10 solutions that will create the best conditions within retail to analyze data by using Qlik
Within retail, there is currently a minor revolution in how to use data to optimize margins and to getting customers to interact with the products. The competition between companies and the way the customers interact is constantly changing and that’s the reason why Stretch Qonnect wants to help your company to be on the frontline by creating the best platform for analyzing your data.
The concept of Omni-channel is growing and simply means creating a logical experience for the customer on all platforms for a simple and easy journey whether it’s online or in a physical store. For this to succeed, companies must provide customers with frequent and valuable interactions.
The prerequisites for a strong Omni-channel are knowing your customer, working agilely with your supply chain, understanding that the role of the physical store has changed, and of course using your data the best and most insightful way as possible.
We help you unite customer, marketing, sales, inventory, and supply chain data into a seamless view.
1. Digital consumer Analysis
To appeal to the digital consumer you always need to find new and better ways to interact with your customers. We analyze data from all your digital channels and touchpoints to better understand consumers’ behavior, reduce abandoned shopping carts, improve conversions and provide the marketing campaign lift.
2. Omni-channel Analytics
We collect data from all the systems as required and for assembly on one platform. With Qlik, you can thus get a holistic view of how the chain from stores, e-commerce, CRM systems, apps, and the supply chain are connected in order to create data-driven decisions that will create a better customer experience.
3. Market basket analysis
Insights into product pairing when it comes to sales can give you a significant boost. We analyze point-of-sale transactions to see which products have synergies and which customer segments buy the combination. With these insights, you can customize offers to consumers where you increase margins by pairing discounted items with high-margin profitable products.
4. End-to-end supply chain visibility
We create optimization by compiling data from inventory flows, product logistics, and sales contracts that create opportunities to increase efficiency while you still reach your consumer’s expectations. Qlik gives you visibility into your entire supply chain.
5. Returns and reverse logistics
We design efficient reverse-logistics processes and with these insights, you can quickly decide which products should be sent back to the supplier, which product needs to be repackaged and restored, etc. You also gain insights into which products are returned most and identify how to refurbish and restock goods for resale.
6. Supplier performance
Through Qlik’s vendor portals and scorecards, you can get a quick overview of vendors and be able to identify potential risks, make sure products are available when needed, and ensure that contracts and agreements are followed. These insights create a great advantage over competitors, getting access to sought-after products at the right prices and getting them on the shelves as quickly as possible.
7. Store performance
We create insights about sales, profitability, order management, customer satisfaction and much more for all stores. By implementing e.g. scorecards for the stores, you can analyze comparable sales, create forecasts and closely monitor how each store performs and align bonuses for managers based on that.
8. Margin Erosion
Wasted and discounted products quickly impair profitability. Qlik helps you avoid margin erosion by analyzing markdown transaction data, isolating where markdowns are occurring, and emphasizing discounting near sell-by dates to drive sales. These insights help you ensure that your shelves are filled with fresh products before you need to discount large quantities.
9. Internet of Things
Through IoT data, retailers bring greater visibility into the supply chain. Qlik provides real-time insights into all data from IoT, whether it is in-store cameras, inventory tracking sensors, store cameras, customer footpath sensors, or location-based marketing. With these insights, you can optimize your supply chain and improve the customer experience even more.
10. Geo-Analysis and Site Selection
Geography is a challenge for any retail business. But with Qlik Geo-Analytics, you have the prerequisites to analyze large volumes of diverse geographical data. Decisions that require analysis for geographically specific dimensions can thus be used to optimize e.g. transport and deliveries as well as predict how expected consumers act both in specific stores and online.