What is retail business intelligence? Discuss the steps which are helpful to move towards advanced customer analytics.

An important element of the supply chain is the retail. Retail is the place where the products and goods are sold to the end users. Retailer purchases goods and products from producers in large quantities and in turn sells them to consumers in smaller quantities.

Information Flow

It is very important for the retailer to communicate with the supplier as well as the consumer. From the producer, the retail should know the following:

• Retailer should know when a new product is getting launched or whether the producer is introducing a new variant for the existing product.
• Retailers should get a regular training from the manufacturer about brand new products and fresh technology.
• Retailer should have information well in advance about any impending pricing change.
• Retailer should also know about sales forecast from producer for given line of product.

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