Power BI for Retail Industry

With increasing competition, it has become vital for the retail industry to understand their people, data, and technology stack. Power BI helps transform the retail operations data to improve efficiency and profitability by acting on the real-time insights delivered by Power BI reports.

How Power BI helps in retail industry epcgroup 1

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Why Power BI in the Retail Industry?

Besides growing competition, uncertainty is another challenge faced by the retail industry. The digitization boom has enhanced customer expectations, and now, customer demands are no longer the same. Today, consumers give equal importance to products and services. They expect a smooth experience along with quicker satisfaction.

The retail industry must focus on collecting and analyzing data to cope with the escalating demand and changing customer expectations. Power BI transforms the raw data into actionable insights giving you a 360-degree view of the entire business from factory to shop floor.

Power BI empowers retailers to understand buying and selling habits of their consumers with data intelligence and retail analytics. It is full of capable features allowing retailers to visualize data as per their requirements and priorities. Besides, they can share important insights such as customer engagement, loyalty patterns, customer experience, and cart abandonments with specific departments.

The retail industry can leverage a suite of reporting, forecasting, predictions, and analytic tools in any form they wish. Additionally, they can customize the Power BI dashboards to segment the data based on demographics or create predictive modeling for precise sales forecasting.

Global Store Analysis

Do not hinder your retail business by making decisions based on unsubstantiated data. Today it is a lot easier to collect and analyze data, especially when you have Power BI.

Integrate Power BI in existing POS (Point of Sale) systems located at global stores and leverage the whole new hemisphere of reports and analytic functionality.
Navigate, filter, sort, and visualize data for optimizing data reporting. Get valuable insights into customer behavior, buying patterns, inventory management, and promoting success rates.
Get valuable insights into purchasing patterns and make genius inventory predictions by viewing and analyzing data at your desired speed and scale.
Utilize historical data, employ predictive analytics, and reduce unforeseen challenges to overcome stock and inventory dilemmas.

Effective Inventory Management

A new set of features for real-time inventory monitoring to control and optimize the replenishments in Power BI will change the game for the retail industry.

Customize Power BI dashboard to generate an alert immediately after noticing an out-of-stock situation by creating an accurate report on product profitability.
Create Power BI reports analyzing cash tied to the existing stock.
Customize Power BI reports to get the monetary value of the products and derive actionable insights to maintain better cash flow.
Power BI reports can access data from all data sources to know the inventory status of each warehouse and the value held by every supplier.

Keep Up with Changing Consumer Trends

With Power BI, it becomes seamless to track changing consumer trends. Keeping up with it helps build an effective marketing strategy, work on trending design, alter product development, and incorporate every change as per consumer expectations.

Use Power BI intelligently to analyze big data to find patterns in customer purchasing behavior to prepare the business for incorporating changes.
Use Business Intelligence reports to plan, monitor, and assess the effectiveness of promotional activities, get reports on how the customer reacts to marketing activities, and personalized incentives promotions and competition.
Collect social media data and analyze it to measure engagement levels, track demographics, understand buying patterns, and assess influencing behavior.
With the right insights, boost supply chain efficiency to meet changing consumer demands. Enhance forecasting ability to meet seasonal demand.

Offer Omnichannel Experience

A more engaging omnichannel experience will soon replace multichannel retail. Power BI will unify the customer interactions at every touchpoint (mobile app, website, Brick & Mortar) to treat it as a single channel interaction for a delightful customer experience.

With a feature-rich visualization tool, Power BI will aggregate data from online and offline sources for retailers to predict user behavior and get a unified picture of customer demands and expectations.
Power BI is geared up with AI-assisted inspection and analysis to provide detailed demand forecast, product assortment, and logistical assistance.
Power BI dashboards with real-time analysis will assist in boosting supply chain management so that the storefronts replenish inventory at the right moment.
Thorough budget assessment to understand different areas for cost-cutting, intelligent plans for floor optimization, and predictive analysis to maintain a balance between supply and demand for perishables results in reduced operational costs.

How EPC Group Helps in Revolutionizing the Retail Industry?

EPC Group is a Microsoft Gold Certified Partner for Power BI based in Houston, Texas. Being a reputed Power BI implementation expert EPC Group has executed Power BI projects for more than 100 global retail businesses.

We will assist you in evaluating your retail business needs and come up with a data-driven strategy for effective Power BI implementation and use.
Developing customized Power BI applications is our core expertise, and we have the right team to cover all technologies from legacy frameworks to modern Power BI.
We are known for impeccable Power BI dashboard development, Power BI service setups along Power BI gateways.
Since our inception, we have done 100+ Power BI implementation and development projects. It allows us to set strict Power BI consulting benchmarks for our consultation and development projects.