Customer Opportunity & Market Trends in Retail FMCG
In today’s era, finding competitive advantage in the retail industry means gathering data and insights of current supply and demand trends. Fast-Moving Consumer Goods (FMCG) and retail companies across the nation are focusing on the most effective ways of delivering insights to the right person at the right time with more relevant context and ensuring those insights are easily consumed by business users.
As the market prospect for the retail industry, in terms of customer opportunity, will be highly influenced by customer and product data. Mobile Business Intelligence and Digital Dashboard investments are rising as more companies are realising the importance of IT-driven business intelligence. Hence, there is an overwhelming demand for new analytics which depend on IT queue and company priorities, i.e some having the resources to skip the queue.
Business intelligence dashboards are vulnerable to IT’s interpretation of business needs and end users’ ability to interpret results, limiting usability and value. According to EKN Research, 4 in 5 retailers currently use an enterprise-grade analytics tools. However, less than a third have developed an enterprise-wide capability.
FMCG and retail companies can also gain competitive advantage through application of current market trends that Tableau is able to help with. Creating better customer engagement includes understanding the changing behaviours of consumers, utilising those insights, and making retailing more customer-centric. Fully utilising multichannel and omnichannel retailing is defined as incorporating multiple channels in customer transactions with a seamless experience across all of them. Additionally, achieving optimum usage of all sales channels requires integration and analysis of data, processes and supply chains.
Companies can successfully manage pricing and profitability by fulfilling unmet customer needs, identifying the “right price” based on competition, setting effective promotions, minimising margin leakage of markdowns and improving overall margin performance. They can also commit to increasing supply chain efficiency through strategies like synchronising supply with demand, optimising inventory across all channels, and shifting excessive inventory to alternate locations.
All research (from Gartner, Deloitte, Forrester, IDC, EKN and others) shows a strong market in retail for easy-to-use data visualization, digital dashboards, big data analytics, predictive analytics and mobile BI to complement core BI infrastructure.
Accelteam has been actively working with customers from the various technology industries driving business improvements through advanced data-processing technology. With the aim to promote full use of mass and complex data sets, Accelteam has the solutions to help companies use data to generate better and smarter business decisions.
In fact, for the past two decades, AccelTeam has been one of the leaders in providing advanced data-processing technology throughout the region. If you would like to learn more about Tableau, please reach out to us at email@example.com.