Retail business intelligence is the process of capturing and compiling raw data and distilling it down to actionable insights that drive more informed and, ultimately, more impactful business decisions with the goal being to cost-effectively increase retail sales and bottom-line revenue.
A good retail business intelligence program provides incredibly deep business insights and new levels of transparency into retail management, merchandising, marketing, operations, the competitive landscape, customer behaviors, employee performance and many other key areas of retail performance.
In stores, retail business intelligence provides managers and sales personnel with clear responsibilities and guidelines – opening and closing checklists, restock and merchandising tasks, SOPs and compliance, service standards, required sales training, and a host of other tasks.
Additionally, retail business intelligence allows brands and retailers to track sales across these various channels, making it easier to anticipate future inventory needs and customer shopping preferences, which also helps drive more effective promotions, merchandising programs, and new product launches down the road.