The client – A renowned medical supplies retailer
Area of engagement – Customer analytics
The global retail market is driven by the rising purchasing power of the middle-class population, young working professional, and relentless expansion in emerging markets. With the growing demand for convenience and reliability in the product offerings, medical supplies retailers have started focusing on in-store automation to deliver products in an agile and seamless manner. In addition, improved consumer spending and rising disposable income will encourage the growth of the medical supplies retailing market. Although the medical supplies retailing space is witnessing considerable growth, owing to the presence of numerous players, several factors may curtail the growth of the industry.
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- Digital disruption: Today, the consumers’ preferences are altering, and with the digital disruption in e-commerce retailing platforms, the consumers have gained access to a wide array of product offerings. It is estimated that e-commerce at large accounts for 10% of the overall retail sales. With the e-commerce platforms offering both convenience and affordability, there has been a gradual decline in footfall in brick and mortar stores.
- Payment capabilities: Technology continues to transform the way the businesses are functioning where the online payment processing is slowly replacing the legacy in-store payment methods. Prominent medical supplies retailers should ensure that they use the right technology to offer alternate payment options to the customers.
To address the challenges mentioned above and gain better insights into the customers’ preferences, organizations are leveraging solutions such as customer analytics. Customer analytics helps medical supplies retailers to understand the buying preferences of the customers and create personalized experiences to drive loyalty. Moreover, leading medical supplies retailers can target customers with highly relevant offers across all prominent channels including digital, mobile, and social.
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The Business Challenge
A renowned medical supplies retailer wanted to understand the customers in context with their individual relationships with the brand. The client wanted to seek ways to engage customers with the right channel, and the right message, at the right time. With the aid of customer analytics, the medical supplies retailer wanted to predict the likeliness of the customers to churn and take effective actions to retain the most profitable customers. Moreover, the primary objective of the medical supplies retailer was to measure the customers’ sentiment and deliver more personalized offerings to the customers.
The Solution Benefits and the Business Impact
Strategies that we recommend to improve customer satisfaction and increase business efficiency.
The customer analytics solution offered by Quantzig helped the medical supplies retailer understand how the customers behave when interacting with the organization. The solution helped the client understand the buying habits and purchasing preferences of the customers and deliver relevant offers to reduce the likeliness of churn. The engagement helped the medical supplies retailer increase response rates, customer loyalty, and ultimately the ROI through highly relevant and targeted messages.
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Customer Analytics Solution Predictive Insights
Quantzig’s customer analytics solution assisted the medical supplies retailer to maximize customer lifetime value through personalized offerings. The engagement offered insights into ways to improve market campaign effectiveness by identifying at-risk customers and taking accurate corrective actions. Moreover, the solution helped the medical supplies retailer to increase operational efficiency and enhance their ROI.