Key Benefits Of Tableau Software In The Retail Sector
Tableau helps people see and understand their retail data no matter how big it is, or how many systems it is stored in. Quickly connect, analyze, and share insights to reveal hidden opportunities that impact each sale, and your entire organization. With a seamless experience across PC, tablet, and smartphone, ask and answer deeper operational questions with expressive, interactive dashboards—no programming skills required.
Key Benefits of Tableau in the Retail Sector:
Tableau can help retailers to solve the problem of having the correct product, at correct inventory levels, in the correct stories. By analyzing product availability by category, supplier, day, and store region, retailers can identify gaps in efficiency and interactively drill into the details.
More than half of all retail sales are made during promotions, so it’s important to be able to visualize data during each phase – pre-promotion, the promotional period itself, and post-promotion. Tableau helps you create dashboards showing exactly what’s happening throughout the promotional cycle so they can prepare for availability issues by highlighting potential inventory stock shortages.
Store operations dashboards can provide rich insights to the corporate office, and region/ store managers about performance and execution. With store operations dashboards, managers are able to better benchmark the performance of stores in a region against metrics like Sales, Year Over Year growth, Traffic, Average Transaction Value and Units Per Transaction. They can also drill down to unique store level operations data like weekday vs weekend sales, product department performance, compare space productivity within the store and evaluate top selling brands.
Category managers need to make profitable decisions around products that customers are demanding. In order to do that, merchandisers need to quickly analyze demand data by sales and profit margin performance by departments, sub-categories and brands. With merchandising assortment dashboards, managers can gain a quick overview of relative sales performance of sub-categories, share of private label and national brands, and categories that can contribute up to 80% of sales. They can also get richer insights on the attributes that lead to higher conversion such as product type, colors, shape, and styles.
For most consumer product goods companies, brand perception is critical to the success of their business. Executives at large CPG companies need insights into how consumers perceive the company brand, for the benefit of derived utility and price.
A brand health dashboard can show the benefit vs price effect by deep diving at the sub brand level . Combining this with profitability and price elasticity of the brand, executives can decide on allocation of additional marketing dollars to gain Category leadership for these brands and push the benefit perception higher for higher profitability brands.
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