The Best Bang for your Buck: Maximize your ROI from Business Intelligence
April 6, 2021 in Retail
Last week we shared a real story from one of our customers. It was about how they recouped the entire cost of StoreKeep thanks to being alerted about a single fuel pricing error. This was a great example of how valuable real-time alerts can be and how StoreKeep enables our users to “operate by exception.” Click here to read that article.
A technology product that can pay for itself within a few weeks sounds like a great investment. What if I told you that operating by exception only represents a small fraction of the total return from StoreKeep?
Large corporate chains have been using sophisticated Business Intelligence for years. They use BI to optimize their product assortment, allocate shelf space and set prices. The advantage of using BI can be seen when you look at industry statistics. For example, the average corporate store generates sales of $66/sqft while a typical independent store averages $32/sqft. Imagine closing this gap – you could double your revenue and multiplying your profits by 5!
StoreKeep was designed specifically for small and mid-sized chains. It can be installed remotely within 30 days. The product is so user-friendly that non-technical staff members can easily access our category management tools. After installing StoreKeep, you will be using real-time data to reconfigure what you buy and how you stock your shelves. StoreKeep will also keep you informed about the new trends in your sales data. As we head into summer, you could quickly identify which new labels of hard seltzer are hot and which ones to drop.
So go ahead, justify buying StoreKeep just because of the savings from real-time alerts – those savings will pay for the product. But look forward to the real money you’ll make by improving your product mix.