How to Use Retail Business Intelligence Tools20th February 2019
It’s no secret that retail business intelligence tools are driving growth. With eCommerce showing no signs of slowing down, data is critical for understanding the state of your business. Retail business intelligence tools offer real-time insights to your inventory, customers, sales trends, and more. Taking full advantage of these tools can only help your retail business, especially if you’re a brick-and-mortar store. Here are just a few ways you can use retail business intelligence to boost your sales.
Automatically Track Inventory
Retail business intelligence tools can track inventory for you, sending you a notification if an item is out of stock or running low. Some point of sale devices will even order stock for you or process a return. This is especially helpful if you have one particularly popular item at your store. You’ll automatically have new stock orders without having to lift a finger.
Strategic Scheduling with Sales Heatmaps
Long lines can be draining for the customer and your staff. But heatmaps show you when your store is busiest during the day and week so you can make the right staffing schedules. You can get ahead of long lines during peak sales times at your store with staff scheduling based on this data. A well-staffed cash wrap makes checking out a breeze. This not only makes staffing easier, it makes for a better customer experience.
Plan Monthly Promotions with Sales Trends
If you track sales from month to month, you can strategically plan promotions and sales to attract customers. This is great if you’ve had a historically slow month. You can boost your sales and cash flow, which means you’ll get a great return on your investment.
Track New and Returning Customers
Business intelligence tools can show you the ratio of new vs. returning customers. This is a great feature for tracking your customer base and loyalty. You could even use this tool to create a loyalty program to encourage returning customers.
Retail business intelligence is just one part of the growing BI market. Using business intelligence tools at your retail store will boost your cash flow and sales. It’s a necessary and smart investment, working for you in decision-making.
Check out our infographic to see how business intelligence can turbocharge your business’ sales!
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