There have been many vital technological advancements in this century that have changed the way we go about life daily. Digital technology has transformed how we perceive the world. And nowhere is this change more apparent than in the retail industry.
Retail has gone through a bloodless revolution in the past few years. Processes that previously took hours of manual labor now take mere minutes.
Customers are keener on shopping from companies that provide seamless shopping experiences. And it does not matter what kind of business model you have.
Whether you are a brick and mortar business or an online-based business, e-commerce and digital interactions are vital for your bottom line. Therefore, companies must use technology to stay relevant in this industry.
And how can you use technology to enhance your business’s activities? The answer is simple; collect data to predict things for you. Data collection has been a game-changer for marketers, retailers, and consumers.
With data to guide you, you can make better decisions for your business. You can forecast sales and predict when and how much inventory is needed.
The bottom line is that data can make things a whole lot easier for you and your business.
We will tell you nine ways to use technology for better data collection and make your company a roaring success.
Get A Health Check For Your Business
Running a business is hard work. Many things can go wrong, and the slightest issue can snowball into a massive headache. So constant vigilance is necessary.
Whether you are a manager or the CEO, you must closely monitor your business to make things more efficient. However, this process can take days or months, depending on the size of your operation.
Fortunately, you can automate this entire process with the help of technology. There are many reporting solutions you can choose to give you a clear picture of your business.
The best programs have many data fields, from profit merging to quantity. Indeed, by using PowerBI in a retail system, you can get an intelligence report on 100 measures. It is impossible to get better without realizing your weaknesses.
And a business intelligence report can pinpoint your shortcomings so that you can turn them into strengths.
Know What Is In The Store
Your inventory is the backbone of your business. No one cares about your product if you do not have it in stock when the customer orders it. However, things can also swing the other way.
What if you have been too optimistic and ordered a little too much for inventory. Products lose value if they sit too long and gather dust on a shelf. Therefore efficient inventory management is essential to running a business. It is a delicate balancing act that can cut back overhead costs and maximize your profits.
The good news is that you can now utilize the power of big data to guide you in this decision. With inventory management software, you can project demands and maintain the right stock levels for consumer demand.
Softwares like EigenRun generate reports on warehouse and management and give you a snapshot of your business processes.
Decide Who Is Working, When, And For How Long
Most businesses ignore workforce management. But a majority of running costs go to paying employees. So proper employee management can save thousands of dollars.
Workplace management is not just about making a schedule and calling it a day. Workplace dynamics are changing, and the traditional nine to five job is no longer relevant. Some employees work from home while others set their hours according to other variables in their daily lives.
There has also been a rapid increase in the hiring of contingent workers. Because of these changes, it is tricky to manage employees.
Technology can be your lifeboat by automating this process for you. According to research, you can save 23% in labor costs by using an automated system for employee management. Furthermore, you can make better predictions with the right data and schedule work-hours and work-shifts more effectively.
Find Out What Is Popular With A Kiosk
It is easy to track which marketing strategy works on the internet. But what about the customers who visit your brick-and-mortar store or office? How can you tell which product they liked? Well, an in-shop kiosk can get you the digital footprint of these visitors.
It can tell you which products your customer hated and which are over-priced. It can also give you an insight into the decision-making process of your customers. Even though the investment is expensive, the return on investment is far more lucrative.
Better Point Of Sale Devices To Track Sales
Gone are the times of the outdated cash registers and receipt books. Modern POS devices are much more dynamic. Not only will they make your business more time-efficient, but they will also give you an insight into customer preferences. Furthermore, you will get data on in-store shopping behaviors giving you an insight into which products sell better on certain days.
Build A Seamless Customer Experience
Customer experience is everything in the digital realm. Technology, websites, and apps with a better user interface are the first preference for consumers.
Amazon is a shining example of how companies can build a seamless consumer experience to capture the market. Their one-click purchase option and accurate search feature have made it a global leader in the online marketplace.
And that is not all: Amazon is working hard to integrate physical stores with its online marketplace. This process is possible only if you have a reliable tool that can track visitor behavior.
Become A Social Butterfly
Facebook analytics can tell you a lot about your consumers. It can track their engagements and gauge how the audience feels about your brand and the competition.
Online polls are a great way to get quick feedback on your content, product, and/or service. Therefore companies must use data analytics to refine their social media strategy and increase the return on investment. They can also use tools to create and share reports on your social media presence.
Keep Track Of Your Supply Chain
The supply chain of a company has to be efficient and reliable for better delivery times. In the world of instant gratification, delayed delivery can prove to be fatal.
Therefore it is imperative to be aware of any minor speed bumps and hiccups your delivery system might experience along the way. Fortunately, technology has made it easier for your fleet to forecast traffic issues or severe weather conditions.
This can significantly help in dispatching shipments to avoid delivery delays and assess the need for specialty packaging in extreme weather conditions.
Machines often break down in the retail workplace. Whether it be your manufacturing plant or in your warehouse, a machine breakdown can happen anytime.
You can avoid this eventuality with regular maintenance. However, It is difficult to predict when your device will need a trip to the workshop. Machine learning can gather data on your equipment and predict defects by monitoring indices.
Therefore a maintenance management software can make things easier for you.
The Final Word
Data collection is a prerequisite for a successful business. Not only can data guide your future decisions, but it can also point out your weaknesses and shortcomings.
Companies can enhance data collection by introducing digitalization at different points of the retail chain. Employee management software and maintenance management software can cut overhead costs.
Technology can also help in optimizing business goals and strategies. In the end, the data collection option you choose should be the one most suited to your business needs.