The customer demands, the market conditions, the competition and the general business scenario keep changing rapidly. It is unwise to expect your years-old business strategies to work in the long run. When do you need to revamp your business? When you experience a decline in sales, when you experience new competition, when you venture into new markets or when you realize that your business can perform better? There are multiple reasons for you to revamp your business and there is one strategy to ensure that your business reformation culminates in success. Read on to understand how Site Lantern data analytics solutions ensure your revamp efforts are on point and effective.
Identifying Business Opportunities
More than increasing sales and profit, data analytics solutions can shed light on many overlooked aspects of the business such as untapped markets, customer segments, and product improvement/development opportunities.
For instance, imagine you run a grocery store and you experience a 15% increase in sales during the first weekend of every month. This window of opportunity is likely to go unnoticed when you manually inspect your data, leading to loss of sales and stock shortages eventually. When you employ predictive analysis on your business data, you get notified of such opportunities, allowing you to prepare in advance to reap the benefits.
Recognizing Business Glitches
Finding the right opportunities and making the right investment is not enough to drive sales to your business. You could face many glitches in manufacturing, distribution, or even marketing which can disrupt your business and hew your sales. Site Lantern data analytics solutions will help you to detect such hindrances in advance and eliminate or minimize the disadvantages arising from them. Let’s look at the example of shipping & logistics; the speed and efficiency of your supply chain directly impact your sales. Data analytics solutions can be employed to accurately forecast scenarios that could impede the smooth functioning of your supply chain. For instance, analyzing the seasonal trends in sales of your product can help you make informed decisions on inventory management.
A smooth transition to E-commerce
The popularity and practicality of E-commerce were steadily increasing and the occurrence of COVID-19 has made it an indispensable business reformation strategy. Venturing into the arena of E-commerce has been rendered feasible and effective for small-scale businesses and retail stores as well. Read more about the benefits of building an E-commerce presence for your business here.
On top of that, applying Site Lantern’s data analytics solution to a customer’s E-commerce data enables business owners to identify patterns in customer behavior such as unique choices, time of the year, location, etc. These insights can help you deliver personalized recommendations such as showing products/services, content or offers based on personal data, browsing behavior, and previous actions.
The right approach to revamp the business is to focus on customers’ needs. Data analytics solutions help you to understand customers, ask them the right questions and derive the right product development strategies. The demographics are changing fast and so are customer trends and preferences. Customers tend to be more loyal to brands that revamp their business and reinvent or upgrade the products in accordance with the shifting customer demands. Nowadays it is very easy to derive large amounts of data in the form of feedback, suggestions, likes and reviews via Social Media, E-commerce sites, usability tests and surveys.
Are you planning to reinvent your business and contemplating the strategies to do it? Get in touch with the data experts at Site Lantern and let us do the legwork for you. Hop on to our website, glance through our services to discern the manifold scope of data analytics solutions.