According to the 5th edition of the Digital Transformation in Brazilian Retail study, conducted by SBVC – Brazilian Society of Retail and Consumption, in partnership with OasisLab Innovation Space, 74% of retailers state that with investment in technology they achieved revenue growth, and 64% of players mention that they expanded the company's value. According to the study, 56% state that the main area of investment in technology is data.
In this scenario, where technology presents itself as a major competitive advantage in the retail sector, Guilherme Mauri, CEO of Minha Quitandinha, a retail technology startup operating under the autonomous convenience store franchise model, emphasizes that data analysis is the key to operational success. "With well-organized data, it is possible to extract valuable information about customers, products, sales, and market trends, so that companies can make strategic and intelligent decisions based on facts rather than assumptions," explains the executive.
To help those who want to optimize operations management through technology, the CEO of Minha Quitandinha lists five tips, check them out:
Invest in data collection software
According to Mauri, having an automated system that captures and organizes data in a structured way is crucial for effective analysis. "The information must be stored in a consistent and accessible format, allowing it to be easily studied and interpreted," he explains. The executive emphasizes that this way, it is possible to optimize processes, increase efficiency, and improve the shopping experience.
Analyze customer behavior
Take advantage of the information provided by the automated system to identify consumer profiles; this can be done through the study of preferences and purchasing habits. "Understanding the profile and desires of customers is crucial. In addition to analyzing collected information, satisfaction surveys and continuous feedback help meet consumer expectations," emphasizes Guilherme.
Monitor sales and enhance product mix
Through the study of collected data, it is possible to monitor the performance of goods, identify trends, and optimize marketing campaigns. A well-planned product mix is vital to attract and retain customers. "Technology enables precise product curation, focusing on local needs and preferences. This not only increases customer satisfaction but also reduces waste, as instead of a vast and often overwhelming selection, consumers find a curated selection of products that truly make sense for them. This focus on proximity and personalization helps improve the shopping experience," explains the executive.
Track inventory
With the application of Artificial Intelligence (AI) solutions, it is possible to improve inventory levels, reduce costs, and thus prevent stockouts. "Human errors and product waste can have a significant impact on a retail establishment's financial results. In this way, automation helps to minimize these problems, allowing for more precise management of inventory, pricing, and product expiration control. Additionally, automated ordering systems ensure that products are always available, preventing sales loss due to stock shortages," explains Mauri.
Automate pricing
Finally, the CEO states that with the use of AI, it is also feasible to manage product pricing, as the technology helps identify goods that have experienced an increase in purchase price, and thus, can have a higher value to avoid negatively impacting the retailer's margin or, alternatively, indicate which items need to have a lower price so that consumers purchase them more frequently. "Automating pricing is essential, as setting competitive prices maximizes the retailer's profit," he concludes.
