The challenges of the retail industry are well documented. Under attack from ecommerce, high property rates and high taxes, the industry is facing structural challenges. It’s likely that only the retailers which delight customers and operate at the highest levels of efficiency will survive and thrive.
In this environment, retail needs to take all steps possible to drive sales and margin and build long lasting customer relationships.
There are many levers to delight customers using data, including personalised marketing, omni-channel experiences and better in store experiences. In todays dynamic retail environment, the analytics we use to drive this must be real time.
Analytics in the operations of a retail business including stock and workforce management also have a role to play in a lean and responsive retail organisation.
Example Use Cases
Timeflow integrates with a range of websites, applications, APIs and other data sources across your business to identify and respond to key situations of interest. Examples specific to this industry include:
Example 1 – Sales Monitoring
A chain of retail stores have hundreds of products for sale. By monitoring sales in real time we can understand how sales are performing minute by minute, and how product demand is changing over the working week. Changes can be made proactively to drive revenue and improve the customer experience.
Example 2 – Stock Management
Sales of a particular product increase at a high rate due to a recent mention on a celebrities social media. This is identified quickly and additional stock is ordered to maximize stock availability.
Example 3 – Dynamic Pricing
A number of products are displayed across a chain of stores. One product is prices low but selling at a high volume. The calculation is made to raise the price of the item to maximize margin.
Example 4 – Key Performance Indicators
A store has a key performance indicator to sell $14,000 of stock per month. If the KPI is forecasted to be missed, this can be flagged to a regional manager for investigation.