Retail: Benefits of Implementing Real-Time Analytics
In order for retailers to stay ahead of digital competition, they must overcome cost and flexibility disadvantages; it’s necessary to have real-time insight into what is happening inside and outside the point of sale.
Retailers must begin to take immediate action on unforeseen events at their physical points of sale, such as lack of inventory, shelf problems, environmental impacts, local events, loss of merchandise and customers, among many others, as they generate a significant loss for their business.
Real-time analysis requires collecting all existing business data and combining it with technology tools to generate solutions that can automatically detect problems and measure results to further improve operational efficiency and customer service levels.
Also read, “How to increase footfall in physical stores?“
How it’s done?
Using Big Data it’s possible to collect historical, present, and future events that happen in a business, and with this, analyze transaction patterns at the item or category level and verify the correct functioning of operational processes.
With machine learning, a model is created, which at the moment identifies any situation outside a predefined limit, triggers an alert, and immediately sends a notification to a mobile device, generating an automatic and immediate solution for the personnel in charge.
In stock inventories, predictive models optimize replenishment processes, taking into account seasonal influences, as well as promotions and other bannable events, predicting the correct stock levels in real-time and problems that may arise in the future.
Other tools, such as location intelligence, provide a more detailed analysis of product location selection according to store layouts, customer purchase paths, the concentration of people inside and outside a point of sale, etc., and thereby improve the efficiency of predefined models.
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The main benefits retailers can expect from implementing real-time analytics are:
- Increases sales: Addresses all real-time processes such as shelf errors, out-of-stock or understaffing, merchandise transfer, reducing shrinkage.
- Increases conversion rates: Alerts staff to take immediate action to solve problems in the sales process.
- Improves staff efficiency: Guides staff to focus on resolving any problems by prioritizing activities.
- Improves customer service: Allows employees to improve service quality by acting on any problems in real time.
- Increases customer loyalty: Reduces errors in processes and improves the customer journey.
At PREDIK Data-Driven we help retailers to generate automatic solutions in real-time that improve the efficiency of their points of sale.
Do you need help implementing real-time automated solutions in your business? Contact us!