Data Analytics Brings Hope for Brick-And-Mortar Businesses
Snippet: Due to the pandemic, retailers need to ensure that their processes are as efficient to minimize costs and boost profit — which can only be achieved by leveraging data.
Brick-and-mortar retailers took a painful hit due to the COVID-19 pandemic. Aside from having to deal with a major shift in consumer demand and behavior, retailers also have to deal with unreliable supply chains and limitations that the government put into place to limit the spread of the virus.
In order to survive, many retailers started selling their products online, and as a result, the e-commerce industry experienced significant growth in 2020. However, due to the volatility of the market, retailers need to ensure that their processes are as efficient as possible to minimize costs and boost profit — which can only be achieved by leveraging data.
Companies that have been analyzing their sales and retail data over the years have an advantage over those who don’t as they can easily manage their supply chain, inventory, and pricing.
The role of data in supply chain management
During the pandemic, retailers have had to face issues like a sudden breakdown from suppliers, dead inventories, and other complexities which revealed how fragile the supply chain really is. This is why it is important for businesses to invest in data analytics.
Leveraging real-time data can empower retailers to manage their inventory efficiently. It also enables them to be more transparent to their customers regarding what products are currently in stock. This will create an overall better customer experience, which in turn, will boost their revenue.
Customer intelligence data and supply
In times of uncertainty, there will be major changes to consumer behavior and trends. To keep up with the trends and avoid collecting dead inventory that will hinder cash flow, retailers need to make sure that their sales forecast is accurate to their customers’ demand.
By collecting specific customer intelligence data and then identifying specific patterns or trends in the data presented, retailers can create an accurate sales forecast.
By accurately forecasting their product demands, businesses can improve their purchasing cycles and inventory management with the right tools. Meaning, retailers can place an order for the right amount of product, at the right time — maximizing their stock-keeping efficiency.
Integrating data analytics with the supply chain is the way forward
Both e-commerce and brick-and-mortar businesses can benefit from integrating real-time supply and inventory data with customer intelligence. When retailers combine external and internal data like stock, sales, and demand surges, they can synchronize their supply chain with real-time sales at their stores.
However, doing so requires proper data collection and an analytics tool that can integrate and analyze data from multiple sources with ease — which can be done by leveraging a powerful tool like SYCARDA.
SYCARDA can help retailers be more agile in responding to disruptions in the market and improve their overall operations by empowering them with real-time data analytics. By presenting retailers with easy-to-understand reports, they can easily identify patterns, create accurate forecasts, and make better data-driven decisions. Which will help boost their stock-keeping efficiency, cut costs, and increase their bottom line profits.
Now that you know how data can help businesses overcome challenges and disruptions caused by the pandemic, it’s time to make data an integral part of your business as well.
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