As more businesses jump offline and move into the e-commerce space, it’s becoming increasingly difficult to stay afloat in an oversaturated space.
At Wingarc Australia, data and business intelligence are our forte – particularly in popular industries like transportation or retail. After speaking to many businesses in the retail industry, there are three common struggles we’ve noticed most retail businesses suffer from.
In this article, we unpack them further, providing clarity on how it can be properly addressed.
How to Know What Products your Customers Actually Want?
The product offering is the one of the most important things to be aware of. But what we’ve observed is that many businesses start to get confused with what the customer wants, especially as they grow and diversify their offering.
So how do you ensure you’re providing customers with something truly of value to them? This is where the benefits of having a custom-made solution comes in. By using a digital dashboard connected to devices like beacons and sensors, accumulating data over time helps you discern more information over an extended period.
By noticing patterns and trends within this data, you’ll then be able to make meaningful decisions regarding what products you should be offering to your audience.
How to Keep Popular Products In Stock?
It’s a frustrating thing for many consumers. They walk into a store to buy the latest hot trend, but it's out of stock until further notice. In the past the customer might have had no choice be to wait for it to come in, but today there's a world of alternative options available at the tap of a smartphone screen. You can avoid the risk of lost sales by keeping an eye on what’s about to run out, but for most businesses that’s physically impossible without the right technology in place.
Many retailers are now using smart tags to track inventory. These can be embedded into the shelves or within the item itself, allowing you to visualise stock availability from a glance, in real-time from the comfort of a dashboard. You could even narrow down the information by store, state, city and SKU.
By efficiently managing your inventory this way, you can ensure that the most popular products are replenished before the customer has even noticed you’re running low on stock.
How to Grow the Business in the Right Direction?
Managing your retail empire is no easy feat. And as the business gains traction, so does the pressure to grow it to the next stages. But how do you ensure you’re growing in the right direction?
For many in this difficult position, IoT is a godsend. Creating an ecosystem of technological devices that holistically work together to pool in data gives you access to valuable information you can refer to when making big business decisions. The data will give you better understanding of what is and isn’t working in your business, and as such you can grow accordingly for the benefit of everyone.