Retail is one of the most progressive and data-driven industries in the world. New transactions and engagements are added every day, increasing the pile of data and information in the system. To keep abreast with the developments and trends, industry players opt to invest in business intelligence tools and software to estimate their inventory needs, understand customer behaviour, and build forecasts.
With the varying needs, wants, and demands of the consumers, retail companies are being challenged to accurately anticipate their customers’ next step or purchase. To better monitor and evaluate the changing trends in the retail business, organizations need real-time input from all their data sources– from the traditional methods such as the point-of-sale data, to the new approaches like the Internet of Things (IoT) sensors or cameras monitoring stock in warehouses.
There are various self-service BI tools available in the market, sometimes free of charge. Often, most tools give a glimpse of “what is currently happening” on the sales floor and online. They give you the exact answer to your exact question, sans the explanation of why it is happening. Retailers need more than that, especially if they are looking to entice new customers, open a new store or branch in a strategic location or shift to digital stores, or monitor their inventories.
To survive in today’s competitive market, retailers and wholesalers alike need to have a dependable and excellent software and tools that will enable them to analyse trends with speed and precision. With Qlik, a globally known and recognized software that specializes in data management, data visualization, executive dashboards, and self-service business intelligence, it is much easier and more efficient for business users to access the information they need, whenever they need it, and make smart decisions to drive the bottom-line.
As the only Select Partner of Qlik in the Philippines, Micropinnacle Technology Corporation (MTC) has been deploying and implementing Qlik programs and projects to develop and enhance the process of a retail company’s business. To move forward and thrive in the retail landscape, MTC has created an industry-specific vertical solution to address the all-encompassing needs of a retail and/or wholesale company.
This solution is called the MTC Intelligence Xchange for Retail, or simply Retail MIX – MTC’s Qlik App Solution for Retail Industry. See the diagram below for visual reference:
As seen in the figure, MIX Retail focuses on all the significant facets of a retail company- from Sales, Marketing & Customer, Merchandising, Supply Chain, Store Operation, and Finance Management.
This model is the basic and most generic process for any retail business. However, this can always be altered to tailor-fit the need of every business and organization.
This vertical solution is anchored on Qlik’s retail solution designed to position your business ahead of the competition through strategic business intelligence. Qlik’s Active Intelligence allows businesses drive better decisions, improve their revenue and profitability, and optimize customer relationships.
With MIX Retail using Qlik, major shifts that are changing the retail industry are being addressed:
1.The Empowered Consumer – Now more than ever, consumers are more connected, informed, and empowered to choose. Consumers rely heavily on mobile and social media to purchase products and services; therefore, it is imperative for a retail business to be seen in such platforms. With Qlik’s data analytics platform, retail organizations can now seamlessly combine all their shopping data across channels to find out the varying habits and preferences of their target consumers.
2. The Agile Supply Chain – Soaring consumer expectations and omni-channel demand rapid product delivery and flexible returns. With Qlik, retail organizations can instantly connect the dots across their supply chain, combining internal and partner data to provide unprecedented visibility.
3. The Changing Role of the Store – While retail stores remain to be the primary sales channel, it has slowly been transforming into customer engagement centers and critical supply chain hubs. Qlik empowers retail organizations to put powerful, easy-to-understand data analytics into the hands of store employees so they can make smarter, on-the-go decision right at the shelf.
The whole story that lives within your data is much easier to discover and access with the help of visual analytics. All employees, regardless of their position and technical skill – whether in IT or a business user, can easily navigate data and results with the self-service data discovery platform. This visibility and accessibility allow an organization to provide seamless omni-channel experience to better serve empowered customers through an agile supply chain and more engaging in-store experiences.
Today’s complex and challenging retail environment demands greater knowledge and an effective use of BI tools and strategies. MIX Retail gives retail and wholesale companies and organizations tailor-fitted solutions in addressing their data and business intelligence concerns and needs. Through this vertical solution, retail companies can have a 360-degree view of their internal processes all while monitoring and improving their customer’s journey.
References:
https://www.qlik.com/blog/three-global-shifts-changing-the-retail-landscape https://www.businessinsider.com/sc/business-intelligence-makes-retail-operations-smarter-2018-11