One of the very known and sought after industries that fall under the paradigm of paradox is the Retail Industry. This is because, for an individual doing business in the retail sector, he/she can find it really easy going and also at times the toughest business to execute.
From the small general store around the corner to the supermarkets and e-commerce giants, the retail industry holds a great range of scope for an individual interested in doing business in retail. This is what makes the retail market so dynamic, having an ever-changing graph of trends. According to ‘India Brand Equity Foundation’ (IBEF) the total consumption expenditure in India is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. This not only creates tremendous business opportunities for retailers in India but also drives an equal amount of competition in the market.
With the organized retail increasing its footprint, it becomes imperative for retailers to have smart and agile business plans. One of the major factors that will help achieve the same, is Business Analytics or in other words ‘Data Analytics’ for retail. The analysis again comprises of two parts and those are
- Market analysis
- Individual Analysis
‘Market Analysis’ provides the external review, consisting of the market reports created by various data analytics companies. These can be procured from them on a subscription basis generally. Whereas the ‘Individual Analysis’ makes the retailer aware of his/her store performance, goods utilization, customer traffic, etc. These can be achieved by using a Retail Management Software. Spectrum is a NextGen Retail Management Suite that gives an overall coverage of the analytics part of any retail business. Following given modules of Spectrum helps in achieving an effective business strategy.
- Spectrum iBOSS – Spectrum iBOSS is a data consolidation, logistics execution and inventory management solution for retail chains.
- Spectrum FOCUS – With easy to understand analytics, Spectrum Focus facilitates well-informed management decisions across all operations of a retail chain.
These modules are responsible for collecting and organizing data which later enables the retailer to create customized business strategies. Thus, for every retailer, it is an obvious need to be equipped with business intelligence module for having a long run on the Retail track.