LS Retail ERP fosters Power BI which is a set of services, connectors, and apps that coordinate together to turn unrelated sources of data into visually impressive, coherent, and interactive insights. You might record data in a spreadsheet or a collection of cloud-based and on-premises hybrid data warehouses. However, Power BI ensures easy data source connection followed by visualizing and identifying essential inputs and sharing them with anyone you want.
Microsoft Power BI sets an example of being one of the most popular SaaS (Software as a Service) Power BI services. You can use it on both your PC and mobile devices.
Role of Power BI in Sales
Any organization sets benchmarks based on its sales. A sales increment contributes to more customers, revenue, and profit. There was a time when sales data was tracked manually. It was researched and combined from various sources and transmitted into a single report. All the manual work made it tedious and prone to errors.
An organization cannot create relevant sales-boosting strategies without real-time data precisely displayed in a report. Be it on current market trends, customers, competitors, or KPIs, to take relevant action, one needs accurate data. This is where LS Retail ERP comes into play. Power BI automatically draws data from various sources and turns it into actionable reports.
How to Boost Sales with Power BI?
Sales will not increase automatically, decision-makers need a proper understanding of their environment and relevant aspects to come up with the most logical and feasible sales-boosting strategies. Planning needs data, real-accurate data. A little input inaccuracy can lead to internal as well as external losses.
A data-driven dashboard that BI generates displays essentials that need to be taken care of. Compiled data from various sources and formats transmuted into visual dashboards helps decision-makers to get a full-fledged picture of their business right in front of them. They can analyze each store’s performance and make necessary modifications, track sales performance, and much more. Here are five ideas to boost sales using LS Retail Power BI.
Carry out In-Depth Sales Analysis and Forecast
The very first step to employing LS Retail ERP to boost sales is to study your sales pattern. With Power BI Services, analyze sales made in the past few months and identify your mistakes. Compare the most recent sales with the previous ones and spot the difference. Identify the time you made the most sales, what strategies you used, and if it is possible to implement them again. Change your current strategies if required. Study previous statistics where you made the least sales, track the pattern and identify the redundant processes you might be repeating. Thoroughly study and compare your sales. Identify the factors or ingredients your customers did not appreciate earlier and try to avoid them. Suppose you increase your restaurant sales by 30% in 2018 when your restaurant offers free coke with a pizza. Identify the probability of an increase in sales if you implement the same or similar strategy again.
Be Creative with Meal Variations
Track the meals in demand the most, launch their variations or side dishes and offer them out. What ingredients can you add or remove from your meals? Offer unique side dishes like a new cake variation or add a mix of different herbs to French fries. You can also launch innovative dip ranges with simple snacks like chips, French fries, chicken nuggets, potatoes nuggets, etc. such as cashew cream, creamy jalapeno dip, Romasco sauce, Persian cucumber dip, and so on. With LS Retail ERP you get plenty from different touchpoints.
Create Loyalty Programs and Special Deals
Understand each of your customers, scan through their most recent purchase, and read their spending behavior with Power BI. customize exclusive deals and plans based on their preferences. Classify customers into distinct groups and launch specialized offers for them. Prepare meal plans and meal deals, avail loyalty points, and allow them to be redeemed at a given time.
Encourage Your Staff to be More Productive with LS Retail ERP
Track each member of staff’s performance and identify how you can boost their efficiency. Notice the technical and non-technical aspects impacting them. Check if they are compatible with modern technology. Analyze their pain points, try to resolve them, and identify the factors that would drive them to perform better. Encourage employees to work better with regular awards and rewards. It becomes easier if you have LS Retail ERP at your back. Ask your customers for their feedback on the staff hoisting them and reward the best-reviewed staff members at the end of every month or quarterly. This boosts your employees’ morale and drives other employees to give their best. LS Retail ERP provides a set of tools essential to boost your employee’s productivity.
Referral Promotion Through Power BI
This is one of the most common and effective sales-boosting methods. Select a meal or a meal plan you wish to increase demand for. Launch exclusive discounts for people who bring more people with them. Suppose a person brings two people along and offers a 20% discount on the meal on offer and a coupon to the person who brought them. If he brings three people along, offer a 30% discount. Stretch discounts to a maximum of 50% for 6 people and above. Some might even try other dishes that are not on offer as well. Hence, boosting your overall sales.
Planning gets easier when you have a comprehensive report on every aspect of your business. To boost sales, LS Retail ERP and its Power BI functionalities can assist and backup your creative strategies. If integrated with Artificial Intelligence (AI), it can open doors to numerous opportunities, from analyzing current market dynamics to understanding competition strategies. Trident Information Systems is a Gold Microsoft Partner and LS Central Diamond Partner and serves various successful businesses with Power BI services. For queries, Contact Us Today!