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Retail Industry And Business Level Intelligence – Shamayun Miah

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Retail Industry And Business Level Intelligence – Shamayun Miah

In the retail industry, business intelligence is more crucial than ever. Customer data can be used to discover trends and behavior, assess which items and services are selling (and which aren’t! ), and how to target new customers, in addition to beating the competition.

What is the Retail Industry’s Business Intelligence?

The process of leveraging data to uncover important consumer insights and information that can be used to make informed company decisions is known as business intelligence. A technology-driven process for collecting, storing, and managing data such that it is accessible and ready to be evaluated is required to achieve business intelligence.

What are the Benefits of Business Intelligence for Retailers?

There’s no such thing as too much information when it comes to outperforming your rival in retail, which is more fast-paced and competitive than ever before. Customers now have more alternatives than ever because of the rise of eCommerce- Shamayun Miah. Business intelligence monitors how customers interact with online stores, and this data can be utilized to improve the buying and service experience for customers. A consumer, for example, may receive recommendations based on recently seen items. With business intelligence, eCommerce helps retailers to make smart, efficient decisions based on customer behavior. This data is available in real-time, allowing businesses to instantly adjust prices or change product offerings.

This data is also useful for brick-and-mortar retailers, who can use it to balance inventories between online and in-store merchandise and offer cost-effective shipping choices like buying online and picking up in-store. Best Buy, Home Depot, JCPenney, Kohl’s, Old Navy, Target, Walmart, and a growing number of other brick-and-mortar businesses are now offering this option.

Businesses can also provide a uniform experience across all channels with more access to critical consumer and operational data. Furthermore, business intelligence data can be utilized to forecast when things will run out, allowing businesses to plan and make better location-based merchandising decisions- Shamayun Miah. For internet customers, sorting through thousands of alternatives might be intimidating. It’s reassuring to walk into a store where decisions have already been made for you.

Make it simple for clients by compiling a list of the greatest items. Customers will appreciate not having to make so many decisions and knowing that someone they can trust—you—has selected the finest option for them -Shamyun Miah.

Marketing

Advantages Of The Retail Marketing – Shamayun Miah

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Advantages Of The Retail Marketing – Shamayun Miah

The application of marketing functions in the distribution of goods to customers is known as retail marketing. Organized retail encompasses marketing efforts such as grading, packing, advertising, and advertisements, as well as displaying a variety of items at a suitable price with offers such as discounts and credit. Retail marketing provides consumers with the ease and comfort of purchasing at a location or medium that is convenient to them – Shamayun Miah.

Retail and marketing are two distinct concepts; whereas retail involves selling a small number of goods to a specific group of people, marketing entails a variety of activities such as transportation, banking, insurance, warehousing, and promotion. The major goal is to provide the goods to the clients promptly so that they can be satisfied.
Goods are made for consumption and satisfaction, which is made possible by the marketing system. The current retail operation of delivering goods or services to customers is more than just a sale; it is a marketing activity that adds value.

  • Online sales currently make up around a quarter of the total retail market, showing that the industry is growing rapidly. Customers are increasingly placing orders online, therefore retailers who ignore e-commerce risk losing business- Shamayun Miah.
  • However, before deciding whether or not to trade online, you should carefully weigh all of the advantages and disadvantages and undertake thorough market research.

Some of the benefits of selling online are as follows:

  • Easy market access – in many respects, entrepreneurs’ market access has never been easier. Using online markets like eBay and Amazon, anyone can set up a simple online shop and sell items in minutes. Consider selling on internet auction sites.
  • Reduced costs – selling online can eliminate the need for expensive physical locations and client-facing people, allowing you to invest more in marketing and improving the consumer experience on your e-commerce site.
    When selling over the internet, traditional retail development constraints such as sourcing and paying for larger things are no longer an issue. With a savvy digital marketing strategy and a plan to scale up order fulfillment operations, you can respond and improve rising sales
  • Grow your market/export – a significant advantage over traditional brick-and-mortar retailers is the ability to simply expand your market outside local customers. You may discover that your products are in high demand in other countries, which you may fulfill by utilizing targeted marketing, offering your website in a foreign language, or partnering with an international company.
  • Customer intelligence is the ability to use internet marketing tools to target new customers and use website analysis technologies to gain insight into their needs.
Marketing/Technology

How Powerful Social Media Marketing Can Be For Your Retail Business – Shamayun Miah

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How Powerful Social Media Marketing Can Be For Your Retail Business – Shamayun Miah

Marketing on platforms like Facebook, Instagram, and Linkedin with a global audience helps build awareness like no other strategy when it comes to marketing techniques. Especially for retail businesses in the market, social media helps to level the playing field and gives all businesses, big or small, ample opportunities to get their brand noticed. Let us delve into how social media can propel the success of businesses.

Finding your Target Audience

Social Media Marketing has several features such as hashtags and tagging of individual accounts that make it a tad bit easier to identify potential customers who may be interested in your product or service. Hashtags help collate all relevant posts to a particular tag. For example, under the hashtags #chocolates, all posts regarding that will show up. This means providing appropriate hashtags for your posts will help bring your audience directly to you instead of you having to take a chance at those who may not be interested. Hence, Social Media platforms are powerful tools to help narrow down your target audience and increase marketing efforts towards them in a more streamlined manner- Shamayun Miah.

Interacting with your audience

With features like commenting, direct messaging, polls, and more, social networks help humanize brands and create a more genuine bond with consumers. You do not have to always post content related to your product, you can also enquire about the lives of your consumers or even conduct fun surveys to get to know what they expect of you. DM(Direct Messaging) is much more informal and convenient than emails where one can just go up to your page and click on ‘message’ or even reference images on your profile to enquire about a product. Hence, engaging with your audience has become a breeze- Shamayun Miah.

Importance to Visual Content

Though there are both textual and visual components, when one is scrolling through dozens or hundreds of posts, the visual is what strikes an impression and captures the attention of consumers. Hence, if your marketing team has a flair for creating breathtaking visuals you may have an advantage here and also you have all creative freedom to encourage this process- Shamayun Miah. You can provide high-quality pictures of your products straight away to reel consumers who are interested in them.

Marketing/Technology

ROLE OF BIG DATA IN MARKETING – Shamayun Miah

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ROLE OF BIG DATA IN MARKETING – Shamayun Miah

The Internet has been a boon for the everyday-to-day tasks. Many people are harnessing the internet these days to a great extent due to pandemics. There are lots of data that gets updated on the internet. In today’s commercial world, handling massive extents of data has become vital. Big data gives useful data insights. The insights assist businesses in formulating effective marketing tactics- Shamayun Miah. Marketing and Big data are together done a fantabulous job.

What is the meaning of Big Data?

Big data is nothing but huge chunks of data sets that are extremely large to handle. These data sets possess a lot of information. This information is complex. With big data, social media can reach a different level. Digital sellers can now frame modified marketing tactics, and discourse client needs efficiently- Shamayun Miah.

The Clear Picture

Due to the large use of the internet and social media, any analyst can gather data in abundance from social media. Social media is generating a lot of data that can be hard to calculate. Recently a survey suggested that almost 85 percent of the data has been supplemented during preceding years. And the study said that about 80 percent of the data originated from social media handles. The data which is continuously evolving is called big data. Every sort of information on the internet comes under data. It can be your display picture, remarks on social media, and anything. Remember that social media is not a choice but a crucial part of industries. Without satisfactory social media marketing drives, no occupation can continue the severe struggle dominating all around.

Micro-targeting

With the acceptance of Big Data increasing day-by-day, you need specific experts. The latter can examine and establish the data to rapidly comprehend the suggestions of the data. At the same time, you also require classy digital marketing tools for analyzing the data. These permit you to reach your target audience effortlessly on social media. Machine learning and Artificial Intelligence also play a vital role in isolating and analysis of the data. Big Data accepts the prospect of lesser your ad costs while increasing your returns. It makes your marketing campaigns for retail sector more efficient by targeting only the interested consumers- Shamayun Miah.