Improving the sales of electronic gadgets.
Our client, a leading electronics retailer wanted to achieve maximum sales and profits in order to beat the competition in the market.
Situation: Need for a solution to achieve a blend of right pricing strategies and promotion strategies
The client wanted to implement a robust solution that could help in accurate demand forecasting, setting the right prices, deploying the right promotion strategies, and devising profitable pricing strategies.
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Big data analytics based solution to derive actionable insights.
We used big data analytics based solution to implement an end-to-end solution that helped client in achieving desired results. We used predictive analytics for identifying the gadgets that would have high demand. Customer data from social media channels and internal databases were leveraged for accurate demand forecasting and assessing trends in customer behavior. We also devised a mechanism to determine optimal prices and promotions on an hourly basis, based on inventory and competition.
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Achieved competitive leadership and higher profits through improved sales.
The client was able to achieve competitive leadership through accurate demand forecasting, ensuring optimal stock levels, dynamic pricing, and by introducing timely offers and promotions. These helped them in achieving a larger sales volume compared to competitors and hence establish market supremacy.