Retail is the fastest growing and dynamic sector with evolving trends and increasing competition, particularly in the online retail market. Thanks to the ever-changing consumer preferences in terms of products and services, shoppers tend to expect a lot from the retailer’s end, for example personalized experiences, unparalleled customer service and real-time information.
Today, analytics is way more than just about gathering information and monitoring. It can add value to a business in terms of new product development and service offerings to its customers, and improve the organization’s decision-making process. The sole purpose of customer analytics is to analyze historical as well as real-time data to predict trends beforehand and accordingly devise sound business strategies. Retailers must leverage the data at their disposal to unearth and pursue potential opportunities to drive growth in an efficient manner.
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Are you still at the crossroads with regard to the use of consumer analytics in online retail? We give you three reasons why this is what your business needs:
1) Predictive Search
They say, first impression is the last impression and therefore, a retailer must make sure that the first touchpoint of interaction – site search – with the customer is seamless and intelligent enough to predict what the customer is looking for, aided by historical and real time data as well as previous browsing history.
2) Personalized Experience
Retailers, in order to entice customers to visit their website and boost their sales, can leverage on analytics to personalize the customer experience. Additionally, a customer may interact with the retailer from different touchpoints, which means that the online retailers must collate and process real-time data from all incoming sources so as to offer personalized content and promotions to each individual customer.
3) Pricing Analytics
Analytics and big data help determine the pricing strategy keeping in mind sales demand to maximize revenue and profit. It takes historical and real-time data from various sources such as competitor pricing, sales and customer actions to give the organization a competitive advantage.
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4) Supply Chain Management
This helps retailers understand consumer demand thereby, managing the supply chain process. It assists procurement in planning and forecasting, sourcing, fulfillment, delivery and returns. This helps the business to provide customers with information regarding the availability of products, and track the status and location of their orders. It also supports merchants to minimize operational costs, reduce inventory and storage costs, predict the revenue stream from products and maximize profit margins in the long run.
Thus, we conclude that marketing analytics will create a sustainable competitive advantage for online retailers to execute strategic business decisions to improve customer experience and business performance.
The Quantzig Advantage
We, at Quantzig, track the latest developments and innovations in the industry through different sources and methodologies. Reaching out to key stakeholders and marketing experts in order to understand the market conditions, we help clients understand and identify fluctuations in consumer interests and devise insight-based marketing tactics and strategies to stay abreast of the competition.