We have always heard that ‘convenience matters’, and with the boom in digitization, offering it has become essential now than ever. 2019 was for sure a year of transition, and the retail sector faced the biggest changes with its fair share of ups & downs.
Along with the competition, the uncertainty in the retail industry has made it important to understand customer expectations. Customer demands are no longer the same.
Retailers need to have a strategic plan that would handle the fluctuations and still deliver the best outcome.
To cope up with modern age demands, retailers now focus on collecting information. They want to achieve higher sales targets while reducing operational costs.
In addition to this, they want their customers to have an amazing experience. But the real question is, how do they achieve it all? Our answer lies in these two words “Power BI”.
The biggest strength of Power BI is its competency to transform raw data into information. And what is better than having a data visualization tool offering you a 360-degree view of your business.
Why do we need Power BI in the retail sector?
We live in an era where consumers are giving equal importance to product and service. They want not just quick satisfaction but also a smooth experience.
To understand these buying and selling scenarios one needs to access data intelligence. If we invest our time in retail analytics, we might even be able to predict what customer needs next.
This is why business intelligence is essential for retail. It helps you broadly understand customer needs, keeping you ahead of your competition.
How does Power BI transform the company data into a visual wonderland?
It has already been proved that visuals are more friendly with human brains than text.
We process and understand them easier than any piece of writing. Therefore, companies that rely on visual analytics experience 5 times better productivity than the ones using documentation.
So how is Power BI actually useful here?
Power BI is laced up with BI reporting tools and more that help you transform, analyze and visualize the data.
It serves as a medium to build visually stunning reports in minutes and share them successfully with your organization.
When you have all the essential data handy, it is easy to make quick and confident decisions. Hence Power BI solution will shift you from the hell complex data to the paradise of sorted and well-presented information.
Key benefits of Power BI to the retail sector
Let’s shine some light on the key benefits business intelligence tools will offer to the retail industry.
- Efficient Management of multiple stores
- Scale-up and Scale down with fluctuating consumer trends
- Overcome Retail sector challenges and flourish
- Future Insights of Retail Industry
Efficient Management of multiple stores
Having multiple stores across different geographies is a great way to expand your brand and reach clientele on a wide scale. Well, as appealing as it looks, the challenges it brings along are equally huge.
It is extremely important that you deliver your best of services from every outlet.
This is possible to attain with a retail BI solution. The BI reporting tools will help you get rid of spreadsheets while offering you interactive data analytics.
Reporting and analytics will assist you to spot sales patterns, inventory, and profit of different stores. Hence you get all the necessary information to make the decisions.
Scale-up and Scale down with fluctuating consumer trends
Trends come, go and come again. This leads to major up and down in the consumer’s demand. Besides, people now expect to get high quality, long-lasting stuff at a low price. They cross-check multiple vendors, compare prices before making the final decision.
Retailers have to keep this in mind while designing, marketing and promoting the product. This is where Power BI solution comes into the picture.
It gives a clear insight of how the customers are reacting to your promotions. Besides, you learn if your marketing is making any impact or not. This gives you a chance to change your strategies and make things right instantly.
Overcome Retail sector challenges and flourish
Talking about competition, retail is one such industry that faces the most of it. Tracking your competitors and fighting for your position in your market could be difficult and exhausting. To actually perform this will not just waste your time but efforts too.
Whereas you can save yourself from all these unnecessary efforts with retail business intelligence solutions of Power BI. Since it allows real-time monitoring anytime, organizations can know how their marketing and promotion is performing.
Having advanced reports at your disposal can help you analyze your product’s performance against your competitors.
Future Insights of Retail Industry
Millennials, Influencers, and the whole Gen Z have changed the face of retail industry. They are not just constantly looking out for the best deals but are very competitive to grab one. A recent survey found out that there is a possibility that digitally-driven brands can expand 3 folds in the next 5 years.
Retailers have now realized that monitoring social media is not enough to build a strong presence. They need to have automation and analytical business intelligence tools like Power BI to do the efficient job of keeping them ahead.
And with constant updates and upgrades in Power BI, we ensure retail industry will be all set to overcome the challenges.
Hence it is proved that the real power of an organization lies in its people and data. Business intelligence does the perfect job of promoting the people and sorting the data in the most efficient manner.
Power BI enables an organization to analyze thoroughly, make the better decisions, and sell smartly. We bet, with Power BI services and may such other technologies, businesses can chase their dreams and turn their visions into reality.