By taking the time to study your target audience and their buying habits, you can glean the insights you will need to adjust your inventory control and management methods and this improves the efficiency of your process. The benefits from this alone are no less than the saving considerable resources on your inventory management process to increasing sales by understanding where your biggest opportunities lie.
Arguably the most effective tool you have in the search for a better understanding of clients and their purchasing habits is business intelligence.
When using a business intelligence tool that has been properly integrated into your inventory management software you will have all the data on existing customer habits to make a better decision for future inventory control, orders that will need to be made, marketing directions and so much more.
While this information can be presented in a long string of ciphers, a intuitive tool will provide all these important metrics in visually engaging and graphs and charts that are easy to understand. This way you can save the expense of hiring a business analyst to explain the information provided.
Product Performance Figures
When fully integrated into your inventory management software, your business intelligence app can generate a report on which of your products is performing the best and more importantly which are not selling and simply costing valuable cash and space. This information is crucial to identifying the trends that are the root cause for current purchasing behaviour. This information can be used for improving sales in the future.
Identifying Your Key Customers
Another important bit of crucial information provided by your inventory control app is the identity of your most important customers in terms of frequent purchases and total value over time. This information can be used to create special promotions or correspondence that can lead to more sales in the future. You can also compare the prices of your most frequently sold items to the prices at which your competitors sell the same items, this will help you decide to lower prices or if they are good as they are.
Highlighting Location Performance
Another very helpful piece of business intelligence that can help you make the most out of each penny, is knowing which is your top-grossing location. If you run a retail service over several channels and even in physical locations, you will find that some of your venues are selling better than others. There will be several factors at play including the location, the items it sells well and even the way they are displayed. By understanding the recipe for success in one location it is an easier task to repeats this performance in another location too.