As a retailer operating in the bustling city of Johannesburg, you must have observed how customer behaviour has evolved over the years. Today’s customers have access to information that has inspired a sense of awareness and confidence when it comes to making purchases, both online and in-store.
In this article, you’ll discover how a RetAIl Analytics Solution Johannesburg can benefit retailers.
Improving Inventory Management
One of the biggest challenges faced by retailers is managing inventory. It can be challenging to keep track of products sold, reorder points, and product restocks. Retail analytics solutions from INQ Holdings Ltd. helps retailers track stock levels in real time, both in-store and in the warehouse.
Retailers can set an automated system of generating stock alerts when certain products reach the reorder point threshold, ensuring that they never run out of stock. Retailers can also identify their slow-moving and fast-moving products, allowing them to optimise their stock levels and reduce inventory holding costs.
Optimising Customer Experience
A great customer experience in a retail store is crucial in retaining customers and nurturing customer loyalty. Retailers use analytics to create a seamless experience for their customers by analysing customer purchasing behaviours and preferences.
They can also track data to identify customer pain points and use the data to improve operational efficiency and the store’s ambiance, making customers feel more welcome.
Enhancing Sales Performance
Retailers can use analytics to enhance sales performance by monitoring the performance of their sales teams. Analytics can be used to track sales metrics such as conversion rates, average order values, and customer lifetime value. This helps retailers identify underperforming sales teams. Retailers can then create training programs tailored to the areas that need improvement.
Streamlining Supply Chain
A streamlined supply chain is key to providing a smooth in-store experience to customers. Companies use a RetAIl Analytics Solution Johannesburg to improve their supply chain by automating and optimising their inventory management systems, reducing wastage, and improving financial stability.
