How self-service business intelligence is changing the retail industry

ClickDate is a customer of Business Reporter

Data collection is essential to becoming data-driven, but it is not enough. This is how companies close the gap between owning data and being powered by data

2020 was a pivotal year for e-commerce around the world, and the UK was no exception. While e-commerce saw steady growth between 2015 and 2019 at 1.3% annually, it surged to 5.7% in 2020, with online sales accounting for a record 33.9% of total retail spending, mostly in Europe.

In just a few weeks, most companies have implemented digital solutions that would otherwise take months or years to implement. Online stores have strengthened their position, hybrid retailers have significantly developed their online presence, and physical stores are slowly introducing click and collect to survive.

Two years later, e-commerce shows no signs of slowing down and consumers are reaping the benefits of the changes they’ve grown accustomed to during quarantine, such as instant availability and faster shipping.

The crisis pushed retailers to connect to survive, in a hurry. They started selling through their own e-shops and online marketplaces, without a proper digital strategy. This lack of strategy has led to data silos and a lack of control over your sources and data.

Meanwhile, a seamless online and offline shopping experience has become the norm. In order to remain competitive in the long term, marketers have had to re-evaluate their processes and reporting methods.

However, it is not an easy task. In fact, many marketers are in the paradoxical situation of collecting a large amount of data from multiple sources – e-commerce platforms, websites, social media ads, point of sale – but not understanding it. Aggregating data is the first step in assessing business performance and understanding customer behavior.

To achieve this goal, retailers must:

  • Consolidate sales data from different channels
  • Combine sales data with marketing (web analytics, social media/search engine ads) and financial data
  • Be automatically alerted when there is a drop in sales or whenever you reach your goals

How self-service BI helps marketers meet new challenges

Although a business intelligence (BI) platform is the ideal solution to address these challenges, SMEs are often hesitant to move forward. It’s true that BI used to be reserved for the biggest companies, but not anymore. With the rise of SaaS cloud technologies, BI and data analytics platforms are now available to SMBs.

While traditional BI requires an army of consultants to create a dashboard, self-service BI allows non-technical users to access data and create custom dashboards without asking IT for help.

Almost unheard of just a few years ago, self-service BI is growing rapidly and the numbers speak for themselves: the total market size was estimated at $6.13 billion in 2020 and is expected to reach $19.31 billion by 2028.

ClicData is part of this trend. It offers an end-to-end BI and data analytics platform that provides a single source of truth for an organization’s data, reliable dashboards and powerful automation. ClicData is trusted by more than 1000 organizations in more than 25 countries.

In retail, ClicData can be used in many ways. For example, an art supplies e-commerce specialist uses ClicData to track sales performance by channel and product inventory in real time. This allows the company to invest its marketing budget in the right channel, reduce customer acquisition costs and maintain high customer satisfaction with short delivery times.

Another of our retail clients uses ClicData to collect customer reviews from various sources (NPS survey, email, search engine reviews), collect and analyze data to improve customer experience and provide a true multi-channel customer journey.

These are just a few examples of how ClicData helps organizations become data-centric and enables business users and analysts to gain a consolidated view of their performance. From optimizing the supply chain to tracking marketing and sales conversions throughout the buyer’s journey, self-service BI platforms like ClicData are essential for retailers looking to become truly data-driven – not drowned in data.

Originally published on Business Reporter

ClickDate is a customer of Business Reporter

Data collection is essential to becoming data-driven, but it is not enough. This is how companies close the gap between owning data and being powered by data

2020 was a pivotal year for e-commerce around the world, and the UK was no exception. While e-commerce saw steady growth between 2015 and 2019 at 1.3% annually, it surged to 5.7% in 2020, with online sales accounting for a record 33.9% of total retail spending, mostly in Europe.

In just a few weeks, most companies have implemented digital solutions that would otherwise take months or years to implement. Online stores have strengthened their position, hybrid retailers have significantly developed their online presence, and physical stores are slowly introducing click and collect to survive.

Two years later, e-commerce shows no signs of slowing down and consumers are reaping the benefits of the changes they’ve grown accustomed to during quarantine, such as instant availability and faster shipping.

The crisis pushed retailers to connect to survive, in a hurry. They started selling through their own e-shops and online marketplaces, without a proper digital strategy. This lack of strategy has led to data silos and a lack of control over your sources and data.

Meanwhile, a seamless online and offline shopping experience has become the norm. In order to remain competitive in the long term, marketers have had to re-evaluate their processes and reporting methods.

However, it is not an easy task. In fact, many marketers are in the paradoxical situation of collecting a large amount of data from multiple sources – e-commerce platforms, websites, social media ads, point of sale – but not understanding it. Aggregating data is the first step in assessing business performance and understanding customer behavior.

To achieve this goal, retailers must:

  • Consolidate sales data from different channels
  • Combine sales data with marketing (web analytics, social media/search engine ads) and financial data
  • Be automatically alerted when there is a drop in sales or whenever you reach your goals

How self-service BI helps marketers meet new challenges

Although a business intelligence (BI) platform is the ideal solution to address these challenges, SMEs are often hesitant to move forward. It’s true that BI used to be reserved for the biggest companies, but not anymore. With the rise of SaaS cloud technologies, BI and data analytics platforms are now available to SMBs.

While traditional BI requires an army of consultants to create a dashboard, self-service BI allows non-technical users to access data and create custom dashboards without asking IT for help.

Almost unheard of just a few years ago, self-service BI is growing rapidly and the numbers speak for themselves: the total market size was estimated at $6.13 billion in 2020 and is expected to reach $19.31 billion by 2028.

ClicData is part of this trend. It offers an end-to-end BI and data analytics platform that provides a single source of truth for an organization’s data, reliable dashboards and powerful automation. ClicData is trusted by more than 1000 organizations in more than 25 countries.

In retail, ClicData can be used in many ways. For example, an art supplies e-commerce specialist uses ClicData to track sales performance by channel and product inventory in real time. This allows the company to invest its marketing budget in the right channel, reduce customer acquisition costs and maintain high customer satisfaction with short delivery times.

Another of our retail clients uses ClicData to collect customer reviews from various sources (NPS survey, email, search engine reviews), collect and analyze data to improve customer experience and deliver a true multi-channel customer journey.

These are just a few examples of how ClicData helps organizations become data-centric and enables business users and analysts to gain a consolidated view of their performance. From optimizing the supply chain to tracking marketing and sales conversions throughout the buyer’s journey, self-service BI platforms like ClicData are essential for retailers looking to become truly data-driven – not drowned in data.

Originally published on Business Reporter

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