Introduction
For big retailers, organized retail data is king. But the challenge is to collect, manage, and work on this data to produce meaningful information. Shopping centers, which are investing in the best business intelligence solution to control and understand this information, The era of Big Data is staring at us; every year, the amount of data is increasing by many folds. One needs to get a complete hold on this data to get meaningful information out of it. Adopting new technology may always look like a daunting task, but BI tools have a good payoff, and sooner rather than later, you will reap the benefits of adopting business intelligence in your organization. The best Business intelligence software, like WovVBI, helps shopping malls monitor trends, work according to changing market conditions, and improve decision-making at different levels of the organization. Solutions like WovVBI are gaining traction at the global level. Some companies use BI to gain insight into customer shopping patterns; others want to get a pulse on employee performance. This software is capable of both.
Why is business intelligence required in shopping centers?
Shopping centers have to manage a vast amount of data—from supplier data to customer purchasing patterns, from employee data to inventory management—and every transaction, interaction, and data point offers an opportunity to gain a deep understanding of the processes and make your entire business more efficient and successful. Business intelligence and data analytics tools like WovVTech’s WovVBI record these transactions and produce actionable insights through the graphical representation of important information. Retailers can then make intelligent business decisions involving products, offers, promotions, shelf positioning, and discounts. They can even get a pulse on future market trends and win the market through personalization.
How do shopping centers benefit from business intelligence software?
Quick and accurate sales reporting
There are customized reports to monitor KPIs. These reports are generated using a variety of data sources, from which data is fetched and stored in a centralized database. WovVBI, a top business intelligence software, can integrate with more than 50 databases at a time. These real-time reports are based on real, recent, and relevant data, so you get the most authentic insights from these reports. For easy understanding, these reports have graphs, tables, and charts. The reports are interactive, so you can get the information you want in the way you want.
Precious business insights
Using the BI Tool for Shopping Centers, you can measure revenue, business performance, and product-specific indicators. can clearly understand their strengths and weaknesses, as business intelligence software can help shopping malls understand what is working and what is not. With this tool, you can easily stay on top of the KPIs that matter most to you.
It gives you a competitive edge.
The ability to report business intelligence from a large database that has a market sales record gives you a competitive edge. Furthermore, it has provisions for planning and forecasting, which is an incredibly powerful way to stay ahead of the competition. You can purchase data from third parties and feed it into BI software to get reports on competitors’ performance and sales, learn from it, and differentiate your products.
Get a holistic picture.
Shopping centers that can integrate data from various time periods in the past to get a complete picture are better poised to be successful than others. But then, this data is rarely squeaky clean; it’s not impeccable, but software like WovVBI, the Best Business Intelligence Cloud Software, can overcome this challenge as well. It can take care of collecting, updating, and creating clean databases that can produce insightful reports.
Better customer satisfaction
Customer satisfaction is very important for a shopping center’s success. With the help of advanced mall business intelligence tools, retail stores can understand customer behavior and purchasing patterns. These programs access customer and sales data, and based on that, they get insights that help them retain customers and better fulfill their needs. Once you have understood the buying patterns of shoppers, you can accordingly shape your product’s shelf positioning to drive better sales.
Market orientation
To get a pulse on your target market, you can feed the market sales data into your BI tool. This will help you identify new opportunities and build strategies to pull outside customers into your fold. This will give you a competitive edge and affect your long-term profitability. With WovVBI, you can easily get a key understanding of shopping mall data collection, detect new sales trends, and spot business opportunities.
Improved operational efficiency
Business Intelligence for shopping mall software gives key insights based on which you can streamline processes and remove bottlenecks to gain operational efficiency. The manual errors, delays, and inefficiencies are removed to give way to efficient, streamlined processes.
As already mentioned in the blog, WovVBI is an innovative Shopping Mall Management Software and Application that is specially designed to take care of shopping centers needs. It connects to multiple internal and external databases to build intuitive custom reports. You get to see precious insights with interactive, captivating reports. There are more than 50 pre-built reports that are available, along with instant notifications, a simple UI, easy set-up, and user role and profile management automation. It’s the best software for shopping centers to understand the retail mix and plan for evolving market trends in the future. Here are its key features:
- Build custom reports and pivots using an intuitive report builder. You have access to all the information, and you can generate the desired reports in minutes.
- Extensive reporting for shopping centers. All key measurement parameters are already defined for users.
- graphic representation of reports for easy and quick understanding. You can download the reports in various formats and deep-dive into the data.
- The report creation option allows you to make custom reports by choosing data fields and layout designs.
- Integrate data from multiple sources (more than 50) to build holistic reports.
- Dashboard with more than 50 KPIs Slice & Dice reports Footfall analysis. DIY report designer Store-wise report generation
- Reports can be exported as Excel, images, or PDFs and can be easily shared online or carried away after printing.
Conclusion
Mastering the new world of retail BI can be challenging at times. There are so many BI solutions, but which of these have the right reports? Which of these integrates with the right databases? Which of these can predict the right future trends by analyzing the available data points? Other points are affordability, usability, and adaptability. Keeping all these things in mind, our suggestion is WovVTech’s WovVBI. This business intelligence software for shopping centers can definitely help you shape and plan your marketing strategy for a sure win.
