How a predictive analytics software can help retail businesses stay ahead of the curve
As consumers gain more power and awareness, they will opt for companies that will actively listen to them, respond to them with agility and give them the freedom to tailor capabilities according to their needs. By adopting a retail ERP system, small and medium enterprises can eliminate manual errors from their supply chain and also improve the efficacy of their services. But more so, they provide superior customer service with predictive analytics.
Predictive analytics software uses a variety of tools and techniques to analyze present and historical facts to make predictions about the future. In a field where companies succeed by effectively uncovering what customers would like next, predictive analytics software can be the competency that defines a strong revenue stream and fixes a dwindling sales pool.
Increase engagement and personalization
One of the biggest difficulties retailers face in a commoditized industry is turning single one-time shoppers into loyalists of their brand. In fact, the amount of data a single sale produces today can help create significant insights that can be used to convert consumers to customers. Successful massive retailers are already thriving upon this to track users’ habits, search histories, shopping preferences, and more. By incorporating retail analytics into predictive models, you can predict customers’ needs and foster a for a personalized experience with respect to each distinct customer.
Keep a track your inventory
Many retail ERP systems make suggestions based on historical events and do not have a foresight into the future. One of the key offerings of predictive analytics software is to provide intelligence on stock-levels and inventory.
Using a robust predictive analytics software helps you to not just reduce expenses on inventory, but also to ensure that the stock you’re buying converts into sales instead of sunk costs.
Retailers who implement analytics can channelize their efforts in emerging trends, highlighting high demand, and optimize delivery to ensure the right inventory goes to the correct store. Predictive analytics software can also help you anticipate customer preferences and offer their choice of products to them. It also helps you reduce your inventory expenditures and streamline your supply chain.
Make smarter pricing decisions
Instead, using predictive analytics can help retailers find the best time to start reducing prices. According to some recent reports, gradual price changes are always more effective than sudden spikes. Retail ERPs and their predictive analytics can monitor competitor prices, inventory levels, and collate demand to determine prices. A proactive retailer who moves prices can differentiate their store analytics and give them better control over promotions by staying a step ahead of the industry.
In today’s day and age, retail is shaped by customer anticipation and personalization. Retailers that innovate and harness ERP have a sharper competitive edge over all others. Over the years, Bista has worked with multiple retail clients. Click here to know more! Get your free demo with Bista Solutions now! Contact us