Retail reporting and omnichannel analytics is often a manual, messy issue. With different formats and files, retail technologies frequently leave brands with mismatched data and systems that do not integrate with each other.
Teamwork Commerce partner 42 Technologies was built specifically to solve these issues for the retail industry by enabling end to end reporting, through integrating various systems into a single platform. With sanitized data, product photos and customized metrics, 42’s reporting tool is then presented in a simple & visual fashion so decision makers can depend on accurate inputs for quick answers. 42 Technologies represents the need to adapt in a competitive landscape, as unified data is becoming increasingly crucial in optimizing performance across sales channels.
Master the Merchandising Mix = Customer Centric Decisions
Which customers wait to buy at discounts versus full price? Why did certain products sell significantly more last season? Where is the most effective channel to reach certain customer segments?
Answering these questions requires a flexible approach to analysis – from high level overviews to granular deep dives. Brands and retailers that are able to understand their product performance in parallel with who their customers are will be ahead of the curve in competition. For example, using data to customize product mix can help reformat both online store and retail locations. For brick-and-mortar shops, this represents a localized approach to laying out store merchandise to meet the local customer demands. To truly make customer centric decisions, brands and retailers need to consolidate customer history, purchase behaviors, and product interests to drive more specific interactions, offers, and outstanding service. Capturing the data is simple – it is merging the various data feeds from products and customers to give a complete picture that is the true opportunity.
Data Decreases Churn
Studies indicate that attracting a new customer to purchase from your business is seven times more expensive than keeping an existing customer. So for retailers using data to drive a more proficient customer experience will help to reduce friction that exists between retailers and customers within the purchase process. Data can reveal patterns around long term customer loyalty and help brands engage customers more effectively through personalized offers, discounts and benefits. These unique offerings enable retailers to develop stronger relationships with their customers. In addition, having access to omnichannel data, enables crossover opportunities for brands that want to seamlessly sell to their customers. Driving forward a community around the brand and ensuring that long term and consistent transactions will flow as a result.
Simplifying The Supply Chain
Supply chain is one of the most complex aspects of retail for most brands, and big data reduces the burden for retailers in procuring and managing inventory across channels and locations. With a very specific comprehension of product outlay and expected order frequency, brands are able to manage their inventory costs. Brands and retailers can avoid paying high storage costs or unnecessarily purchasing inventory that will take up warehouse space. With the high costs of inventory management, big data enables the supply chain as a service to flourish. In addition, brands and retailers can readily recognize when they need to order more products, which products and where they will need to go.
Big Data for Retail: 42 Technologies
42 is the go to data tool for the retail industry because it is built specifically for retail users. With unified data integrated by the 42 retail experts, brands have the ability to monitor their multichannel performance in real time. Built in metrics, product photos, channel mix reporting, and scheduled reporting optimizes the data experience. With clean data available in seconds, brands are able to make smarter and quicker merchandise, product allocation, and customer centric decisions.
Learn more: https://www.42technologies.com/solution.html