Analyze customers, products and transactions across channels and geographical markets. Rapidly integrate data from point-of-sale, merchandising, supply chain, digital advertising, social media, financial, marketing, and resource management systems to identify revenue, margin and profit opportunities. Empower retail and wholesale teams with self-service Business Discovery anywhere, anytime.
Challenges in Retail
There has never been a greater need for a retailer to ensure a best-in-class shopping experience in the retail store by maintaining high levels of customer service, and a differentiated assortment, while meeting financial targets. The key aspects to creating and maintaining a competitive retail store presence are timely and accurate store performance analytics, and quick assembly of a flexible store profit and loss statement. The challenge is that store performance data is typically stored in many heterogeneous systems, produced in different geographies and required at many different granularities – store level, district, region, and corporate. This often hinders efforts to produce insightful, accurate and actionable store performance analytics.
Retail Site Selection
Location matters, which is particularly true in the retail industry. Brick and-mortar retail is under pressure due to the rise of digital commerce, and the role of the physical store is transforming into more than just a sales channel. As a result, decisions made regarding retail site selection, development, and upgrading the existing store footprint are more important than ever. A myriad of factors like drive time, demographics, cannibalization, and lease terms impact retail site selection, while complex cost benefit analysis impact store upgrade and refacing decisions. The challenge is clear, the opportunity is to optimize the physical store footprint increasing sales and protecting profits.
Retailers operate in a fiercely competitive environment where operational efficiency is a business prerequisite. The need to meet customer demand with relevant offers and a high quality shopping experience across channels, supported by an efficient and cost effective supply chain is complex. Data, product and information flows are many and varied across shopping channels and supply chain systems so getting intelligence and insights for a true omnichannel view of the business can be quite difficult.