Introduction
The shopping malls use business intelligence to optimize product sales, create a business growth strategy, and predict future market dynamics. WovVBI, a cloud-based, SaaS-modelled BI solution from WovVTech, helps shopping malls make better decisions aimed at expanding their businesses and building competitive advantage in today’s dynamic and challenging retail market. Doing sales analysis is one of the most important reporting activities in any organization. There are Shopping Mall Management Software and Applications that touch every aspect of your business: sales, marketing, merchandising, operations, supply chain, finance, and others. But the question is whether to go for a comprehensive BI solution that looks into each of these aspects or to go for the best-of-breed approach. The decision is in your hands, but here, WovVBI, the Mall Intelligence Software, masters the sales part of your shopping mall. WovVBI offers sales reports in different dimensions, like products, services, locations, regions, time periods, etc. By going through these reports, you get complete insight into business groups, individual brands, and KAMs. Having access to such precious data, you can increase store profitability and boost your mall’s overall growth strategy.
WovVBI increases shopping malls performance.
Informed decision-making
To be a successful manager, one needs to make sound decisions at the right time. While this is already challenging, it becomes even more difficult if managers don’t have the right information at the right time. As a sales manager, these are some of the questions that you have to deal with: What is the cash flow? Which products bring in more revenue? What is your sales team focusing on? Are there any shortcomings that you need to amend? These are some of the important questions that you need to answer with accuracy to further push your business into the spotlight. Last month’s sales data alone won’t help; it doesn’t give that granular picture. You have to have the DSR, which gives you daily sales data as they pass, so that you can take quick decisions to amend processes before it’s too late and also glean important insights from daily sales data. Shopping mall analytics give you pinpoint accuracy to zero in on a problem before it becomes too big.
Root cause analysis
With WovVBI sales reports, you get to know that this particular product is doing well. What could be the reason for this?
- Is there a great demand for this product?
- Is our product better than our competitors’?
- Is this a seasonal phenomenon?
- Are these sales representatives doing better than others?
- Is this product kept in a better shelf position?
- Is it cheaper in comparison to competitors products?
As you tend to investigate these questions, you develop a better grasp of the background of this product, which helps boost sales of this product.
Similarly, if our ADSR from Retail Mall Analytics shows that a particular product is not doing well, what could be the reasons for that?
- Is it of poor quality?
- Is it expensive?
- Is there no demand for this product now?
- Is it a seasonal variation?
- Has it got proper shelf positioning?
- Are the concerned sales representatives doing their job well?
Again, getting answers to these questions will generate precious insights based on which you can fine-tune your sales strategy for this product.
Monitor and motivate salespeople.
These sales reports from Analytics for shopping malls can easily give a hint on individual products performances, suggesting how well the concerned sales representatives are working. If you can relate salespeople’s performances to sales, you will be able to find out the relative performances of the sales representatives. After which, you can take various actions, like motivating the sales staff for better performance. Such monitoring and motivation will boost the morale of the sales team, leading to better sales across products.
Everyday insights for better performance
WovVBI, the Shopping center management software, includes sales reports that give quarter-wise, month-wise, and day-wise sales performances. These monthly, weekly, and daily sales reports have astounding benefits—through them, you get clearer insights on how well the current quarter is going and how well the last quarter went. Each day’s performance will add up to your quarterly and yearly sales performance, so try to get the most out of DSRs.
It gives key retail insights.
WovVBI gives key retail insights like trading density and health ratio. The trading density of shopping malls is the ratio of total net sales to the total area of the mall; it is expressed in dollars per square foot. The trading density of a mall helps you choose the right assortment, choose location, do the right pricing, do marketing, do better merchandising, get product knowledge, offer better customer service, and improve the shopping environment. Similarly, health ratios can help mall owners make intelligent decisions regarding a brand’s presence in their mall. The health ratio can be plotted against time to determine sales. This ratio can reveal if a tenant’s sales are increasing or decreasing when compared to fixed costs. Based on this insight, it can be decided whether the tenant needs to increase sales or move to a lower-cost location.
WovVBI Features
This software is from an Analytics firm for malls and shopping centers. It’s an innovative retail platform that can capture retail data and analyze it through advanced intelligent tools. It’s a fully automated system that offers customized views and results. Here are its key features:
- It has an intuitive report builder that helps you build custom reports and pivots. All the data is available to the users, allowing them to get the required insights in minutes.
- Provides extensive reports, especially for shopping malls. All key parameters and reports have already been defined.
- There are appealing visual charts that help you dive deep into the data. Charts can be changed and customized for better report representation.
- Integrate data from multiple sources, like Yardi and Salesforce, to build intuitive custom reports.
- You get real-time reporting, instant notifications, easy set-up, a simple UI, and user role and profile management automation.
WovVBI is a great Shopping mall analytics and sales capture solution that has been exclusively designed to boost shopping malls’ performances. There is an intuitive Dashboard, hard-coded reports, and customizable charts, all designed to give you precious information that helps you better manage your mall and make sound future decisions.
Conclusion
WovVBI is a decision support system that integrates dispersed data in your organization and even outside it and converts it into valuable information about your company in today’s challenging and dynamic sales environment. Our BI solution has predefined multi-dimensional analytical models that provide key information about sales processes. This analytical tool gives data access through the right mechanisms like reports, dashboards, KPIs, charts, and alerts. Designed specially for retail, it helps you optimize processes by identifying processes in store sales. Try this advanced, amazing business intelligence software today to improve the performance of your shopping malls.
