Retail spend more time and money for analyzing data and decision making which is mandatory to analyze on the customer’s segmentation based on the product and predict the competitor’s business.
Challenges in Retail Industry:
- Product visibility
Product visibility is one of the major problems which comprises of knowing where the inventory resides, total product availability, keeping track of the inventory life cycle and in-depth analysis of sales transaction.
- Real-time stock updates
Real-time product updates are mandatory to run a retail industry successfully. Due to globalization and big data, competition between the industries increases. Hence its necessary to move with the real-time data analysis to convince their customers and provide them according to their preference.
- Vendor Segmentation
Exploring the vendors to achieve at supply base. Segmenting the vendors based on different levels is to be determined in the retail industry.
- Geographical segmentation
Geographical segmentation refers to analyzing the market based on the location. It’s always better to implement customer retention and acquisition based on the industry location. Staff management based on the location is the easiest management.
- Market segmentation
Market segmentation helps in understanding the customer’s need. Evaluate customers into groups and marketing the product based on the evaluation. Product prioritization can be easily achieved with market segmentation.
- Technical independence
Retail business users always depend on the technical team to prepare report, analysis, and prediction for their business. They spend more time and money in data exploration and buy too many products to achieve analysis and prediction flow.
- Quicker analysis
Sometimes it even takes months to explore the data and analyze it.
Solution from Decydz BI
Decydz BI provides complete analytics solution with clicks. Our retail client has reported its easy for them to model their data without technical knowledge in minutes. Before they used to spend days to export the data and work with it which is now reduced to minutes. To be precise their average time spending with the data analytics is reduced from 4 months to 2 days.
It results in 80% reduction in opex and capex cost. Now our client is taking decisions based on reporting and analysis in-time with the real data. They can easily integrate both structured and unstructured data into decydz BI and predict their business.
With decydz BI, segmenting customers and competitors based on the Customer’s sales life, best products, geography, brands, and vendors become easier.
There is no learning curve. Just drill down into your data for deeper insights. We provide customized solutions to industry and department. Easily publish and share your reports securely. Decydz maximizes your ability to analyze hidden and hard-to-understand data.