Understanding why your customers order the products they order and how often they do it can help you improve your inventory control and management and, by doing so, increase your sales and keep your customers satisfied. One of the most powerful tools you have for understanding your customers purchasing behavior is business intelligence.
When integrated into your inventory management system, an intuitive small business intelligence tool can help you use existing customer data to make more informed decisions about your inventory control, order placements, shipments, marketing, and more. An intuitive business intelligence tool puts at your disposal key statistics and uses visually engaging charts and graphs to present data in an easy to understand way. You don’t have to hire a business analyst to make sense of your business intelligence data, nor do you have to create special analysis teams to demystify it.
Understanding Product Performance
A business intelligence component built into your inventory control app can generate product reports that help you see at a glance the products that perform best, as well as those that do not sell. Using this data together with product profit margins and aggregate sales breakdowns for different channels you can identify the key trends that dominate your customers purchasing behavior.
Identifying Your Key Customers
At the same time, you can draw on the inventory control app data to quickly identify your most important customers in terms of total value and order frequency and single them out for personalized newsletters, discounts, and other special offers. You will be able to view the products they most frequently order, and then you can compare the price of those products with similar products sold by your competitors to determine whether to alter prices or keep them as they are.
Determining Top-Grossing Locations
Another insight into your customers purchasing behavior that you will gain will be a clear understanding of top-grossing sales locations. If you run multiple brick-and-mortar stores this can help you understand why some locations perform better than others. Often, it is not only a shop’s location that has an impact on the sales, but also the products it stocks, the way it displays them, or the customer support it provides. A business intelligence tool that integrates into your inventory control app can help you understand this, as well.
As a QuickBooks Online automated inventory control and management app, DataQlick comes with a powerful yet easy to use visual business analysis tool that can help you better understand your customers purchasing behavior to grow you business. Find out more about the Sales Reports and Analysis features in DataQlick.