By Yeldi on August 3, 2016
7 interesting ways on how analytics can benefit small and medium retailers
Know how analytics is great for your retail business with Yeldi.
To begin pondering over the role of analytics in the retail business, let’s begin with examples that are actually changing the lives of small and medium retailers. Yeldi is on the anvil of changing the way retailers work with its business solution offerings for Retail Stores. It’s time to get benefitted with Yeldi Analytics and there are many ways to discover the same.
With Analytics from Yeldi, Know Your Customer’s Spending Pattern, In & Out.
Find out the products and services your customers are most interested about by figuring out their spending pattern. With Yeldi analytics, you can very well analyse and plan. Order the most desired things, avoid over-stocking and stay ahead in the competitive market of today.
Yeldi Analytics Bridges the gap between Large Format Retailers and the Small Ones.
Figuring out the profit margins is just not enough. With Yeldi Billing Solution for Restaurants and the analytics tool, understand the sales generated by products, offers, demographics, etc. Work on the best-selling points like your top selling products and increase your profit margins even more.
Leave everyday retail management with Yeldi.
Managing everyday sales in retail outlets is challenging. With the digital billing solutions by Yeldi, billing is centralized. This automation helps in allocating loyalty points to customers. Issuing of loyalty cards and cash back also happens in a one-step process.
Interested to know more? Click here: https://www.yeldi.com/Retail-billing-software.aspx
Let’s figure out the role of analytics from a general stand point.
With technology as a part of your retail business, it enables a competitive edge by reducing overhead, improving planning and bringing in faster and much more efficient automation. A retail business can forecast demands and roll out production plans as per the analytics available on the retail software. It is in fact great to find out the best selling products and the sudden demand days for them. The retailers can maintain their cost effectiveness by meeting the just-in-time requirements provided in the analytical tool.
An automation tool tells you how much to invest in inventory month on month. It also gives you a fair idea of how much stock you need to order to keep up with expected sales without going overboard with it. Make use of your automation tool to tell how to keep merchandise flowing into the store throughout the season. Reorder the items which are 'hot' and which are not and the respective manufacturers. Also determine the best-selling stores and individual sales staff.
Planning to run an automation retail tool for your business? Here’s why you should think about it.
Reduces the Cost of Inventory
Since automatic inventory puts an end to over-buying and under buying both, it reduces the overall cost of inventory. Your automation system will clearly denote the requirement as per your last month’s figure. It will also educate you on buying the seasonal variants and much more.
Consider Yeldi as your business driver and its retail automation tool, click here to find out more.
best-selling stores and individual sales staff.
Avoids Being Overboard
Your automation tool tells you how much inventory you need in order to keep up with expected sales without going overboard. The precise calculation is the key to have the exact demand-supply situation, thus helping being understock or overstock.
Builds on Customer Trust Everyday
You know your best selling products and the ones desired and loved by the customers through the inventory tool. You can make more room for the hot selling products. The trust of your customers thus increases with every day and every minute.
Piles up on Profits
Piling up on profits becomes a cakewalk. You have the liberty to enter the purchase price into the system when you issue a purchase order. You can also enter a retail price and the system will record your margin or you enter the desired margin and the price will be inserted by the system. Thus your profit margins are very well set and estimated.
Highlights your best-selling products
You can pre order your top selling products from your manufacturers. Your automation system will tell you the best sellers and the not so good ones too. Make a list of the top ones and know what works for you the best and what not.
Promotes the best performing stores & sales
You can analyse your best performing stores and the sales team too. Reward and highlight your best assets and inspire the other stores too. You can reward your teams too with such analysis.
Take Critical Business Decisions Easily
Since all your data is available in a click of a button, you can choose to take the most critical business decisions in a jiffy. As all of your data is based on statistics and actual figures, you can take decisions in a blinking of an eye.
Consider Yeldi as your business driver and its retail automation tool,
click here to find out more. https://www.yeldi.com/Retail-billing-software.aspx
Find out how Yeldi is benefitting retail businesses with its analytical technology.
Click here to explore https://www.yeldi.com/Retail-billing-software.aspx
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