Recently, we were working with a retailer in London. The task ? To help them sell more, profitably.
We performed a lot of deep analysis of the markets in which they operated, in particular their on-line stores, bricks-and-mortar sales, and their EBay and Amazon stores. We gained an understanding of their problems and way of working. We decided to build an on-line platform to help them to understand their data and make better decisions, with Power BI and the DAX language.
A lot of data is now gathered by the business. This is market intelligence data from various on-line platforms, gathered largely through APIs, plus in-house data. This data is formatted, clean and enriched, before being loaded into a data warehouse, from where it can be analyzed in Power BI.
Product data is generally analyzed according to its sell-through rate and profit margin (albeit, sometimes very small profit margins). These thin profit margins are maintained by AI algorithms that set prices by deep analysis of a product’s selling rate, its price and what competitors are selling it for.
The result ? Increased profits ! Keeping on top of the market and knowing what to sell and at what price is crucial in today’s tough, competitive retail market. By utilizing a correctly designed data warehouse, continuous data feeds, and Power BI, you stand a much better chance of keeping ahead of your competitors.
If you’d like to know how we can help your retail business, please get in touch on 0207 720 6531.