How Reporting and Analytics Work
Don’t Just Gather Data, Analyse It.
Leverage Data to Make Smart, Informed Business Decisions
Reporting and analytics technology allows you to aggregate the data you collect through your point of sale (POS), retail management, and other business systems and provide you and your team with actionable insights that inform smart business decisions.
Omnichannel retail runs on data. Managing multiple channels requires complete visibility of your entire enterprise to ensure seamless shopping experiences, regardless of how your customers want to engage with your brand.
Data is also vital to efficient operations. Reporting and analytics will reveal processes that need improvement, top-performing stores and sales associates, and potential sources of waste and shrinkage so you can make changes that keep your business on the right track.
The Value of Integrated Systems
Utilizing a fully integrated retail platform allows you to maximize the value reporting and analytics can provide to your business. Integrated systems automatically share data — there are no data silos — so it isn’t necessary to pull and compare reports from different systems.
In addition, when you have the ability to analyze data concurrently from all systems, you will have deeper insights into your business and your customers. You won’t just know if sales increased last week. You can also determine if the promotion was the reason for increased store traffic and what the conversion rate was. You can determine which demographics responded best to that promotion and the items they most frequently purchased — and whether they engaged with your brand online, via mobile phone, or in response to a social media ad.
iVend Retail, an open source retail management suite, integrates with your ERP and other business applications, so you can leverage data from sources including your POS, mobile POS, eCommerce, loyalty rewards, digital passes, promotions, and CRM.
An integrated system is also easier for your IT staff to maintain, easier for your employees to learn, more efficient with less duplication of effort, and more convenient, providing seamless customer experiences on any channel.
Learn More about Your Customers
Consumers increasingly expect personalized shopping experiences, whether online or in-store. Our recent global shopper survey revealed that for nearly 40% of shoppers, personalized offers, experiences and communications top the list of the types of experiences they value most.
The only way to learn about your unique customer base is to collect data and use reporting and analytics technology to extract the insights about your customers. You can then use that information to guide your decision-making as you build your omnichannel retail environment and engineer the types of shopping experiences your customers want.
In addition, reporting and analytics technology can help you identify your most loyal customers and their shopping behaviors, it can also help you entice shoppers who haven’t made a purchase recently by sending personalized offers. You can also use data to segment your marketing list and send targeted promotions to shoppers who are most interested in a specific type of merchandise.
Learn More about Your Business
When your loyalty program software is integrated with your retail management system, you can make loyalty program participation convenient for your customers and seamless across all channels and store locations. Integrated systems allow data to flow freely from one application to another. With integrated loyalty, sales associates will have the ability to see the loyalty rewards points a customer has accumulated and easily apply them to a purchase or notify the customer after the purchase of their new points balance.
An integrated digital retail platform also allows loyalty program software to share data with your eCommerce platform, mobile POS, reporting, and other retail systems, so however your customers choose to engage with your brand, they have visibility into their rewards points, they can take advantage of loyalty program offers, and accrue and redeem points.
Solve Small Issues before They Turn into Big Problems
By routinely monitoring key performance indictors (KPIs), you can identify trends and spot problems before they negatively impact your business. Reporting and analytics will shed light on problem areas and let you correct issues such as excessive overtime hours, decreased profitability, over ordering, and non-performing products. You can also analyze data from your terminal POS or mobile POS system for indications of activity that lead to loss and take steps to correct them.
Reporting and analytics technology also allows you to compare performance among stores or employees. With this information, you can study what leads to the greatest success in your organization and use that information to help underperforming locations or sales associates improve.
No Need to Be a Data Scientist
iVend Reporting and Analytics make insights from data accessible to anyone on your team. You can instantly generate reports, choosing from among more than 50 pre-built report formats, or customizing your own to put vital information in the hands of people who need it most.
Once you determine the factors that can influence progress toward your goals, you can establish the measurable values — the KPIs — that will show your progress toward meeting each objective. iVend Retails’ Business Health Check is a good place to start to determine which data to collect and monitor to make sure your business is on track.
You can choose to have reports provide information on sales, inventory, labor, or business performance at a glance, or drill down into the details of your most important KPIs.
What Path Do Your Customers Follow to Make a Purchase?
Understanding consumers and the steps they take on the modern path to purchase is vital to planning a retail strategy and building an omnichannel retail ecosystem that will meet shopper expectations. Our global shopper survey report reveals trends every retailer needs to know.
Reporting and Analytics Technology Helps You Widen the Gap
Retail analysts continue to see the gap widen between enterprises that leverage reporting and analytics to drive business decisions and those that do not. Manual processes can’t provide the speed and detail that reporting and analytics solutions can. Retailers with the advantages that this technology provides find themselves better positioned to compete in today’s evolving and increasingly crowded market
Knowing where to start to implement reporting and analytics can be one of the biggest hurdles that retailers need to cross. You will find, however, with an integrated retail management suite that includes reporting and analytics, the process is much easier than expected and you can build the all-important, 360-degree view of your business that you need to remain a viable retailer.