Retailers are constantly looking for new ways to incorporate data to help expand analytics, and much more. A recent IBM Analytics podcast discusses four ways data analytics will transform the retail industry:
- From “less is more” to “bring it on”
- From data mandate to data inform
- From data reporting to data story-telling
- From “industry-itis” to embracing the blur
As retailers begin to embrace new ways to include data into their efforts, inevitable shifts will come along, such as expansive data information. They speak about how retailers are starting to take a more balance approach to data.
As one retail executive shared, “Retail is science and art, and the art comes from people.”
Retail analytics and order management are no stranger to each other. Incorporating the correct data is essential to properly manage all of your business processes. Errors are most common when businesses fail to implement a way to deliver the right information to the right person, at the right time. Optimize performance by leveraging the power of actionable and timely information.
Features to Keep in Mind for Optimal OMS Performance:
- Customized views based on business area – sales, inventory, orders, etc.
- Ability to drill down into a dashboard with the click of a button
- Easily export data via Excel, PDF or .CSV formats so you can manipulate or store your information wherever you’d like
- Up-to-date view of key business information
- Visual dashboards for quick view versus old standardized reporting
Specific initiates, such as buy online, pick up in store are some movements retailers are beginning to make in order to stay ahead. Internet Retailer reported about the home décor retailer, Kirkland, recently and examined their efforts to implement the ever-growing popularity of buy online, pick up in store.
“More than 70% of the retailer’s online revenue of $7.7 million in the second quarter, or about $5.4 million, were fulfilled via the buy online, pick up in store option.”
Along with the effort to implement new ways to keep consumers happy, retailers should also use a variety of differentiators to understand the needs of their individual customers. This includes customizing store views with advanced analytics that are targeted and localized, as well as providing real time reports for online order management.
Advanced analytics and data will give retailers and retail executives an advantage in anticipating changes in customer traffic patterns, defining ideal delivery routes and inventory levels, and enhancing unit profits. With data-driven, real-time fulfillment options, retailers can expect maximized profit margins.