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Now more than ever, businesses need the right tools and partners to enable them to grow while also remaining lean. Is your organization’s data strategy up to the task?
While 2023 is projected to see a 4.8% increase in global retail sales growth, inflation and unemployment rates will also continue to rise steadily into the new year. So, how can you leverage your data to do more with less in the face of environmental challenges? Let’s take a closer look at some data-centric strategies organizations can employ now to protect themselves against economic hardships and promote long term growth.
Retail Price Optimization: Prescriptive & Predictive Modeling
2023 is projected to bring in $30.3 trillion in retail sales worldwide. Is your business’s pricing strategy optimized to take advantage of this projected spending? Retail price optimization can help you determine how your customers may respond to price fluctuations for your products and/or services. It can also provide insight on how your customers interact with products/services through different sales channels. Our experts can work with your business to create predictive and prescriptive models to optimize your pricing strategy.
Supply and Demand Forecasting: Data-Driven Business Insights
Another way businesses can better prepare for the anticipated increase in sales volume is through supply and demand forecasting. After all, your sales forecast is only as good as your data! With technologies that leverage artificial intelligence and machine learning, you can identify benchmarks, patterns, and cause-and-effect relationships in your sales and supply chain activity. This results in more accurate demand and performance forecasts, allowing for adjustments to inventory, marketing campaigns, and sales promotions in near real-time.
Omnichannel Sales: Real-Time Analytics
Whether your customers are shopping from their phones, laptops, tablets, in-store, or a combination of platforms, an omnichannel shopping experience is expected by the modern shopper. By providing omnichannel experiences, businesses can expect to collect large volumes of data on customer behavior, preferences, attitudes, and values from a variety of different sources, both internal and external. You may be missing out on important insights if your organization is not equipped to process, manage, and understand this complex ecosystem of data in a timely fashion. SDG can help teams easily access real-time analytics from omnichannel sales through a variety of modern approaches and technologies tailored to meet individual organizational needs.
SDG can help your retail business thrive with robust data management and analytics solutions leveraging industry-leading technology partners. Contact us today to learn how we can help you make the most of your data.
About SDG Group
Business agility is the ability of an organization to adapt quickly to market changes, both internally and externally. This can only exist by becoming a truly data-driven company. At SDG Group, we achieve this by co-creating optimal solutions with our customers, leveraging Data & Analytics services through a unique combination of business domain expertise and state-of-the-art technologies delivered by industry-leading talent.
