Turn Data Overload Into A Retail Advantage

__

Data Insight
by Data Insight
posted on Thu, 21 July 2022

Data Insights Retail Data data science

Data tells a compelling story

We all know the endorphins that we get from social and digital engagement, now imagine your business data was converted into a form that was so engaging and exciting that you received instant gratification just from looking at sales performance or the results of the latest campaign. Data can tell a compelling story if it gets delivered in real time and in a way that is easy to digest.
  
 
In retail, digitally savvy managers rely on data to make good business decisions – so it makes sense to serve data to them in a format they know, regularly digest, and can get excited about. But before we delve into what that looks like, let us take a step back and assess the current retail data landscape.  
 
Busy retail managers need data to make rapid decisions on the go  

It is one thing to have the right technology to collect, store, and surface data, but another entirely to present and understand data in a way that unlocks value.
 
 
For many retailers, data is captured, received, and absorbed irregularly, often late, and in formats that are not easy and quick to access on the go. And any analysis of the data therefore happens after the event and actions taken are belated.  

Retail managers are mobile; they don’t have the time to spend hours sitting in front of a laptop looking at reports, but they do need to make quick decisions on the go. Access to timely data and insights can support and inform these rapid decisions.  

Without quick access to the right data and insights, they are forced to rely on guesswork and intuition.   And while this may suffice for now, you can be sure that as other retailers invest in data tools to make sharper decisions, those who do not will certainly be left behind.  
 
Death by filters – why dashboards may not be the solution to your data challenges   

How do we provide data to support busy retail managers? While dashboards are a good option and for many types of business they fulfil an important role, in fast-paced businesses like retail where timely data is essential, dashboards may not be the answer. 
 
If you have time to deeply analyse and interrogate data and know where to look, dashboards are an excellent visualisation tool. A retail manager however may not have time to stop and consult multiple dashboards to make an immediate decision and therefore is unlikely to find this type of tool valuable. What they need is meaningful information. That is, information they can act upon.  

Data is the foundation of meaningful information, but it needs to be turned into messages that are easily understood. And these messages need to be surfaced through channels that are accessible to a busy retailer, such as mobile app.  

Every retail manager will have a smartphone in their pocket, so imagine how easy it could be for them if they had meaningful information that told them everything, they need to know to make instant decisions, and it was served via mobile.

The good news is you don’t need to imagine.  

Personalised insights for your front line

Delivering personalised AI-driven insights in a social media style newsfeed via a mobile app, DI Mobile Insights provides fast access to only what you need to know, in real time.

It has been designed with fast-paced, instant feedback industries such as retail in mind to support rapid decision making and risk management on the go. Understand what is happening in key areas such as sales, stock, promotions and various channels to identify what action to take, benchmark key metrics across stores and regions, and interrogate the data with our intelligent bot.
 
Everything you need to win the retail race and rapidly increase your data maturity. Find out more about DI Mobile Insights or speak to our team to request a demo.
 
Mobile Insights Learn More Here

Need help getting started with data?


Data Insight
by Data Insight
posted on Thu, 21 July 2022

Data Insights Retail Data data science