Whether you own a single store or 10 stores or more than 100s of them, Robust Analytics using Microsoft Power BI can help you gain significant insights which can steeply increase your revenues!
Having numerous stores across various locations is an extraordinary method to extend your image and arrive at customers on a wide scale. Indeed, as engaging this thought appears to be, the difficulties it brings along are similarly enormous. It is critical that you overview and ensure your best uniform services in all locations.
This is achievable with a Retail BI solution with the help of Microsoft Power BI. The BI tool will assist you with an interactive dashboard and visuals of all your Retail stores.
This will enable the decision-makers to locate Sales revenues and patterns, trends, inventories, deals, stock levels, and benefit of each store and Retail KPI’s such as Retail Sales, Comparison with previous years, Index Variance, Profit, Average sales per store, or per square meter, basket analysis, voided transactions, etc.
In Retail, trends keep changing. This persuades major fluctuations in the choice made by customers. Today, Retail customers presently hope to get high calibre, durable stuff at a low cost! They scan through multiple retail stores, think about costs before settling on the right choice. Retailers need to remember this while planning, showcasing and advancing the item. Microsoft Power BI gives an overview of how the clients are responding to your marketing initiatives and promotions. You quickly learn if your advertising is having any effect or not. This allows you to change your methodologies and make things right immediately!
When we discuss competition, retail is one such industry that faces the most. With the advent of eCommerce and omnichannel approach, the scenario has become even more challenging. So how do you track your competitors? Microsoft Power BI can help you to achieve that. Power BI tools can help you analyse how your marketing efforts are working, how your store products are performing against the competitors? It also allows real-time monitoring and analytics of your store’s performance against your competitors and continue to leverage your star products.
Millennials, Influencers, and the entire Gen Z have changed the landscape of the retail industry. They are constantly on the lookout for the best deals across the stores! Brand Loyalty factor has depleted among this generation. Hence, it is challenging to establish strong brand loyalty among the Gen Z audience. Brand Loyalty simple means customer retention and therefore, repeated revenues! Retailers have now understood that only monitoring and presence on social media isn't sufficient to fabricate a solid presence. A regular right customer insight and trend knowledge coupled with customers feedback using Power BI will help you to stay ahead.