Panorama Solution for retail delivers the complete range of BI capabilities: reporting, analysis, scorecarding, dashboards, business event management as well as data integration ― and turns data about customers, merchandise and operations into knowledge. And that knowledge provides greater insight into performance, empowering retailers to make more informed decisions, gain a competitive advantage, strengthen customer and vendor loyalty, and improve profitability.
Building relationships with your most profitable and loyal customers can improve profit margins for any company. Yet to the day, many loyalty programs keep failing to reach their goals only because they cannot track the effectiveness from start to finish and as a result – unable to make corrective actions when needed. Business Intelligence proved itself to be an integral part of any successful loyalty program by providing essential insight into the entire program process.
Inventory is the largest financial asset in retailing. As any retailer knows, the matter of offering the right goods in the right store at the right time and at the right price sounds simple, but can be highly complex. And when in-demand items are out of stock the result is lost customers and lost revenue.
Merchants can no longer base critical merchandising decisions on intuition or historical reports and expect the desired results. Instead, retailers need a way to maximize the profitability of the merchandising process while exceeding customer expectations ― a system that provides more valuable information about demand, customer behavior, category performance and more. Most of all, this information needs to be available from one source, so it can be accessed and used quickly to make more profitable merchandising decisions.
In order to compete and prosper, retailers today face a mandate to operate at an optimal level of performance to meet financial and organizational expectations. This mandate is transforming the way retail organizations do business.
The secret to consistently beating both profitability goals and competitors may sound simple — just understand your customers better and faster than anyone else, and then target them more effectively than anyone else. But with the scope and scale of marketing in the retail industry, delivering meaningful, personal service to customers is a difficult task.
Webinar On Demand- 7 Tactics for Monetising Big Data in Retail
Watch this 30-minute webinar to learn how you can leverage Big Data analytics and in-memory computing to increase customer spending and improve retention rates.