The most common Qlik Sales Analytics application involves sales data analysis. Sales is what drives most businesses and the data trail it leaves is the most readily available data to analyze.
When a company purchases Qlik, it is often after continuous investments in an ERP system, a CRM system, a customer portal and/or numerous Excel reports all of which make sales data ripe for harvest.
Qlik combines all your data, generates valuable insights, and then helps you transform your retail operation to be faster, smarter, and more customer-centric. With Qlik’s data analytics platform you can seamlessly combine all your shopping data across channels to gain a complete view of customer buying habits and preferences.
Qlik analyzes sales data from e-commerce and other digital touch-points to understand how to more effectively engage buyers and discover new ways to reduce abandoned shopping carts, improve conversions, and boost marketing campaign lift. The retailers can view aggregated and highly detailed information in the same dashboard in real-time using QlikView.
Qlik Sales Analytics breaks down retail data silos and helps you connect the dots between sales, returns, and customer data across all channels retail store, e-commerce, call center, app, and catalog so you can improve customer intelligence and marketing impact.
- Gross Sales Revenue – Sales before the discounts measured in monetary units
- Net Sales Revenue – Sales after the discounts measured in monetary units
- Sales Volume – Sales measured in the non-monetary units such as an individual item, boxes, pallets, kilograms, tons, etc.
- Unit Sales – Also referred to as Average Price, it can be defined as the Net Sales Revenue divided by Sales Volume
- Hits – Number of sales transactions or invoices
- Gross Profit – Net Sales Revenue minus Cost of the Goods Sold
- Gross Profit Margin – Gross Profit divided by the Net Sales Revenue
Qlik Sales Analytics Customer Churn
In its simplest form, the customer churn measures how many customers a business has gained or lost during a certain period. However, many other businesses never get any warning that their customers have decided not to do business with them anymore.
In Qlik, we can use the t-test and the normal distribution functions to create the statistical models to predict purchase frequency. There is no native function in Qlik to calculate exponential distribution.
If customers make purchases at a constant rate and if each of the purchase is independently likely to occur at that rate then an exponential distribution may be the right fit to predict a customer’s probable purchase frequency.
Qlik Sales Analytics analyzes massive amounts of POS transactional data to identify what products sell together and the customer segments buying these combinations. Qlik delivers insights needed to build a tailored assortment, cross sell and up-sell customers, and avoid lost sales through out-of-stocks.
With the introduction of the Direct Discovery feature in the current QlikView release, QlikView were able to combine In-Memory data analysis. For QlikView, size of the base fact table does matter. Response times increase with increase in size of the data set.
Omni-channel retail and the soaring consumer expectations demand rapid product delivery and flexible returns. Line of sight from the order to fulfillment can help you meet those demands while keeping shipping and return costs down. Qlik helps to quickly connect the dots across your supply chain, combining internal and partner data to provide unprecedented visibility.
The role of the retail store is changing. While still the primary sales channel, stores are now transforming into customer engagement centers and critical supply chain hubs.
As retail becomes faster and more connected, Qlik puts powerful, easy-to-understand data analytics into the hands of store employees so that they can make smarter, on-the-go decisions right at the shelf, with customer, or in the back office.
- Qlik Sales Analytics helps minimize margin erosion across retail store formats, product categories, and store location while providing valuable insights to help optimize operations.
- Qlik Sales Analytics empowers store employees to supervise inventory, monitor sales, assess demand and understand trends via mobile devices right on the shop floor.
- GeoAnalytics in Qlik enables retailers to analyze diverse local data to make informed, site-specific decisions. QlikView connects data from multiple sources into a single application with dynamic apps that can be optimized for mobile access.
With QlikView, Design Within Reach (DWR) was able to design an Area Manager Dashboard for the iPad, to display details regarding an Area Manager’s specific businesses.
QlikView gives Design Within Reach (DWR) headquarters team insight into vendor activities with a Vendor Scorecard. The Design Within Reach HQ team can see sales measured against returns, for example, which can create cost savings by addressing issues with certain products before they turn into problems.
Additionally, daily sales reports have been automated with QlikView saving 2-3 hours per day. Locus IT has a diverse knowledge of Retail Sales Analytics and has provided unique solutions to the requirements of businesses. For more information on how Retail Sales Analytics can help your business please contact us.