At the heart of successful retail companies is a clear understanding of their KPIs and how to improve them. Not only do leaders need to know if the company is hitting its targets, but they must also understand what is driving those results.
Similarly, sales members and other employees need to be able to access this data easily and quickly so they can make decisions in real-time. This is where a retail performance app comes in.
A retail performance app is a custom application that allows you to track, measure, and improve your retail business’s KPIs in one place. By using the power of BI, you can create a retail performance app that is tailored to the specific needs of your business.
Not only does this give you a clear view of your KPIs, but it also allows you to dig deeper into your data to identify trends and patterns. This information can be used to improve your business on a variety of fronts:
By understanding how your business is performing, you can identify areas of improvement and make changes to increase efficiency.
By tracking customer data, you can identify areas where your customers are struggling and make changes to improve their experience.
By tracking employee data, you can identify areas where employees are struggling and make changes to improve their productivity.
By tracking your business’s financial data, you can identify areas of opportunity for revenue growth.
With the right retail performance app, you can improve your business in a variety of ways. However, it is important to note that not all retail performance apps are created equal. When choosing a retail performance app for your business, the best app is one that is customized to the specific needs of your business.
So, how do you create a retail performance app that is tailored to your business? Let’s take a look at some tips on how to get started.
Creating a retail performance app with BI
Now that you know what a retail performance app is and how it can help your business, let’s take a look at how to create one.
Step 1: Define your outcomes
When creating a retail performance app with BI, the first step is to understand your business’s specific needs. What data do you need to track? What KPIs are most important to your business? What trends and patterns do you need to identify?
Consider the following goals to help you get started:
Identify your business’s KPIs: What data do you need to track in order to improve your KPIs?
Create customized reports and dashboards: What information do you need to see in order to make better decisions about your business?
Build alerts and notifications: What changes do you need to be alerted about so you can take action?
By understanding your business’s specific needs, you can create a bespoke retail performance app that is tailored to your business.
Step 2: Choose your BI tool
The next step is to choose the right BI platform for your business. When choosing a BI platform, it is important to consider the following factors:
Ease of use: Your tool should be easy to use so you can get started quickly.
Flexibility: Your tool should be flexible so you can customize it to your specific needs.
Cost: Your tool should be cost-effective so you can get the most bang for your buck.
By considering these factors, you can choose a BI platform that is right for your business.
Step 3: Connect your data
Once you have chosen your BI platform, the next step is to connect your data. This data can come from a variety of sources, including internal data sources and external data sources.
For retail companies, data can include:
Sales data: Collect data from your POS system to track sales data. You can then use this data to track KPIs such as revenue, conversion rate, and average order value.
Inventory data: Collect data from your inventory management system to track inventory data. This data can be used to track KPIs such as inventory turnover and stock levels.
Customer data: Collect data from your CRM system to track customer data. You can then use this data to track KPIs such as customer lifetime value and customer satisfaction.
These are just a few examples of data sources that you can connect to your BI platform. By connecting your data, you can start to see the big picture of how your business is performing.
Step 4: Create your reports and dashboards
Once you have connected your data, the next step is to create reports and dashboards. With BI, you can create customized reports and dashboards that show you the data that is most important to your business.
For retail companies, some of the most important reports and dashboards include:
Sales reports: Build a sales report to track your company’s sales data. This report can include data such as sales by product, sales by store, and sales by employee.
Inventory reports: Build an inventory report to track your company’s inventory data. This report can include data such as inventory levels by product, inventory levels by store, and inventory turnover.
Customer reports: Build a customer report to track your company’s customer data. This report can include data such as customer satisfaction scores, customer lifetime value, and customer acquisition costs.
Employee reports: Build an employee report to track your company’s employee data. This report can include data such as employee satisfaction scores, employee turnover, and absenteeism.
Financial reports: Build a financial report to track your company’s financial data. This report can include data such as revenue, expenses, and profits.
By creating these reports, you can track the most important data for your business and identify areas of opportunity.
Step 5: Launch your app and revamp as needed
Once you develop the elements of your retail reporting app, you’ll want to implement it with key stakeholders in mind. In order to get buy-in from those who will be using the app, it is important to show them how the app will benefit them.
For example, if you are launching a sales reporting app, you will want to show your sales team how they can use the app to increase their sales. If you are launching an inventory reporting app, you will want to show your inventory team how they can use the app to reduce inventory levels.
Once you launch your app, it is important to monitor its performance and make changes as needed. By regularly revamping your app, you can ensure that it remains a valuable tool for your business.
Benefits of a retail performance app
There are many potential benefits that your business can reap by utilizing a retail performance app.
Some of the key benefits include:
Improved decision making
By having all of your data in one place, you can make better decisions about your business. Companies that use BI have been shown to make better decisions than companies that don’t use this type of data.
Companies that use BI have been shown to outperform their competitors. This is because BI helps companies to identify areas of opportunity and to make the necessary changes to improve performance.
By understanding your employees better, you can provide them with the training and development that they need. This leads to improved employee satisfaction and retention.
If you are looking for ways to improve your business, a retail performance app is a great place to start. Utilizing the power of BI, you can create an app that is tailored to the specific needs of your business. By doing so, you can reap all of the benefits that BI has to offer.
Getting started with your retail performance app
If you are ready to get started with your retail performance app, start by determining which BI tool best meets your needs. Then start building an application that has the capabilities that you need. Be sure to test your app before you launch it and make changes as needed.
When you can better use data to drive your business, you will be well on your way to success. A retail performance app can help you get there.
Check out some related resources:
How a leading fashion retailer is using data to drive growth
Embracing the future of data with augmented BI
Domo for Financial Services: Customer Profitability and Behavior Analytics
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