Business Intelligence Tools for Retail – Today, the use of business intelligence tools for retail is increased. It aims to enhance the financial, operational, and decision-making performance.
In this article, we will highlight the most popular BI tools in retail businesses. So, if you are running a retail business, make sure that you keep reading this article!
Business Intelligence Tools for Retail to Choose in 2023
In the highly competitive retail industry, making data-driven decisions is crucial for success. Business intelligence (BI) tools specifically designed for the retail sector empower businesses to gain
valuable insights from their data, optimize operations, and deliver an exceptional customer experience.
1. RetailNext
RetailNext is a comprehensive BI tool designed specifically for the retail industry. It provides retailers with real-time data analytics, enabling them to monitor and analyze customer behavior, store
performance, and sales metrics. RetailNext’s advanced analytics capabilities help retailers identify trends, optimize store layouts, and enhance customer engagement. The tool offers features such
as traffic counting, heat mapping, and conversion analysis, allowing retailers to make data-driven decisions to improve sales and operational efficiency.
2. Salesforce Commerce Cloud Einstein
Salesforce Commerce Cloud Einstein is an AI-powered BI tool tailored for retail businesses. It combines customer data, online behavior, and predictive analytics to deliver personalized shopping
experiences. The tool enables retailers to segment customers, create targeted marketing campaigns, and optimize pricing strategies. With Commerce Cloud Einstein, retailers can leverage AI to
predict customer preferences, recommend products, and provide personalized offers, ultimately increasing customer satisfaction and driving revenue growth.
3. SAS for Retail
SAS for Retail is a powerful BI and analytics platform that offers comprehensive solutions for the retail industry. It provides retailers with the ability to analyze sales data, customer behavior,
inventory levels, and supply chain operations. SAS for Retail offers advanced forecasting and demand planning capabilities, enabling retailers to optimize inventory levels, reduce stockouts, and
improve overall supply chain efficiency. The tool also facilitates customer segmentation and loyalty analysis, allowing retailers to tailor their marketing efforts and enhance customer retention.
4. IBM Cognos Analytics
IBM Cognos Analytics is a versatile BI tool that caters to various industries, including retail. It provides retailers with a unified view of their data, enabling them to analyze sales performance,
monitor inventory levels, and assess marketing campaigns. Cognos Analytics offers interactive dashboards, self-service reporting, and data visualization capabilities, empowering retail decision-
makers to explore data and uncover insights. The tool also provides advanced analytics features, such as predictive modeling and scenario planning, to support data-driven decision-making.
5. MicroStrategy
MicroStrategy is a comprehensive BI platform that serves multiple industries, including retail. It offers a range of retail-specific solutions, including sales analysis, inventory management, and
customer analytics. MicroStrategy enables retailers to leverage their data to understand customer preferences, optimize pricing and promotions, and improve overall operational efficiency. The
platform provides interactive dashboards, visualizations, and reporting capabilities, allowing retail stakeholders to monitor key performance indicators and make data-driven decisions.
What Are the Best Business Intelligence Tools for Retail?
If you are looking for the best business intelligence tools for retail, here are the options to consider:
1. Alteryx
Firstly, we recommend you Alteryx. The company specializes in presenting and blending data.
With this software, you’ll be able to organize, clean & analyze data repeatedly. So, it helps you to connect to and cleanse data from different sources.
For your information, Alteryx comes with tools running different analytic jobs in a single interface.
2. Amazon Web Services
Besides that, there’s Amazon QuickSight that allows you to create & publish BI dashboards with natural language.
What makes it belong to top business intelligence tools for retail is that it can scale to so many users with no infrastructure.
In addition, it promotes pay-per-session pricing. Therefore, customers need to pay only when users access reports or dashboards.
The good news is that you can access dashboards from any device.
3. AnswerRocket
When talking about business intelligence in retail industry, AnswerRocket belongs to the best options. It lets you ask questions about business with natural language.
Then, it doesn’t require technical skills for generating analysis or running reports. Moreover, it combines advanced analytics functionality, machine learning, and AI.
Furthermore, this BI tool is helpful for automating manual tasks and answering ad hoc questions fast.
Besides including native voice recognition, it is also mobile-friendly.
Well, that’s the most recommended business intelligence tools for retail. Hopefully, this can help you to find the BI software that suits your business in retail industry.
