- Data analytics in retail allows companies to really know their customer. BryteFlow helps retailers by ingesting, merging and preparing customer data from various sources like location, demographics, transaction history, loyalty programs etc. to understand how customers behave and buy. This enables retailers to get a single, unified view of their customers and make appropriate personalized recommendations and targeted offers.
- Retail companies can use data to predict inventory. BryteFlow prepares data that can be used in forecasting and logistics models to predict demand and optimise the supply chain for maximum returns. They can create enterprise data hubs to track demand signals resulting in better stock management. Historic event data can be collected and studied for predictive inventorying and efficient distribution.
Getting into the minds of consumers to persuade buying decisions
Bryte ingests data from mobile, social media and e-commerce channels and prepares it for customer analytics and mapping a buyer’s digital journey. This ‘single view’ data gives a clear idea of the buyer’s preferences and interests. The retail company can serve the buyer with promotions and recommendations targeted to her interests. Future trends can also be forecasted with very large datasets of customer buying patterns across different media.
Optimal pricing strategies driven by data
Customers typically browse multiple channels to find the best pricing for the item they want to buy. Minor pricing differences can make or break a buying decision. BryteFlow can ingest and replicate pricing data from thousands of transactions across channels and merge it with data from location, weather and social media to enable analysts to create smart real-time pricing strategies.
Preventing fraud and illegal practices
The retail industry is privy to sensitive data of customers including credit card information, personal information etc. Analysts can create data models that will show up suspicious activity in purchase patterns and prevent nefarious activities like credit card theft.
Personalizing the customer experience
BryteFlow ingests data about customers across channels so retail companies can use this connected customer data to create customer experiences that are relevant and increase engagement, traffic, customer loyalty and revenues. It also helps in smart merchandising and customer segmentation.
Smart inventory and supply chain planning
Retailers with the help of big data can plan inventory, re-stocking and allocation for maximum returns. BryteFlow can help in ingesting and replicating data from POS systems, inventory management and transactions so companies can track inventory, replenishments, and issue alerts to avoid running low on stocks.