There are an estimated 12 million – 24 million eCommerce sites across the entire globe, with more being created every single day. To get a slice of this market share, retailers are constantly expanding the platforms they sell on, with platform such as Shopify currently being the most popular. But new media such as TikTok Shop are growing in popularity, with this platform being named the highest grossing non-game app.
Retailtechs can use embedded analytics and BI tools to develop a holistic approach that delivers centralized visibility, referred to in the industry as omnichannel. Retail business intelligence (BI) dashboards are more crucial than ever, and these tools enable Retailtechs to support their customers in navigating the multi-channel retail maze. Keep scrolling to find out how embedded analytics and BI dashboards can help Retailtechs deliver better transparency for their clients.
How embedded analytics can support smart supply chains
One area that requires more transparency in multi-channel retail is the supply chain. Stock control can be tricky to handle when working across multiple platforms, as there is rarely a central view of total sales across channels to compare with total stock counts. Retailtechs have access to a wide array of data, but more often than not, it’s not in a visual and, therefore, a valuable format which retailers can make actionable decisions from.
Embedding BI dashboards into your Retailtech will centralize data enabling users to instantly view orders and stock management data in a useable format. Our dashboards offer an omnichannel approach, delivering actionable insight in the form of dashboards comprised of real-time data and analytical capabilities, meaning your customers can take actions such as setting up alerts when stock levels of items are running low. Retailers will be able to identify stock quantity issues early on and make the appropriate adjustments quickly.
Analytics to better logistics
Another area of struggle for multi-channel retailers is logistics. Triggered by the booming growth of internet-based sales, where online retail sales are expected to hit $6.51 trillion in 2023, new logistics structures are becoming a necessity.
Online shopping offers huge opportunities for retailers but also comes with a host of complications, one of which is knowing where items are in transit. Retail consumers don’t only want the convenience of buying something online; they want it delivered as quickly as possible, making visibility within that final mile of delivery of high importance. Embedding dashboards into your Retailtech means retailers can set up unique dashboards for the logistics or customer services teams. This keeps the logistics teams on top of any parcels that are potentially behind schedule and gives customer services the information they need to update customers.
Beyond general transit, there is often a concern for retailers when it comes to returns. With embedded analytics Retailtechs can collate data on the return habits of consumers and identify trends, such as if one product is returned more frequently, supporting retailers with more actionable insight. Consideration as to what point of the season you’re in can be particularly important for fashion retailers. Are returns from the end consumer going to mean that there is old-season stock after releasing new-season collections? Are consumers typically buying many items and only keeping a small percentage of their order?
Reporting on marketing
Marketing is at the core of retail success, but in a multi-channel retail world, retailers need to consider whether their marketing campaigns need refining across each platform. In-store marketing styles likely won’t have the same impact when delivered on a screen and the same when considering apps.
Integrating BI dashboards into your Retailtech means your customers can track and visualize consumer data to identify which marketing campaigns are proving most effective. Reporting on marketing allows retailers to understand which campaigns deliver the highest conversion rate, taking away a layer of risk when launching new campaigns.
The real-time capability of BI dashboards means metrics can be tracked during campaigns to identify whether some products are not selling as well as others, meaning the team can act and potentially look to discount items in order to prompt sales. This allows retailers to have better visibility on how their customers interact with their products to make changes to their marketing strategies accordingly.
Why Pi?
With the support of Panintelligence, Retailtechs can help their customers to drive value from their data disarray by delivering real-time dashboards to monitor and evaluate the performance of different channels. Embedding our analytics solution into your platform will help to unify data and deliver actionable analytics to your customers.
A holistic, omnichannel approach is the future of multi-channel retail, and embedded analytics will give your Retailtech a competitive edge.
Looking to elevate your Retailtech platform so that your customers can make the most out of their data? Get in contact with a member of the team or request a demo!
