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What is a Retail Analytics Dashboard?
Retailers are always anxious to know about the sale and performance of their business. The retail dashboards are performance and activity tracking tools that give complete information about business activity. By keeping the right and relevant KPI and matrix business, the owner can track his performance.
Business owners have to maintain the number of activities like invoicing, inventory, payment, salary, etc. They cannot even notice the gradual decline in their retail business performance unless it is too late to fix things Would have happened. So, it is important to run the business smoothly by creating the right KPIs and metrics.
These data can be produced through an online platform through the website and offline action when visiting retail outlets. The dashboard should design the entire journey or relationship between the customer from sales to sales.
Why do we need Retail Dashboard?
The impact of business intelligence is increasing in the retail industry and consumer good organizations. Retailers are rapidly growing their business through analytics and they are using data visualization and interactive dashboards to give value to the business.
Retailers, traders are involved to get all the benefits from the EzInsights retail dashboard . This dashboard can provide your business with decision making information that can increase your business performance and sales. It is possible to move forward by taking positive feedback with retail insights data and monitoring the progress of increasing sales and managing the sales strategy according to customer behavior.
It is obvious and important work to keep track of related KPIs of retail industry like number of shop visit, shopping time, daily sales report and inventory management. Dashboard and visualization chart are use to take a quick decision of business in less time.
Steps to Creating A Successful Retail Dashboard
Below are steps to develop a better dashboard that takes business intelligence along the way to enhance your journey. Getting the right information in the right hands at the right time not only helps you in acquiring and retaining customers who can revolutionize your entire organization.
Data integrity is the overall accuracy, completeness, and consistency of data. Integration is conducted in the designing phase such as following rules and boundaries, collecting data and a standard implementation.
Retailers always require clean and error-free data to predict the future. It should be accurate, complete and punctual. Choose a dashboard that maintains the integrity of your data to provide the most error-free information.
Plan for necessity:
This is an important process where only business-relevant information needs to be selected. We have seen that retailers only worry about collecting their business data. But this is not a correct way to choose data because it will contain all data that is not their business-standard. This will generate a dashboard that is not appropriate and incorrect. Hence filter the data according to the utility of the business.
The right time to access the data:
It will complete loss to the business structure if we wait for a date today and delivering data after a week. The data needed today cannot be postponed after a week because it will lose the planning which has to be held on the same day for business progress.
Make it visible:
Justify things for the right time. This means that creating a successful retail dashboard is key to collaboration and communication is necessary. Suppose that you know which strategy should be applied to sell your product fast and get valuable information. More than that, you can share information to decision-makers who can work on it. Instead of waiting for the next regional meeting to share valuable information. This is because when your department is able to see a complete picture, they will be able to do better justice to carry on the business.
How can retailers use data visualization for better results?
A few dashboards are mentioned below that help retailers visualize data visualizations for better results. Each dashboard gives an in-depth insight into the business for success.
They can grab market opportunities created by marketers at every level. They can see the impact of the campaign and the effectiveness of each campaign.
With retail operation the user can get real information from the POS system and other systems. This dashboard helps in making an important action and quick decision for the business to maintain sales, inventory and labor action.
Digital Marketing Analysis
By digital marketing analysis we can track campaign effectiveness, monitor live campaign, define better marketing strategies and effective ROI. With this dashboard insight into the various marketing mix, time spent on various marketing campaigns and measure ROI.
Customer analysis is a process of understanding the interest and relationship of the organization. Get to know the customer deeply by understanding their preferences, predictions, social media interactions, and transaction history. This information can help retailers optimize their attitude towards every customer and ensure brand loyalty.
Retail Analytics KPIs
A retail KPI or metric is a performance measurement to track important retail processes in an efficient way. These KPIs are used by retailers to increase profits by identifying consumer patterns. With the help of these KPIs we can understand customer buying process, ordering and shipping process.
Here is the list of the most important retail KPIs and metrics:
- Sales & Gross Margin
- Sale Per Square Foot
- Average Customer Spend
- Stock Turnover Rate
- Sell Through Rate
- Customer Life Time Value
- Capacity Utilisation Rate
- Shoppers to Staff Ratio
- Average Shopper Dwell Time
- Conversion Rate
- Customer Reject Rate
Retail Dashboard regarding sales and profit
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.