The retail industry is one of the forerunners in adopting analytics and digital transformation initiatives. It deals with a lot of data from multiple sources and formats. Moreover, given the dynamism of the industry, retailers and businesses are bound to make quick decisions in real-time. Such informed and opportune choices let them stay ahead of the competition and build delightful customer experiences.
Logesys has been helping the retail industry for a decade now in getting analytical solutions across different verticals and functions.
Self-service space offering various goods and household products is essentially a supermarket and is smaller and has a lesser variety of merchandise than a hypermarket.
These are the products which aren’t deemed necessary but are quintessentially desirable and associated with affluent people, bought for either maintaining the social status or collecting supreme craftsmanship.
A reward program offered by companies to its customers, making frequent purchases. Free merchandise, gift coupons, reward points, and even advance released products are some of the forms of it.
Objects for children to play with, typically a miniature replica or a model of something, which can lure the interest of the child to want to have it.
A fast-growing activity or a business model that enables selling and buying of products or services online.
A fast picking retail strategy to satisfy shoppers with a unified experience irrespective of the channels they use in the retail. This integrated approach blurs the difference between online and offline stores elevating the experience.
Procurement is one of the critical functions in the retail space as it has a direct impact on the top and bottom lines. Data complexity increases when multiple SKUs span across various distribution centers and stores. Adding to the complexity are the ever-changing needs and demands of the consumers. To solve the complexity of sourcing in retail management, these are the key metrics we customize in the dashboards:
Sales is the primary driver of growth in any industry. In today’s world where we have multiple channels and ever-increasing options, monitoring sales, and understanding the undercurrent in buying behavior is crucial to growth and success. To make it all the more effective, here are the critical metrics for this function:
Store management deals with all aspects of managing a retail store—small or big, and in any format. A retail store has various moving parts, and the store managers are needed to understand their performances so that optimum throughput is delivered. To have this effectively done, we recommend these significant metrics for this function:
Customers are inevitable in retail, and understanding them is one competency a retailer has to build, sustain, and improve incessantly. Loyalty programs have been a great source of information when it comes to what the customers want, which in today’s digital world is further augmented with online and offline behaviors. Here are the key metrics you can analyze in this function:
Like any other industry, finance is a crucial function in the retail sector as well. It has tremendous margin pressure due to high availability of options and competition, both from online and offline channels. Keeping a tab on numbers in real-time and having the ability to understand the vital financial drivers are crucial for successful business operations. Here are the key performance indicators you can measure in this function:
A large part of retail cost structure includes human resources, despite the advancements in technology. Managing this cost is mandatory from the point of compliance as well as of efficiency and productivity. Human resources in retail require constant training and skill upgradation based on the kind of retail format the company operates in. To enable maximum output, these key metrics are at your fingertips for analysis:
Omnichannel retailing involves integrating each touchpoint to offer the customer exactly what they need, the moment they need it, anywhere they are and on any device. Nearly 75% of shoppers say they use multiple channels to compare prices, hunt for discounts, or use in-store tablets to shop online. Even more important, omnichannel customers spend 4% more on every shopping occasion in-store, and 10% more online than single-channel customers.
Below are the key metrics that help track & improve the omnichannel effectiveness