Data are not a mere passive object of study to be used for verifying choices already made. Indeed, in retail they promote any business strategy and constitute a decisive part of it. In contrast, in the case of failure of any commercial policy it is easy to trace the limits of its impact, incorrect processing or renunciation of use.
In this area, it is essential to understand the behaviours, needs and expectations of customers. This is the reason for the centrality of business intelligence, inherent in the possibility of having the right data at the right time to enable the right decisions to be made. The growing need for analytical applications is shown by the value of the software market, which is expected to reach $9 billion in global retail by the end of 2023, with an average annual growth rate of 21.15%.
Iconic Data is the part of the Iconic brand – which includes and characterizes the entire offer of application solutions of Retex to the sector – that enhances the collection and processing of information from the various sources in order to improve the operational store processes and the relationship with the customer and thus ensure a strong competitive edge.
ICONIC DATA enhances the collection and processing of information from various sources
With the use of timely and accurate information the retailer can achieve significant benefits in terms of shorter supply cycles, accurate forecasts, efficiently managed seasonal demands and supply chain complexities, as well as understand current and future demand patterns, thus avoiding shortages or overstocking. This will result in customer more appropriate and profitable assortments, reduced waste and markdowns, more effective inventory and higher margins.
Iconic Data is the best way to meet and often anticipate new buying trends, which can emerge suddenly and be unforeseeable, if the knowledge context is not adequate. It is therefore the suitable technological support for forecasting the demand, sizing the offer and improve customer retention.
The best business intelligence technologies generate fast information, flexible self-service analytics, controlled data on secure platforms and more effective uses. Advanced data collection and detection systems allow to adapt to market changes and supply chain governance needs, eliminate inefficiencies, increase the CRM value chain and facilitate changes.
With Iconic Data, important information can be acquired in self-scanning mode, just as people in the store select and scan the products on the shelf. The resulting layout of the store is the first useful element to maximise sales. This way of collecting data can truly transform the relationship with customers and facilitate the choice of innovations and services that will encourage store attendance.
An end of day report on sales made, generated daily on the basis of precise KPIs – such as volumes, items turnover rates, preset sales target – provides a snapshot of the performance of the organization, useful for assessing the most appropriate decisions and actions to be taken.
Also the loss due to inventory shrinkage requires a decisive step towards advanced standards of data acquisition and processing which allow the identification of appropriate measures for detecting and preventing such occurrence. On average, In Italy this amounts to a daily loss of several tens of Euros for each checkout point, with significantly higher peaks.
In addition to errors and inefficiencies affecting the entire flow of operational processes, from ordering to receiving goods and up to the store, a major part of the inventory shrinkage is constituted by thefts and losses at the checkout, where the various possible operations (cash payments or by electronic cards, management of incentives and stamps linked to the various loyalty programs, returns and exchanges), illegal actions or operational deficiencies cause or may lead to significant damage to the company.
In this regard, Iconic Data is the best solution for the adoption of correct loss prevention practices.