According to the 5th edition of the Digital Transformation study in Brazilian Retail, conducted by SBVC – Brazilian Retail and Consumer Society, in partnership with OasisLab Innovation Space, 74% of retailers claim that with technology investments, they have increased revenue, and 64% of players mention that they have expanded the company’s value. Additionally, the study reveals that 56% state that the primary technology investment area is data.
In this scenario, where technology is a significant competitive advantage in the retail sector, Guilherme Mauri, CEO of Minha Quitandinha, a retail technology startup operating in the autonomous minimarket franchise model, emphasizes that data analysis is key to operational success. ‘With well-organized data, valuable information about customers, products, sales, and market trends can be extracted so that companies can make strategic and intelligent decisions based on facts rather than assumptions,’ explains the executive.
To assist those looking 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. ‘Information should be stored in a consistent and accessible format, allowing for easy study and interpretation,’ he clarifies. The executive emphasizes that this approach can optimize processes, increase efficiency, and enhance the shopping journey experience.
Analyze customer behavior
Take advantage of the information provided by the automated system to identify consumer profiles, this can be done through studying 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 maximize the product mix
Through the study of collected data, the performance of goods can be monitored, identifying trends and optimizing 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 offer, consumers find a curated selection of products that truly make sense to 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 optimize stock levels, reduce costs and thus, avoid stockouts. “Human errors and product waste can have a significant impact on the financial results of a retail establishment. In this way, automation helps minimize these problems, allowing for more precise inventory management, pricing, and product expiry control. Additionally, automated ordering systems ensure that products are always available, avoiding lost sales due to lack of stock,” explains Mauri.
Automate pricing
Finally, the CEO also states that with the use of AI, it is viable to manage product pricing, as the technology helps identify goods that have had a purchase price increase and therefore may have a higher value to not negatively impact the retailer’s margin or, on the other hand, indicate which items need to have a lower price for consumers to purchase them more frequently. “Automating pricing is essential because setting competitive prices maximizes the retailer’s profit,” he concludes.
