Beamlytics Lens: The Retail Data Revolution Starts Now!
The retail landscape is changing faster than ever. Customers expect a seamless shopping experience across all channels, from online browsing to in-store purchases. But staying ahead of the curve can be tough, especially when it comes to data analytics.
The Data Challenge in Retail
The COVID-19 pandemic accelerated the shift towards online shopping. In fact, according to McKinsey, the top 25 performing retailers, who are mostly digital leaders, saw 83% higher profits than their competitors.
What’s their secret weapon? It is undoubtedly the usage of advanced analytics.
But many retailers struggle to implement these tools due to several challenges.
| Challenge Area | Description |
|---|---|
| Fear of the unknown | Some companies are hesitant to embrace data-driven decisions. |
| Organizational hurdles | Balancing centralized and decentralized data can be tricky. |
| Talent shortage | Finding skilled data specialists can be difficult, especially for smaller businesses. |
| Inefficient processes | Analytics projects can get bogged down by delays and unclear priorities. |
| Outdated systems | Legacy systems often struggle to handle the massive amount of data available today. |
| Poor data management | Data silos and lack of organization can make it hard to gain valuable insights. |
Beamlytics Lens: The Data Solution for Retailers
We at Beamlytics understand these challenges. That’s why we created Beamlytics Lens.
Beamlytics Lens is an Innovative Saas Platform That Removes The Barriers To Data Analytics.
Beamlytics Lens is a cloud-powered, generic data processing platform built using Apache Beam SDK. In its initial version, it can ingest all clickstream, inventory and transaction data from various sources, store it in BigQuery, and emit key inventory availability data and live-session alerts while processing data, in near real-time. APIs are available to consume the availablity data and in-session alerts. Our vision is to develop no-code data pipeline tools (similar to Apache Hop) that will allow our customers to connect any data source, process it, and derive intelligence in real time.
Tech Stack : We are currently using Google cloud dataflow with Apache Beam SDK, Bigquery, Looker Studio, MemoryStore and Google cloud functions to power up various features in initial version.
Here are some features available in the first version
Ready-to-use reports and pre-built models: We provide out-of-the-box solutions for uncovering insights and streamlining the analytics process.
Real-time omnichannel insights: Gain a holistic view of your inventory across all channels, from individual stores to custom groups.
Low-stock and out-of-stock alerts: Respond to stock issues proactively and prevent cart abandonment.
Sold-in-cart signals: Increase urgency and sales by displaying dynamic “X Sold in Past Y Hours” indicators on product pages.
Machine learning forecasting: Predict sales, demand, and revenue with pre-built ML models.
Advanced customer insights: Get insights into customer churn, stockouts, and conversion rates.
Composable KPI dashboards: Create personalized dashboards to track key metrics like total revenue, customer churn, and conversion rates.
Why Choose Beamlytics Lens?
Beamlytics Lens is a one-stop shop for omnichannel retailers. It eliminates the need for complex integrations between separate systems for inventory management, clickstream analytics, and reporting. This translates to significant cost savings compared to traditional solutions. Additionally, Beamlytics’ open source code, Google cloud powered Scalability and Subscription-model driven affordability drives up its appeal to retailers of all sizes.
The Future of Beamlytics Lens
With our no-code platform coming soon, you’ll be able to build custom data pipelines without any coding expertise.
Are You Ready to Join the Retail Data Revolution?
Beamlytics Lens will be available for subscription through Beamlytics by the end of Q3 2024. If you’re a medium or small omnichannel retailer looking to leverage AI and data-driven decision making, Beamlytics Lens is the perfect solution for you.
| References |
|---|
| Why Retailers Fail to Adopt Advanced Data Analytics |
| Jumpstarting value creation with data and analytics in fashion and luxury |
| Disruption & Uncertainty-The State of Grocery Retail 2021 |
Please see Beamlytics product page for detailed information
Get in touch if you need more information
