategy.
Enjoy maximum ROI for marketing and promotions
Many a time’s difficulties are faced by the regional stores to add stocks depending on the marketing activities that are managed by the central teams. But after the launch of retail dashboards such data, is now available with individual stores, and this, in turn, is creating a huge impact on the overall sales and revenues of the company. Planning for stock and mapping of timely inventory will ensure you retail unit never run dry at the time of need. Individual stores may go for localized promotions based on collected insights from the retail dashboard.
Pricing
Pricing battle is common to see for the online retailer. If one vendor is lowering down the existing prices, then by default to be in the race other one is also forced to lower down the price. Such price war indirectly benefits the customers. But for physical stores, this type of pricing cut can be categorized as ‘loss leader’. There will be an increase in the footfalls in stores and products will fly off shelves. If data can be captured about the performance and strategy of other stores in same area pricing of certain products can be modified in system and stores can make own pricing and restrict customer loss.
