Feb 05 2016
Business Intelligence, Retail
Since the emergence of the retail industry, it is said to be moving on 8 diverse strategies of business, including price as a base, visual merchandising, mass media & communication, location, service, staff, assortment/merchandise and store. A sustained retailer was said to be the one who attained leadership in any of these two but the retail industry strategy is completely set on reestablished mode now!
Recently the consumer technology has undergone an unparallel revolution and so has the behavior of the consumer. Today’s consumer is more educated about the whereabouts of any product with better purchasing option and information. The consumers have increased expectation from switching off has become common trend.
To come out with the more challenging behavior of a consumer, retailers are required to set a new strategy with business intelligence to strengthen their relationship with consumers. They are also required to control consumers’ decisions regarding purchase, utilize mass media for winning consumer preference and append business intelligence to succeed in the competitive environment.
The abovementioned 8 historical factors are undoubtedly the pillar of retailing but with the changing trend it is clear that they are unable to stand alone in the competitive market.
With the consumer’s empowerment, retailers are also benefitted in several ways. Customer relationship management is divided into several consumers’ category which should be practically applied by a retailer to succeed in long run. The relationship of a retailer and a consumer never fades away with time rather it grows strong.
Application of business intelligence is holding a great role in the competitive world by facilitating better decision making in an organization. Business intelligence is said to be right advisor that delivers right information at the right time to the right person. It may be the reason that the right decision maker is not only those who are in tailored suit only but could be among those remaining people who are just a supporter to your business. Now decision making is not confined to corporate leaders, or the business intelligence. For more understanding read: http://www.amddatawiz.com/advanced-analytics-services/
It utilizes data to develop that extraordinary customer experience and ideal forecasting of merchandise planning which was tough earlier. It could only be executed by avoiding intuitive decision making and by practicing data driven, evidence supported and fact based suggestions in the diverse streams of business. To learn more you can read http://www.amddatawiz.com/data-management-solutions/
The traditional 8 competitive factors role with business intelligence in today’s market are as follows:
The whole world of retail trade is now divided into two segments- those who believe in growing with the growing world and another who waits to witness this change. An innovative retailer uses right business intelligence and grabs maximum consumers.
Dig deeper into the world of data