Business Intelligence for Physical Retailers
To keep leading the race and eventually win the war against e-commerce, brick-and-mortar retailers need to find their way back to the roots of the industry.
The Golden Retail Era
In the golden days of community shops, Mom ‘n Pop stores, and Spaza shops, retail managers knew the community of shoppers they served. They knew members of families personally, they knew the deepest fears of their individual shoppers, the successes of their patrons — in fact, they were the leaders of the communities they served.
Going back to those roots holds immense growth and profitability for brick-and-mortar retailers and their operations. In the gig economy, access to these roots is found in Business Intelligence. By embracing BI technologies, retail managers will gain access to consumer insights, allowing them to create truly unique and tailor-made spaces for each customer.
Being mindful of consumer privacy, retailers can gain access to their patrons through the services of technology companies like ours, Easyshop Mobile Marketing (www.easyshop.com.na), to understand the dynamics and nuance of their shoppers. Understanding shopper behavior is the holy grail of retail, both online and offline.
Retail Business During the Pandemic
As the world is gearing up to get back to the “real normal”, a world without masks and constant sanitizing, one has to acknowledge the role brick-and-mortar retailers and shopping spaces play. After months of lockdown and movement restrictions, people will naturally be happy to leave their homes and explore the world. We can expect the physical retail industry immensely growing during this “back-to-normal” boom.
The role of brick-and-mortar retail space managers is pivotal in the global efforts of “back-to-normal” strategies. As essential service providers, retailers are among those that are at the forefront of setting precautionary measures. Business Intelligence, if implemented correctly, has the potential of distinguishing between vaccinated and unvaccinated patrons, as an example. This kind of information is then useful for adjusting business operations accordingly.
The Pandemic Buyer
Allow me to introduce the term “Pandemic Buyer”. This is a person who goes out to buy only the essential products. They represent a family comprising of children and possibly a spouse. This buyer wants to spend as little time as possible within a retail store while maintaining the least amount of human contact. They would rather leave a store before asking a floor assistant to help them find a certain product. The Pandemic Buyer minimizes retail dwell time and pressurizes retailer operations.
To counter the pressures felt from the Pandemic Buyer, retail managers need to create environments that meet the consumer before they enter their doors. Winning retailers need to find the magic between minimized dwell times and increased shopping baskets. Yes, that sweet spot, the magic, is Business Intelligence. Know your customer before they walk in, have a clear idea of what they want, let them know how much they will spend, and indicate how many other shoppers are on the floors.
Easyshop Mobile Marketing
At Easyshop Mobile Marketing we are building business intelligence systems that allow retailers to stay ahead of their shoppers. In our world of retail, we are connected to our most preferred retailers, we know the prices of our favorite items on the fly, we have an idea of availability, and we are safe.
