{"id":19008,"date":"2023-04-07T16:03:02","date_gmt":"2023-04-07T14:03:02","guid":{"rendered":"https:\/\/www.digdash.com\/?p=19008"},"modified":"2023-04-25T14:40:21","modified_gmt":"2023-04-25T12:40:21","slug":"retail-kpis-pilot-your-points-of-sale-in-real-time-with-business-intelligence","status":"publish","type":"post","link":"https:\/\/www.digdash.com\/en\/news-articles\/business-intelligence-bi\/retail-kpis-pilot-your-points-of-sale-in-real-time-with-business-intelligence\/","title":{"rendered":"Retail KPIs: pilot your points of sale in real time with Business Intelligence"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Faced with ever more demanding consumers, looking for a tailor-made customer experience, points of sale must show great agility in order to adapt and meet their needs. In the era of digital retail, data is becoming an essential lever for improving shop performance through better customer knowledge. But how can we exploit the full potential of this data? How can we decipher the behaviour and expectations of consumers? To understand this, <\/span><a href=\"https:\/\/www.digdash.com\/en\/news-articles-en\/business-intelligence-bi\/business-intelligence-retail\/\"><span style=\"font-weight: 400;\">discover all that a Business Intelligence solution can bring to retailers<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>Compile and analyse your data in real time<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In the retail sector, one of the main strengths of Business Intelligence is its ability to collect data from multiple sources, process it and exploit it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the rise of digital, sales channels have multiplied, prompting retailers to adopt an omnichannel strategy. At the same time, the opportunities to collect data have become more and more numerous. BI can be used to leverage this data to better understand customers, their profiles, needs, and habits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This valuable data can be used for many purposes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attract more prospects.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify ways to improve the customer experience in-store.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strengthen relationships and build customer loyalty.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimise and streamline shelf navigation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improve merchandising.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personalise promotional offers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Test sales and marketing campaigns before deployment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimise stock and supply chain management.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increase traffic in shops.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finally, to increase sales and increase turnover. <\/span><\/li>\n<\/ul>\n<h2><b>Make better decisions with retail KPIs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">After analysing the data, it is possible to draw conclusions and compare the historical data with current information in order to make a comprehensive assessment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, a better understanding of the customer&#8217;s buying journey allows retail players to determine :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are the best areas to attract the consumer&#8217;s attention with merchandising actions? <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are the most strategic promotional spaces. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In general, by better understanding customer habits and behaviours, informed decisions can be made to improve business practices in shops.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence the importance of relying on relevant <\/span><a href=\"https:\/\/www.digdash.com\/en\/customers\/activity-management-fournier-habitat\/\"><span style=\"font-weight: 400;\">performance indicators<\/span><\/a><span style=\"font-weight: 400;\">. Determining <\/span><b>KPIs that are truly relevant to retail <\/b><span style=\"font-weight: 400;\">and aggregating the data with a good BI solution allows stores to move towards their goals and measure their success.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Some examples of retail KPIs to follow<\/b><\/h3>\n<p><b>&#8211; Shop traffic<\/b><span style=\"font-weight: 400;\">, i.e. the number of visitors to the store over a given period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; The <\/span><b>number of transactions<\/b><span style=\"font-weight: 400;\">, i.e. the number of people who have made a purchase in a given period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; The <\/span><b>conversion rate<\/b><span style=\"font-weight: 400;\">, which measures the attractiveness and commercial efficiency of the shop. It is calculated as follows: (Number of transactions\/Number of visitors) x 100.<\/span><\/p>\n<p><b>&#8211; Turnover per square metre<\/b><span style=\"font-weight: 400;\">, which indicates whether the shop area is being well-used.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; The <\/span><b>evolution of sales <\/b><span style=\"font-weight: 400;\">between two given periods.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; The <\/span><b>average basket<\/b><span style=\"font-weight: 400;\">, which measures the average value of transactions. It is calculated as follows, Turnover \/ Number of transactions.\u00a0<\/span><\/p>\n<p><b>&#8211; Customer acquisition cost<\/b><span style=\"font-weight: 400;\">, which is the amount spent to acquire a new customer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; The <\/span><b>number of sales per employee<\/b><span style=\"font-weight: 400;\">, which enables the sales performance of each salesperson to be analysed.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Adapt your retail KPIs to your business\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">With <\/span><b>features such as <\/b><a href=\"https:\/\/www.digdash.com\/en\/news-articles-en\/digdash-news\/discover-the-new-digdash-2022-features\/\"><b>data entry<\/b><\/a><span style=\"font-weight: 400;\">, you can analyse, for example, the effects of the weather on sales.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is exactly what <\/span><b>a major fashion retailer <\/b><span style=\"font-weight: 400;\">has chosen to do through its DigDash Enterprise platform. Every day, the points of sale enter <\/span><b>weather data <\/b><span style=\"font-weight: 400;\">into the tool. Through dynamic dashboards and data visualisation, this information is correlated with shop traffic and sales.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By highlighting the <\/span><b>effects of the weather on sales, it is <\/b><span style=\"font-weight: 400;\">possible to anticipate specific commercial or promotional actions. A good way to counteract the bad weather forecast instead of suffering from it at the point of sale!<\/span><\/p>\n<p><b>\u00a0<\/b><\/p>\n<h2><b>Track your retail KPIs with data visualisation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><b>data analytics solution <\/b><span style=\"font-weight: 400;\">can generate regular analysis reports, which are very useful for monitoring retail KPIs and measuring the effectiveness of the strategies implemented.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But another advantage of Business Intelligence is its ability to present data and indicators in an understandable and entertaining way. Thanks to <\/span><b>data visualisation, it is <\/b><span style=\"font-weight: 400;\">possible to transform raw, sometimes abstract information into visual representations: graphs, diagrams, curves, maps, diagrams, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gathered in a <\/span><a href=\"https:\/\/www.digdash.com\/en\/news-articles-en\/business-prospects\/how-to-build-an-analytical-dashboard-for-retail-activities\/\"><span style=\"font-weight: 400;\">dynamic dashboard<\/span><\/a><span style=\"font-weight: 400;\">, the data becomes much easier to interpret and the main issues are highlighted, allowing for <\/span><b>faster and better decision making<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Manage shop performance<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Through their network of sales outlets, commercial companies seek not only to be as close as possible to their customers and prospects, but also to boost their sales and turnover. However, the results obtained depend largely on the commercial performance of the teams deployed on site.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to implementing an appropriate strategy to increase sales and turnover, the day-to-day management of a shop involves a range of tasks: organising teams, defining schedules, managing orders, managing the product catalogue, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A BI solution is the ideal way to monitor the performance of retail outlets. Indeed, it allows to <\/span><b>bring up in real time all the useful data and signals <\/b><span style=\"font-weight: 400;\">to measure the efficiency of a shop or an entire distribution network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The result: optimal management of the resources deployed within the network, better planning, the implementation of appropriate sales promotions, as well as a complete audit of the sales performance of the teams.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>By compiling data from various sources, then analysing it in real time, Business Intelligence enables retail players to better understand consumers. Dashboards and data visualisation allow them to adjust their strategy to increase their sales and turnover in the long term. BI is also a valuable tool for managing shop performance, thanks in particular to retail KPIs that are represented hastily.<\/b><\/p>\n<div style=\"background-color: #fac3a1; border-radius: 9px; border: 2px solid #EE7326; padding: 5px;\"><span style=\"font-weight: 400;\"><b>Learn more:<\/b><\/span><span style=\"font-weight: 400;\">\u00a0<a href=\"https:\/\/www.digdash.com\/en\/uncategorized\/retail-kpis-pilot-your-points-of-sale-in-real-time-with-business-intelligence\/\" target=\"_blank\" rel=\"noopener\">KPI Retail : pilot your points of sale in real time with BI<\/a><\/span><\/div>\n<h3><\/h3>\n<p><a href=\"https:\/\/content.digdash.com\/en-demo-request-lp\"><img fetchpriority=\"high\" decoding=\"async\" class=\" wp-image-19314 aligncenter\" src=\"https:\/\/www.digdash.com\/wp-content\/uploads\/2023\/04\/cta-telecharger-10-300x100.png\" alt=\"\" width=\"597\" height=\"199\" srcset=\"https:\/\/www.digdash.com\/wp-content\/uploads\/2023\/04\/cta-telecharger-10-300x100.png 300w, https:\/\/www.digdash.com\/wp-content\/uploads\/2023\/04\/cta-telecharger-10.png 600w\" sizes=\"(max-width: 597px) 100vw, 597px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Faced with ever more demanding consumers, looking for a tailor-made customer experience, points of sale must show great agility in order to adapt and meet their needs. In the era of digital retail, data is becoming an essential lever for improving shop performance through better customer knowledge. But how can we exploit the full potential &#8230; <a title=\"Retail KPIs: pilot your points of sale in real time with Business Intelligence\" class=\"read-more\" href=\"https:\/\/www.digdash.com\/en\/news-articles\/business-intelligence-bi\/retail-kpis-pilot-your-points-of-sale-in-real-time-with-business-intelligence\/\" aria-label=\"Read more about Retail KPIs: pilot your points of sale in real time with Business Intelligence\">Lire plus<\/a><\/p>\n","protected":false},"author":22,"featured_media":18169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-19008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-intelligence-bi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monitor your retail KPIs 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