Business intelligence in the retail sector: key features, benefits, and platforms
March 3, 2023
Retail business intelligence use cases
Product assortment optimization
- Identifying underperforming and well-selling products
- Assessing SKU uniqueness for the customer
- Economic performance monitoring and analysis, including total product sales and gross margin
- Evaluating SKU productivity by analyzing financial performance, uniqueness, value to the customer, the cost to serve, and strategic importance
- Calculation of product penetration rate
- Assessing a new product’s expected incremental financial contribution and novelty value for customers
- Cost-to-serve analysis (SKU end-to-end logistics cost per store, wastage ratio, out-of-stock ratio)
- Product assortment planning (organization, store chain, individual store, sales channel)
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Retail business intelligence implementation: cost factors
Retail BI adoption costs depend on multiple factors, including:
- The number of data sources for analysis
- Data volume
- Data structure and format
- Initial data quality and data quality requirements
- The complexity of data transformation requirements
- The complexity of the data storage layer
- Data analytics complexity
- The complexity of data visualization and reporting
- Data security and compliance requirements
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