Business Intelligence: Actionable Commerce Data
Why millions of merchants fail to manage and optimize their Business Intelligence
1. Stay on top of customer demands
With enhanced Business Intelligence and smarter understanding of transaction-level data, merchants can improve their visibility of product cycles. This is essential for reducing waste, streamlining business operations and reducing costs. Enabling smarter business intelligence is a great way to boost profitability without impacting service quality or user choice.
In today’s world advanced machine learning and modern tech is emerging to make understanding customer demands in near real-time easier. This revolution in Business Intelligence means that management and optimization of data will become second nature; it will be simple, just plug-in and play.
It will have a profound effect on strategic business decisions and for the end user.
2. Why should businesses boost promotion and cross-selling
Product-level insight enables businesses to improve market basket analysis and unlock previously unseen cross-selling opportunities. It is also more straightforward to analyse the impact of promotions and loyalty incentives more effectively. The results will predict and influence future behavior.
3. What can merchants do to exploit near real-time data to keep ahead of competitors
With near real-time data on products and stock units, businesses can also flag important trends as they happen. It suddenly becomes a lot easier to initiate a fast response to optimise an opportunity. Overall predictive services will be more accurate, and the business can operate initiatives like dynamic pricing strategies more effectively.
4. Build Business Intelligence feedback loops to support product development
Transaction-powered Business Intelligence that’s full of stock-keeping unit data gives businesses better visibility of factors like product performance, trends, and insights. With this kind of understanding, businesses can manage and market product offerings based on greater insights. They can also develop new products, create new product bundles and ultimately generate sharp uplifts in revenue. But surprisingly 87% of companies do not have business intelligence capabilities and tools.
5. Capture unexpected events and prevent fraud
Near real-time transactional data doesn’t just help businesses establish patterns for ‘typical’ behavior or product demand cycles. It also helps spot unexpected events, making it much easier to identify fraudulent activity. Equally, this capability can be used to catch and react quickly to a sudden spike in demand.
6. Learn how to explore fresh outlooks with third-party data
Finally, you can also synchronize your transactional data with other third-party data to achieve richer and contextualized analysis. Businesses can overlay transactional data with a third-party weather app to find out if the weather is triggering sales behaviors. Ultimately, you can use this kind of analysis to predict demand, drive seasonal promotion campaigns, and achieve a new level of profitability and efficiency.
To talk about how Business Intelligence can be used for your enterprise, or to discover more about Next Level Commerce™ click here.