Retail Business Intelligence BlogRETAILING WITH INSIGHT

Perspectives on Business Intelligence Trends in Retail Analytics.

How Integrated are Your Retail Reporting and Transactional Systems?

Posted by Quantisense Retail Insight Team

Aug 21, 2014

square-peg-in-round-holeConsumers have come to expect a seamless transition from the time they research your store online to the moment they arrive at the register with a mobile coupon in hand. Retailers want this, too, yet it’s far from the industry standard.

Data Silos Equal Lost Retail Revenues

In fact, RIS News found that 6.5 percent of all retail revenue today is lost due to a lack of omnichannel readiness, or strategically integrated technology systems that support physical, online and mobile sales. Data that flows through each of these purchase points is kept separate, so it can’t easily be shared across channels. Retailers estimate they lose $65 million for every billion dollars in revenue due to systems that are not fully synchronized.

To get ahead, retailers need to take action now in addition to implementing a long-term strategy. Many have already experienced success in integrating supply chain and merchandising systems, according to RIS findings.

Bringing your chain’s various points of sale up to speed is a massive undertaking, so it’s not surprising that half of all business owners surveyed said they considered themselves to be behind the curve, but making slow progress.

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Topics: Retail Business Intelligence, Retail Management, Retail Analytics

Integrating Retail Analytics in an Omnichannel World - Part 2

Posted by Quantisense Retail Insight Team

Aug 14, 2014

omnichannel-apparel-shopperAs shopping channels converge, retailers are forced to rethink how they plan, buy, and allocate product. The shift in customer purchasing behavior – influenced by social media and a shopping experience that spans stores, e-commerce websites, mobile devices, and more – is also resulting in profound shifts in demand patterns.

Multichannel Shoppers Generate Powerful Data

Fortunately, the increasingly digital manner in which shoppers make buying decisions and purchase merchandise is yielding incredibly rich, new data. Data that's fueling powerful ways of sensing and predicting demand, enabling insightful retail business decisions that drive additional sales, efficiency, and margin.

Want to learn more? Watch the video of Integrating Information in an Omnichannel World, presented by QuantiSense Senior Advisor Bill Robinson at NRF 2014.

With retail analytics designed to handle this influx of new data, retailers can, for instance, measure and roll up inventory and assortment performance across all channels and provide action-oriented insights that serve as a key component to a winning omnichannel strategy.

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Topics: Retail Business Intelligence, Retail Management, Retail Analytics, BI Adoption, BI Implementation

Successful BI Implementation: Balancing Speed with Engagement

Posted by Bill Robinson

Aug 7, 2014

fast-business-intelligence-implementationWe pride ourselves at QuantiSense in the speed and quality of our clients' retail business intellgence and analytics implementations. With more than 40 BI and data warehouse implementations across a wide range of retailers, we continuously partner with clients to refine the process to achieve the most successful outcomes.

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Topics: Retail Business Intelligence, Retail Management, Retail Analytics, BI Adoption, BI Implementation

What do Executives Want from Retail Analytics?

Posted by Bill Robinson

Jul 31, 2014

female-retail-executiveIn today's channel-converging retail environment, retail executives look differently at analytics and business intelligence technology than they did a few years ago.

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Topics: Retail Business Intelligence, Retail Management, Retail Analytics

5 Techniques for Successful Localized Assortments

Posted by Bill Robinson

Jul 23, 2014

shoe-size-too-big

Local assortments dictate the shopping experience. If you don't get local assortments right, you'll provide a disappointing customer experience.

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Topics: Retail Management, Local Assortment, Retail Analytics, Inventory Productivity

Eight Tips for Size Analytics in Retail

Posted by Bill Robinson

Jul 15, 2014

apparel-sizesIf your store sells shoes or clothes, you want to present your inventory in best possible range and quantity of sizes. Is analytics playing an important role in your efforts? If not, it should.

But size can be an analytics nightmare.

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Topics: Retail Management, Local Assortment, Retail Analytics

Measuring Margin in The World of Omni-Channel Retailing

Posted by Bill Robinson

Jul 9, 2014

young-couple-omnichannel-shoppingLet’s look at what it takes to measure and analyze margin accurately in a world where formerly disparate channels are quickly converging. On the consumer's omni-channel path to purchase, there are many widespread retail practices that act to distort the true picture of margin.

Double Counting

In omni-channel sales, many retailers have not yet sorted out which channel gets credit for the sale. Let’s say the customer ordered on the web and picked up in the store. Whose sale is it?

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Topics: Retail Business Intelligence, Retail Management

Why You're Thirsting for a Single Version of the Truth

Posted by Bill Robinson

Jun 25, 2014

file0001330166183In a prior blog post, “It’s Time to Solve Your Retail Reporting Problem” we described the complex landscape of channel and point solutions typical for today's retailer. We also cited the pitfalls in deploying data warehouses designed for the brick and mortar-era. We argued that this complex landscape is restricting users from gaining a 360-degreee perspective on their customers, inventory, and supply chain. We also said that these limitations lead to competitive disadvantage.

Without a 21st century data foundation, what do users do to cope?

Searching for a Unified View of the Retail Enterprise

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Topics: Retail Business Intelligence, Retail Management

Break Free From Your Printed Retail Reports

Posted by Bill Robinson

Jun 17, 2014

stack-of-printed-repotsEven in some of the largest retail operations we work with, printed reports – stacks and stacks of them produced each week – remain a fixture. But the fact is, in comparison to on-screen reporting, reports printed on paper fail to deliver insight and are much more expensive.

The Incompatibility of Retail BI and Paper

Paper has three unfortunate properties which greatly inhibit its value. Paper is:

  •          Flat
  •          Expensive
  •          Used once then filed or discarded

In contrast, the information used in retail business intelligence is:

  •          Multi-dimensional
  •          Voluminous
  •          Highly reusable

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Topics: Retail Business Intelligence, Retail Management

It's Time to Solve Your Retail Reporting Problem

Posted by Bill Robinson

Jun 10, 2014

reporting-bar-pie-chart-1

Have you "solved" your reporting problem? If it seems you have, you should take another look. Retail reporting can always be improved. And reporting requirements are constantly changing, especially during this time where channels and processes are converging. Yet most retail IT organizations devote fewer and fewer resources to reporting under the mistaken idea that the "reporting problem" has been solved long ago.

Too Many Retailers are Underserved When it Comes to Reporting

From our work with dozens of retailers over more than ten years, two things are clear:

  1. Most retailers users are still seriously underserved when it comes to reporting.

  2. The benefits from serving them better are huge, but unfulfilled.

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Topics: Retail Business Intelligence, Retail Management

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