In the retail sector, firms are facing the need to improve sales and enhance customer satisfaction levels to stay on par with peers in this competitive market scenario. As a result of these challenges, firms operating in the retail sector space have started leveraging the use of robust analytical services to understand customers’ altering needs and preferences. Churn analytics helps firms operating in the retail sector space to predict potential churners and accordingly determine marketing efforts to lower exit costs.
Leading firms operating in the retail sector have started approaching Quantzig to deal with such challenges. With years of expertise in offering a plethora of services, Quantzig’s churn analytics helps firms to accurately predict and prevent the rate of churn and build customer loyalty. Additionally, these analytical services aid firms operating in the retail sector space to evaluate their most valuable customers and categorize the potential customers that are vulnerable to churn. Also, firms can enhance customer loyalty by administering cross-sell and up-sell prospects.
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The Business Challenge
A renowned retail sector client with a considerable number of outlets spread across the globe was facing predicaments in assessing customer behavior and gain early warning signs of churn. Additionally, the client was facing challenges in efficiently profiling the customers that are vulnerable to churn and devising robust retention strategies. Furthermore, with the help of Quantzig’s churn analytics studies, the client wanted recommendations on effectively predicting the rate of churn and implementing tailored and targeted strategies to lower the churn rates across business units.
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Benefits of Analytical Services
The churn analytics studies offered by Quantzig helped the retail sector client optimize sales and marketing campaigns and improve conversion rates. Additionally, the client was able to anticipate and mitigate risks associated with customer churn and identify the key areas to increase the business value. Furthermore, the client was able to convert unstructured data into meaningful insights and devise effective customer retention programs.
Analytical Services Predictive Insights
- Gained a 360-degree view of the customer churn behavior across multiple channels
- Understood the customer needs, preferences, and offered tailored products and services
- Proficiently detected early warning signs and devised a robust churn prevention model
- Determined the level of marketing efforts at each customer level
- Reduced churn rates by 10%