How Business Intelligence is turning eCommerce profitable
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ECOMMERCE SYSTEMS IN 2030 – WHAT WILL BE NEW
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How Business Intelligence(BI) turns your business profitable?
Business Intelligence (BI) software or solution collects and analyzes your business data to draw meaningful insights to help you make more informed data-driven decisions. The decision making prowess may range from marketing, sales, shipping, to inventory, etc. The global investment in Business Intelligence is expected to grow to $28.77 billion by 2022, a 19% rise from its current standing.
Data-driven sales and profitability forecasts
BI software is helping eCommerce businesses to do better analysis of your past sales and product demand to tap future trends and maximize sales. BI software guides you to mobilize every involved stakeholder right from sales, marketing and inventory to make the most of the business opportunity by generating higher profits and optimizing cost at every step possible.
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Optimizing your Store Operations
BI software can analyze and help you make your store operations more efficient while cutting down on your operational costs. This insight may range from helping you identify the right person for sales in the right section for your inventory management to make the best of every possible sales opportunity. BI tools can help you centrally monitor and optimize the store performance across stores in different geo-locations.
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Product and Branding Management
BI tools can help you ensure your product is in the market at the right time. This information can save your store from going stock-out or overstock. Depending on the product sales history and customer behavior insights, you can better judge the right marketing strategy to create sales of your product.
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Efficient Inventory Management
The product demand may fluctuate faster than the supply chain movement. It is a near-impossible task to maintain a flawless inventory, but BI tools can take your inventory management one step closer to that. Losing sales because of stock-outs or overstocked products falling in the discount racks is any store's nightmare. BI tools can help your inventory stay in tandem with market demand.
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BI helps to unify the inventory of your various stores to enable the movement of goods to a nearby store in case of insufficient inventory. The stores will no longer have to rely on the central warehouse for replenishments and can save more on fuel and time.
For example, a particular product "A" might be selling more in let's say store "A" than in the store "B"; BI tools can identify this different sales trend for the same product across different stores to mobilize the movement of a product to a store where it's selling more.
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Optimizing Marketing Strategies
BI tools can help gain a deeper understanding of your market condition and customer behavior. It can help you develop marketing strategies that are relevant to the time. Also, BI can help you decide the right channel for your marketing content so that it reaches your customer. Marketing strategies that are targeted in such a way that it equally engages an existing customer and a new customer to generate sales.
BI tools can help you assess the performance of deployed strategies across various platforms to fine-tune your market strategies. It creates an ecosystem where you can expect a better ROI of your marketing budget and improvement on overall profitability.
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The BI software dashboards help you centrally monitor your eCommerce business. The BI dashboard gives you a refined view of the data that is critical for your business and something that should be closely monitored.
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This right profiling of data saves you from the time and effort wasted on finding out the right and relevant information. BI tools can finally help you make sense of your Google Analytics data. You can have access to meaningful information that is spread across various departments and layers of your business data structure and tell you why a particular store is doing better than the other and how you can help that store do better.
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