Recently a study has been published which highlights the importance of Retail Analytics in today’s retail scenario. It emphasizes that analytics plays a pivotal role in the decision making and differentiate between a opportunity won and opportunity lost.
The report highlights the following important points:
- The Successful Retailers make decisions on the basis of real time data and reports while there are many retailers who still take the decisions on their past experience and intuitions
- Successful Retailers believe on being proactive, based on the analysis they have done on the consumer data rather than responding to consumer demands to model their own responses.
- Successful Retailers consider money spend on workforce and IT tools for Analytics as an investment while stragglers who worry about money spend on analytics as an expenditure, end up in loosing opportunity due to lack of quality of output.
A good analytics tool, collectively with a good Retail ERP which can capture all the important data, will act as a feeder to Analytics tool, and thereby transforming a Retailer into a successful Retailer.
Ginesys Retail ERP covers all the important data points and capture the data which is important to be act as a input to a good Analytics tool such as QlikView.
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V mart a leading fashion store in India has reached century of stores in the Financial Year 2015. The 100th store opening not only marks substantial growth in this market, but moreover it represents the continued enthusiasm and hard work team V mart has put in.
V mart primarily operates in tier II & tier III cities and they operate in 86 cities and 12 states.
V mart has been a cherished customer of Ginesys who uses it end-to-end viz. from procurement to production to sales to analytics.
Synonymous to ‘Alternative Clothing’, this leading apparel brand Mufti was looking for a solution that would bring all of its businesses and processes together in a synchronized manner. The company wanted a cost effective solution, which is easy to implement and smooth to operate.
Business Challenges that Mufti had:
Lack of data synchronization:Prior to selecting Ginesys, Mufti was running local software to manage their daily operations. However, the software had major shortcomings such as data discrepancy and lack of data synchronization. With more than 200 outlets spread over different geographies and having a heady mix of EBOs and MBOs, the problem only multiplied further.
Integrating operations: Ginesys provided a solution which integrated front and back-office operations. Working with the fledgling IT team of Mufti, Ginesys was able to improve visibility into daily operations, control on sales stock and consolidate store information.
Standardized business process: The company was able to map their sales process with correct tax parameters and stock transfer to EBO. Another achievement was to comprehend the traditional business processes of Mufti and implement a standardized business process.
On 4th May 2014, ZEE Business covered Ginesys on the solutions and the services in retail value chain.
Soumyadip Bhattacharya, Software Development Head of Ginesys highlighted the business benefits of ANALYTICS in Retail in multiple aspects.
1. Identify cross-selling and up-selling opportunity: Coherent customer data helps retailers to leverage up selling and cross-selling. It helps to understand customer buying pattern and maintain customer relations.
2. Improve Efficiency and Streamline its operations: Analytics helps to have deep insights of the business and thereby streamlines the operations. It helps to identify which store, product, SKU, brand that is selling the most. All the information is centralized and is viewed on dashboard and thereby saves lot of time and eliminates inefficiencies.
3. Business Projection Trajectory: Analytics as a trajectory tool in projecting the complete view on customer and competitor experience and opportunities that lie ahead as it records all the data incurred at a period of time and have an advantage of it.
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For accuracy in decision making, it is critical for all businesses to have information at the right time. For Retail, the importance of ‘Right Time’ is even more, owing to ever-changing, dynamic and competitive market it is in. Information flow should be real time across the retail value chain.
Recently, a white paper published by Accenture in association with Oracle emphasises on this very fact. It has highlighted 4 major facts, stressing the importance of real-time information in a retail environment:
- Consistently aligning supply and demand by sensing the demand, then shaping it into a reality and measuring the outcome of the actions.
- Minimize risk and maximize resilience by continuously analyzing the supply chain and removing the bottlenecks, especially when you are operating in diverse environment. Whether to procure it centrally or locally and whether to manufacture or procure are perfect examples.
- Lean Global Operations by having the flexibility to work in centrally or locally controlled environment but in an integrated manner.
- Leveraging the state of the art technology not only to engage and give customers a great buying experience but to analyze your business using specialized tools.
All the above mentioned points can only be possible if one has an end-toend integrated Retail ERP. Ginesys Retail ERP is a complete suite that provides real time information flow generated from POS to Back Office and provides valuable insights of the retail business.
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For more information on Ginesys Retail ERP, visit www.ginesys.in