AJIO use SAP BO to improve Business Intelligence strategy
Small to medium e-commerce sites often use business intelligence tools to make data-driven decisions and improve their operations.[2] SAP Business Objects offers a suite of tools to help e-commerce businesses make data-driven decisions. It provides real-time order tracking, inventory management, and shipping management tools that help e-commerce businesses manage their operations efficiently, generate impact reports that show insights on how to streamline processes, make shopping experiences better, and transforms manufacturing needs.. Their cutting-edge technology can help Ajio to save time and resources by automating key processes and providing actionable insights into their operations. There is always a large gap in the supply-demand equation, and there is no doubt that the fashion industry is the only industry that operates on gut feelings, assumptions and a fragmented understanding of the market and customers.[3] If we think about Ajio, then the focus areas are: Keep the buying process faster, product listing along with Store creation, Cost reduction & discount facilities, Proper & affordable advertising and marketing, Make the process flexible for customers, Comparison report for Product and price, Faster response to buyer/market demands. SAP BO pulls data into one system which then can be used by management to analyze it and pull reports it all in one place. This tool will improve the overall strategy of Ajio by showing management different trends such as what products are selling well, what stores are profitable, and how marketing strategies have performed. Specifically using reports generated related to consumer relations will help management improve its customer relationship management system which is something that Ajio takes pride in. Since there are many different store locations and they may each use different systems which can lead to inconsistencies in the data that is generated. Currently, the overall trend in the business world is to implement more technology tools that will help grow business in an efficient and cost-effective way.
Digital marketing and online searches have become very important aspects for companies to help them grow their business and reach customers. SAP BO can help Ajio improve its business intelligence strategy by showing management where the business trends are heading. The reports, including for sales and marketing, can be used to learn what technology strategies can benefit the business. Ajio has embraced the internet trend of using social media and search engine marketing to increase sales and to engage with customers. Ajio also has a mobile website and app since many Indians are now purchasing items from their smart phone. SAP BO reports will show management digital trends and their results such as what online marketing tactics are working and how many sales come from mobile devices.
Ajio can optimize their supply chain, management of data and the overall company’s processes by using this tool. While there are numerous tools on the market, I would suggest focussing on above tool as all data is stored in the cloud. The software records and stores information about customers, various interactions with customers, their problems, etc., which employees from different departments of the company can access. This information is used by the organization to develop future plans that can better satisfy the customer and retain them for longer. It supports end-to-end customer-related processes – all customer-related tasks across all departments integrating billing, shipping, etc., provides customer intelligence across the enterprise – customer data for faster and better decision-making, delivers immediate value – enables you to address strategic priorities.
One of the major issues is redundant data entry. Rather than decreasing productivity with repetitive manual data entry, Ajio can use SAP BO to synchronize data between an integrated e-commerce platform and your physical business or warehouse. Common data is shared between the systems, reducing entry errors, order mistakes, and out-of-stock scenarios. SAP BO is a powerful Business Intelligence (BI) software tool that can benefit Ajio in numerous ways: Advanced Analytics, Real-Time Dashboards, Data Integration, Scalability, Machine learning and AI capabilities, Data visualization.
Data generation is quadrupling speedily. With the rise of big data and advanced analytics, it is possible to leverage both new and old data to drastically alter how fashion retailers decide which style to design and produce.[4] So, Ajio will not miss the opportunity to make better margins, better forecasts and the right products because they fail to use data effectively in day-to-day decision-making. Data is not a trend, but a tool to help the industry survive and thrive. Data is critical for decision-making, and every solution revolves around it. SAP Business Objects is extremely beneficial because it will result in receiving the correct order and reducing the number of returns.
Another challenge relates to unpredictable trends and performances. Customer buying patterns sometimes instantly shift either due to the influence of social media, celebrities, or some fashion movement, creating a ‘bullwhip effect’.[3] Due to such high volatility, the brand have to analyse the different sources of data by tracking customer consumption and they need to keep a close eye on competitor campaigns, fashion media and industry news which sometimes becomes a tough task along with the faster fashion cycles.
SAP BusinessObjects BI uses drag-and-drop functions and allows users to search and analyze data from a wide variety of sources. SAP BO is a front-end BI platform, so the data is not stored at the application level, but is integrated from the various back-end sources. Real-Time eCommerce analytics gives fast decision-making as the data is processed right upon entering the database.[5] Customer behaviour and trends change rapidly. This type of analytics denotes interpreting data instantly upon entering the database, not after a week or month. As more and more customers are preferring to shop online, merchants are establishing online stores to maintain their existing customer base. Besides this, it is also crucial to delight the customers by providing them with unique experiences. One of the many technologies which are evolving the eCommerce industry is the Internet of Things (IoT ).[1] IoT-enabled appliances transfer data with each other through the internet, accommodating retail and e-commerce businesses to manage essential operations efficiently.
With IoT, supply chain management is a no more complex procedure. It can facilitate the tracking of items directly from the production stage to delivery at the final destination. The technologies like RFID and GPS help in tracing the items in transit by providing absolute information about location, temperature, distance, and more. It can also be known the route and speed of the shipped products, along with forecasting the arrival time periods. There are minimal chances of losing shipments or misplacing items with IoT. Sensors can be applied in transportation vehicles for real-time monitoring of the shipments.
IoT sensors and RFID tags offer easy management of inventory in real-time and also streamline the entire flow. With the improved monitoring and tracking of various inventory items, it can reduce errors in reordering items. Details such as product type, manufacturer’s name, batch ID, expiry date, etc. can be automatically saved in the system without manual intervention. Smart shelves are useful in overcoming customer dissatisfaction. IoT, the smart technology, is capable to track the number of sold products, control over storage conditions, no overstocking or shortage of products and place automatic orders. By this way managing inventory to prepare for higher demands is possible.
Self-service kiosk enables Ajio to offer personalized services to their customers. It helps to recognize shopping patterns in search trends and online browsing so that targeted products can be sold to their customers. IoT will allow presenting products, services and offers to the customers according to their choices. Generally, with more data available to marketers about consumer behavior, it will be easier to attract potential consumers and influence their purchase decisions. It enables the 360-degree view of customers’ activities, which is important to deliver personalized experiences and setting dynamic pricing for attracting more customers.
A tab for customer experience collection before leaving the store can help to detect customer issues and responding to those issues even before they are notified. This helps the businesses in envisioning possible complaints, driving prompt resolution, and flawless customer experience.
Smart shops use their sensors, cameras, and Wi-Fi hotspots to determine the optimal store layout. In addition, they assess energy uses, stuff load, client foot traffic, learn whether or not products are satisfying.
That’s a challenge many omnichannel merchants face: making the connection between online and offline sales, and making sense of your physical store’s overall impact. Thankfully, point-of-sale (POS) data can help bridge that gap when interpreted and used correctly. POS system data unlocks valuable insights that help Ajio be more cost-effective with inventory purchasing, measure store’s impact on online sales, customer loyalty and lifetime value, and even suggest when (and where) to expand network of retail stores. Whenever customer receive, sell, return, or exchange a product, the inventory levels of adjust in your POS system to reflect how many units of that item store have.
ChatGPT can be used to create chatbots that can assist customers in finding products, providing recommendations, and completing transactions. This can provide a more personalized shopping experience for customers and potentially increase sales for the business. A semblance of real human interaction with wit, enjoyment, and apt expressions in words makes up for a fulfilling shopping experience.
Ajio operates massive amounts of data, and to extract its value, companies need to analyze it properly. It is a demanding piece of work that usually requires the involvement of data specialists. However, ChatGPT can assist and help with some basic tasks, like finding datasets in open sources, writing simple code for data analysis purposes, etc. Again, ChatGPT can help Ajio to turn unstructured data into structured, it is reported to be able to understand JSON queries, sort data, and add it to the tables. And while it might be too early to rely entirely on such an AI model for data management, it can be a time-saving aid for experts who work with data constantly.
References:
- https://www.perceptionsystem.
com/blog/how-is-the-internet- of-things-iot-impacting-the- ecommerce/ - https://www.clicdata.com/blog/
business-intelligence-in- ecommerce-not-just-for-large- businesses/ - https://apparelresources.com/
technology-news/retail-tech/ big-data-analytics-reshaping- systematising-fashion- industry/ - https://digitalcommons.uri.
edu/cgi/viewcontent.cgi? article=1007&context=tmd_ major_papers - https://www.rtinsights.com/
how-real-time-ecommerce- analytics-impacts-your- business/
