How to make sense of your data with proven retail KPIs and flexible analyses
Everyone has heard about how ‘big data’ is changing the face of retail, re-defining the shopping experience, making the world a better place! Ok, that last point may be a slight embellishment, but with everyone talking about the benefits of big data, where do you begin and exactly how is it beneficial to your business?
Big data can seem quite overwhelming and intimidating, but with a little understanding and starting small, it doesn’t need to be that way. Begin with the point of sale - this is already capturing a wealth of information around what products are selling, at what price, at what times, how often, and to whom. This is data already available to every retailer, and it’s quite likely that it is being underutilised.
How is this information useful to your business? You already know retail, so data such as this is about making adjustments to what you are doing and how you are doing it in order to see measurable improvements. The timing of sales can help improve staffing decisions; product sales data gives tangible evidence to support ranging and merchandise decisions. Having the ability to visit this data consistently and easily allows you to see the impact of these adjustments and fine-tune as you learn more.
Our preferred analytics tool for managing ‘big data’ is Infinity CPM, offering the simplicity of web-based dashboards, and the complete flexibility of a customisable analytics program. Built into Infinity CPM there are proven retail KPIs and standard analyses to allow for fast deployment and immediate impact on your business. As mentioned in the beginning, point of sale information is the starting point, and as your business grows Infinity CPM grows with it, incorporating multiple data points from almost any source.