Future of Online Retail Business
For consumers, e-commerce and online retail platforms have ushered in a golden age. Today, individuals can choose from several products ranges of better quality and spend less time and effort to get what they want. Additionally, online retail platforms will not eliminate all retail trade. Stores that are unconventional in one way or another – because they offer exceptional service – will remain. However, the change already wrought in America, where individuals account for about one-tenth of online retail spending. Online retail businesses will also change how customers transform the landscape, disrupt workers’ lives, and reshape governments’ view of power.
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Importance of Big Data Analytics
Big data analytics helps establishments to harness their data and use it to identify innovative opportunities. This, in turn, leads to shrewder business moves, more efficient operations, higher profits, and more contented customers. Moreover, customer service has progressed in the past several years, as savvier shoppers expect online retail business players to understand exactly what they need and when they need it. Armed with endless amounts of data from customer loyalty programs and other buying habits, online retail business players not only have an in-depth understanding of their customers but can also predict trends, recommend new products – and enhance profitability.
For more than 15 years, we have assisted our clients across the globe with end-to-end big data analytics and management services to leverage their data for sensible decision making. Quantzig has also worked with 120+ clients, including 55+ Fortune 500 companies.
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The client – is a leading online retail business player based out of the United States.
The online retail business player was struggling with unoptimized price points and heavily discounted items that lead to profit loss. Additionally, the client did not have any form of division and each new location was adding its own pricing to the system. As a result, the online retail business player wanted to gain control of its multi-market pricing and gain recommendations associated with price points and discounts.
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With the help of Quantzig’s big data analytics engagement, the online retail business client determined the optimal product pricing structure based on pricing and discounting rules. Additionally, the client acknowledged several opportunities for immediate and long-term revenue growth. This helped the client identify over 5% in profit opportunities from optimizing pricing point endings.