Use of technology expands revenue and value for retail players; Learn how to use it in operations management.

According to the 5th edition of the study Digital Transformation in Brazilian Retail, prepared by SBVC 2 Brazilian Society of Retail and Consumption, in partnership with OasisLab Innovation Space, 74% of retailers say that with investment in technology achieved increased revenue and 64% of players, mention that expanded the value of the company. Still according to the study, 56% states that the main area of investment in technology is data.

In this scenario, in which technology presents itself as a major competitive differential in the retail sector, Guilherme Mauri, CEO of Minha Quitandinha, a retail technology startup that operates in the autonomous minimarket franchise model, highlights that data analysis is the key to the success of operations. “With well-ordered 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 and not on” assumptions, explains the executive.

To help those who want to optimize the management of operations through technology, the CEO of Minha Quitandinha lists five tips, check out:

Invest in software for data collection

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 it to be easily studied and interpreted”, elucidates.The executive emphasizes that in this way it is possible to optimize processes, increase efficiency and improve the experience of the buying journey.

Analyze customer behavior

Take advantage of the information provided by the automated system to identify the profile of consumers, this can be done by studying preferences and buying habits.“Understanding the profile and desires of customers is crucial.In addition to analyzing information collected, satisfaction surveys and continuous feedbacks help meet the expectations of the consumer”, emphasizes Guilherme.

Monitor sales and leverage the product mix

Through the study of collected data, one can track the performance of goods, identifying trends and optimizing marketing campaigns. A well-planned product mix is vital to attract and retain customers. “Technology enables accurate product curation, focusing on local needs and preferences. This not only increases customer satisfaction, but also reduces waste, since, rather than a vast and often overwhelming offer, consumers find a curated selection of products that really make sense for them. This focus on proximity and helps improve the personalization experience of”, clarifies the executive.

Do inventory tracking

With the application of Artificial Intelligence (AI) solutions, it is possible to improve inventory levels, reduce costs and thus avoid disruptions. “Human errors and product waste can have a significant impact on the financial results of a retail establishment. In this way, automation helps to minimize these problems, allowing a more accurate management of inventory, pricing and product validity control.In addition, automated ordering systems ensure that products are always available, avoiding loss of sales due to lack of inventory”, explains Mauri.

Automate pricing

Finally, the CEO states that also with the use of AI, it is feasible to manage the pricing of products, because technology helps in identifying goods that have had an increase in the purchase price, and thus, may have a higher value not to negatively impact the retailer's margin or, even, indicate which items need to have a lower price for consumers to purchase them more often. “Automatizing pricing is critical, because defining competitive prices, maximize the retailer's profit”, he concludes.