Category: Blog

PRICING ANALYTICS

Pricing Analytics Solutions: Boosting Profitability with Data in the Retail Industry

Despite recent advancements in technology and decision-support tools, companies in the retail industry are finding that the traditional approaches to devising pricing strategies are not keeping pace. Indeed, the new digital era stemming from pricing analytics and the explosion of omnichannel retailing has meaningfully changed the retail landscape and needs an overhaul of retailers’ pricing strategies and capabilities.

Are you finding it difficult to devise strategic pricing strategies? Our analytics solutions can help. Request a FREE proposal to gain detailed insights into our portfolio of pricing analytics solutions.

Pricing is a crucial driver of growth and neglecting it can affect the profitability of retail businesses remarkably. So, retail companies need to understand and analyze the price point for maximizing profits. This is where pricing analytics can come to the rescue. Companies can get as close to their target as possible, provided they utilize pricing analytics solutions and devise best-suited pricing strategies for their business. In this article, our pricing analytics experts have highlighted a few ways to help retail companies boost profitability, optimize price and discounts, minimize price gaps and benchmark prices against competitor products with the help of pricing analytics solutions.

In a highly competitive retail market driven by digitally empowered customers with paper-thin brand loyalty, and agile online competitors, pricing analytics is the key to stay ahead of the curve.

analyticsTips to Boost Profitability by Leveraging Pricing Analytics Solutions 

Analyze and track your competitor’s pricing strategies

Pricing analytics solutions can help companies in the retail industry to monitor and track competitor pricing in real-time. By leveraging pricing analytics solutions, retail players can also make changes to their pricing strategies by comparing it with that of the competitor’s strategy. This can, further, help them to improve customer retention rate and customer responsiveness. With the help of pricing analytics models, retail companies can proactively respond and immediate responses to the competitors’ marketing strategies.

Our analytics experts employ effective price analysis models to identify price triggers and factors affecting the price of your offerings. Get in touch with an analytics expert to know more.

Track price triggering points

With the increasing competition in the retail environment, today it has become crucial for businesses to track the price triggering points and factors affecting the demand of their products and services. Pricing analytics helps retail companies in developing capabilities to understand the factors triggering the price of a product or service and then tweak their pricing strategies accordingly. The analytics experts at Quantzig believe that the best way to track price triggers is by tracking the purchasing paths of the customers which provide clues to what changes in price need to be made.

To help businesses sustain themselves in a highly competitive marketplace, we track and monitor competitor pricing in real-time through our customized pricing analytics dashboards. Request a FREE demo below to gain better insights.

Understand price elasticity

Pricing analytics solutions can help companies in the retail industry to analyze past transactions and perform price segmentation to identify factors that influence price elasticity. Doing so can help retail companies to calculate the price elasticity for all price segments and select the one that maximizes profit and revenue. Consequently, companies can establish discounting strategies to remain competitive and improve their regional go-to-market strategies as well.

Develop robust pricing modeling capabilities

Disparate data sources, as well as market and category contexts, challenge a company’s analytical maturity. A one-size-fits-all cannot produce analytical rigor. Therefore, retail companies should leverage statistically validated pricing models to gain the desired business outcome. Pricing models  can help retail companies to determine price elasticity, cross-price elasticity, and pricing corridors that can influence sales, direct marketing promotions, and other deals.

Wonder how insights derived from pricing analytics solutions can help you make informed decisions? Request for more information now!

chemical industry

How is Industry 4.0 Transforming the Chemical Industry?

With the rise of the fourth industrial revolution (Industry 4.0) is growing the opportunities for the chemical industry. Industry 4.0 has the potential to transform the chemical industry by streamlining operations and promoting strategic growth. Moreover, Industry 4.0 has also given rise to technological advancements which are relevant to the chemical industry such as the Internet of Things (IoT), additive manufacturing, advanced analytics, artificial intelligence, and robotics. These technologies can be efficiently integrated with core conversion and marketing processes to digitally transform operations and enable smart supply chains and factories as well as new business models.

Our advanced analytics solutions help chemical manufacturing companies to shift from trial and error based approaches to modeled outcomes to digitize the material-selection process. Request a FREE proposal to gain better insights into our portfolio of advanced analytics solutions.

In this article, Quantzig’s chemical industry experts have assessed key applications of industry 4.0 in the chemical manufacturing sector. Also, they have listed ways in which industry 4.0 could help chemical companies to achieve strategic imperatives, specifically in the areas of business operations and business growth.

Role of Industry 4.0 in Transforming Chemical Industry

Improve business operations

Industry 4.0 is helping the chemical industry in improving business operations in two ways i.e., byimproving productivity and reducing risk. Smart techniques introduced by industry 4.0 such as predictive asset management, process control, and production simulations can help chemical companies in improving productivity. Also, it helps in planning supply chains, predicting demand patterns and aligning manufacturing operations.

Advanced technologies such as the IoT could allow chemicals manufacturers to improve their existing products and deliver better customer service. Want to know how? Get in touch with our experts now.

Generate new revenue and drive growth

Industry 4.0 has helped chemical industry players in driving business growth by developing new offerings and improving existing ones through research and development (R&D) of advanced materials and specialty products. Also, digital technologies enable companies in the chemical industry to integrate with customers’ operations and customize products, extend their products with information and services in a way that allows them to develop new business models.

Quantzig’s analytics solutions help chemicals companies to gain better visibility into supply chains and provide real-time recommendations to optimize the operations. Request a FREE demo to know more.

Data management

Data management includes all the activities associated with the collection, aggregation, storage, and processing of data. Companies in the chemical industry have been struggling with the fact that their data is stored in different systems. For example, financial, sales, and marketing data is stored in one system; operations, production, and manufacturing in different; and research and development and engineering in another. Industry 4.0 can be helpful in combining all these data and can offer a holistic view of the organization.

Industry 4.0 driven capabilities can help chemical manufacturers in driving productivity and maximizing profitability. Wonder how? Request for more information.

media and entertainment industry

Big Data Trends: Driving the Future of Media and Entertainment Industry

With the media and entertainment industry evolving at an unprecedented rate, there are twin needs that are driving the industry today. These twin needs are to reduce operating costs and generate more revenue from increasingly competitive, diverse and uncertain markets. Today smartphones and digital media have become a major source of entertainment for the population around the globe. As a result, media distributors and broadcasters are embracing big data analytics to establish a connection with their customers. Big data in media and entertainment industry is not only helping businesses to gain hidden insights into customer behavior but is also facilitating the delivery of personalized content. Additionally, big data in the media industry is helping to drive digital transformation and exploit not only available data but also new sources of data from both inside and outside the organization. Therefore, for companies in the media and entertainment industry, big data holds the key to drive profitability. In this article, our experts from the media and entertainment industry have discussed in detail about how big data is changing the media and entertainment landscape.

Quantzig’s big data solutions help companies in the media and entertainment industry to analyze large data sets efficiently. Request a FREE proposal right away to gain better insights.

How Big Data is Changing the Media and Entertainment Landscape?

Predicts audience interests

Traditionally media content was developed only in limited forms. But today they have got replaced by myriad media services like live streaming, pay per view, and much more. In the process of content delivery across these forms, media distributors also collect a vast amount of user data. Big data in the media and entertainment landscape can offer an in-depth understanding of the behavior and preferences of consumers. For example, big data analytics has helped a major media channel to unearth several interesting statistics about its users including insights on  the kind of videos viewers watch and the device they use for video streaming. Big data in media and entertainment industry can be leveraged to understand audience behavior and syndicate content that is closely aligned to their viewer preferences.

Wonder how you can overcome data privacy issues? All you need is the right analytics solution to combat such issues. Get in touch with our experts now!

Provides insights into customer churn

The most critical challenge for media and entertainment companies today is to devise strategies to deal with the risk of customer churn. Big data in media and entertainment industry has helped in combining and making sense of all the user data from multiple sources, including social media. With the advent of Big Data in media and entertainment landscape, it is now possible to uncover reasons that drive customers to subscribe and unsubscribe any particular channel or platform. Actionable insights into responses towards pricing and subscription models can also be drawn with big data in media and entertainment industry. By leveraging big data in media and entertainment, content pricing, media content and even delivery modes can be tailor-made to reduced customer churn.

At Quantzig, we understand the various challenges that media and entertainment companies face in analyzing the feasibility of big data analytics for their business. Our big data analytics solutions are tailor-made to suit the requirements of each business. Request a free demo to know more.

Optimizes  scheduling of media streams

The increasing growth of digital media distribution platforms has literally reduced the barrier that existed between end-users and distributors. With big data in media and entertainment reaching the end-users directly without any intermediary has become feasible. Moreover, big data analytics has helped media companies to connect with the audience directly through scheduled media streaming and maximize profits. Additionally, big data in media and entertainment industry has helped in identifying the exact content which customers would want to engage with on a scheduled basis.

Want to learn more about how big data in media and entertainment industry can help in dealing with critical challenges? Request for more information below.

customer profile

5 Key Steps to Create an Ideal Customer Profile to Boost Marketing Strategies

To succeed in the extremely competitive business landscape, companies need to know exactly who their customers are and how to target them. Companies cannot afford to waste time and resources on irrelevant leads. This is where an ideal customer profile can help. Customer profile analysis can help businesses to know who their customers are, what they do and what do they expect. Consequently, businesses can improve customer engagement and offer them a better experience. Creating the target customers’ profile also enables a business to offer tailored messages and improve marketing efforts. Today companies across industries are competing for market share, customer acquisition, and customer retention.  Therefore, for businesses to find potential customers and enhance their loyalty, targeting the right prospects with the right offering at the right time has become very crucial. Building an effective customer profile can help businesses to make their customers feel valued, cared and engaged. In this article, our customer analytics experts have highlighted a few crucial steps to create an effective customer profile that can help companies in improving market penetration, enhance response rates, and boost customer acquisition.

By creating customer profiles our customer analytics experts help leading businesses to gain a better understanding of customers’ buying habits and improve customer experience. Request a FREE proposal now to gain better insights into our portfolio of analytics solutions.

How to create an Ideal Customer ProfileHow to create an Ideal Customer Profile?

Step #1: Define your customers

To develop a target customer profile, it is important that companies define their customers first. They must gain an understanding of the target markets and customer personas based on demographics, personality, and behavior. Also, players across industries need to assess their current target market and potential markets to improve business expansion.

Step #2: Locate your customers online

Today most businesses have started exploiting online channels to drive business growth. This makes it important for companies to analyze which websites and pages their customers have visited in search of information about their business, product, or services. Also, companies need to focus on keywords and keyword phrases customers use during their search process. This can help them to improve their content marketing strategy. Furthermore, by analyzing the type of articles customers read businesses can gain in-depth insights into the kind of purchases customers make.

Get in touch with our customer analytics experts for more tips on creating an ideal customer profile.

Step #3: Define your customers’ purchasing process

The purchasing process for every customer is different. This includes expensive and complicated purchases that require more research, quotes and time before the contract is made. Companies to make an ideal customer profile, need to put themselves in the shoes of a typical customer and record the steps they would take to make an informed decision.

Step #4: Prioritize your target markets

Next step into developing a target customer profile is selecting target markets to develop customer personas. Customer personas are the foundation for all tactical marketing and sales strategies and plans. Buyer’s personas can help companies to understand their customers and their pain points. Also, this can aid in analyzing the factors that motivate customers to make purchase decisions. Such assessments can help businesses to develop core messages for each target market and can improve their marketing strategies to enhance the target customer experience.

Quantzig’s customized analytics solutions help businesses to identify factors for customer churn and develop efficient strategies that will increase customer retention. Request a FREE demo now!

Step #5: Identify risks your customers can face

Identifying risks that customers might encounter while investing in your services is as important as identifying the benefits. These risks can be both positive and negative. Positive risks have a positive outcome and aid in inventory and warehouse optimization that can help in improving service. On the other hand, negative risks have negative outcomes because of which you might miss out an opportunity in the new market. By identifying and categorizing positive and negative risks, companies can improve their call-to-action strategies and segment their audiences to offer better customer experience.

Want to learn more about how customer profile analysis can help you nurture a stronger relationship with your customers? Request for more information right away.

Canadian Healthcare System

Factors Behind Canada’s Healthcare Crisis – Everything You Need to Know

The Canadian healthcare system is complex, but it’s built on the basic principle that focuses on providing healthcare access based on need rather than the ability to pay. The Canadian healthcare system deploys decentralized administration and service delivery systems that are accessible to all groups of people. However, despite the pros like universal accessibility and special care for special needs, the Canadian healthcare system is facing several obstacles due to changing healthcare landscape in the ageing society. In this article, our healthcare industry experts have highlighted a few critical challenges facing the Canadian healthcare system that healthcare companies must not overlook.

Quantzig’s real-world evidence-based solutions help healthcare companies with comprehensive insights into treatment pathways, patient adherence, and disease progression. Request a FREE proposal to gain better insights into our portfolio of healthcare services.

Challenges Facing the Canadian Healthcare System

Long waiting periods

Owing to the universal accessibility of the Canadian healthcare system, the number of patients is always high leading to an increase in wait times. Canadians mostly have timely access to world-class care for chronic problems like heart attacks, strokes and cancer care. But for many problems that are not urgent, they typically wait as long as many months or even years. For example, patients who need replacements of hip or knee, shoulder or ankle surgery, cataract surgery or a visit with a specialist for a consultation tend to wait for a longer period of time than recommended. At times, this becomes frustrating and can make a non-emergency situation life-threatening due to negligence and delay. Therefore, policymakers, as well as the management, should look at ways to do away with such long waiting periods.

Wondering how to improve healthcare decision-making and design initiatives to promote superior services? Our healthcare analytics solutions can help. Get in touch with experts right away.

Unrealistic fees

Healthcare providers are mandated by law to charge a certain fee or amount of money for specific treatments and medical interventions. Unless the fees are practical and they ensure that the healthcare providers can keep operating, the Canadian Medicare system will remain flawed. Most welfare schemes end up burdening the average taxpayer. However, healthcare players bear the brunt of the financial fallout with low fees which is unviable in the long run.

Our healthcare analytics solutions are specifically designed to help healthcare companies evaluate the drug treatment efficacy and cost-effectiveness of therapies to complement clinical trial outcomes. Request a FREE demo below to know more.

Accessibility in rural areas

Basically, the funding of the Canadian healthcare system is done based on the location and the demographics. Cities and towns that are more populated get adequate funding, but sparsely populated regions get fewer funds. Due to the scarcity of funds, the scope of growth and development is confined. As a result, people living in rural areas travel to cities for adequate healthcare. Several complicated health conditions cannot be attended to by rural healthcare providers and the pace at which the rural healthcare scenario is changing is not encouraging either.

Want to learn more about the challenges that the Canadian healthcare system is facing? Request for more information now!

Supply Chain Network Optimization

Supply Chain Network Optimization: Key to Boost Supply Chain Results

What is Supply Chain Network Optimization?

Supply chain network optimization is an advanced analytics approach that aims to optimize supply chain functions by offering a holistic view of the end-to-end supply chain operations. Companies can develop powerful network optimization capabilities to align the supply chain network to long-term business goals and reduce costs and maximize output with the help of supply chain network optimization. Also, it helps in improving service levels and reducing working capital across the end-to-end distribution network.

At Quantzig, we aim at developing dynamic supply chain network optimization capabilities that help businesses to realize the true potential of their existing supply chain networks. Additionally, our supply chain analytics solutions help in focusing on reducing complexity, downtime, and cost through automation, orchestration, analysis, and technology investments.

Request for FREE Proposal to gain better insights into our portfolio of supply chain analytics solutions.

Supply Chain Network Optimization Best Practices

Drive clarity of supply chain needs

For any business, it is important to have 360-degree visibility into overall supply chain network design exercise. Each part of the supply chain network optimization hierarchy has its own needs and requirements. A top-down approach can help if a comprehensive supply chain network design exercise is contemplated. This approach offers a long-term framework in a time-phased manner, which acts as an input to tactical planning. Tactical planning decisions can further help in structural and operational policy decisions in a given supply chain model framework.

By optimizing the efficiency and capability of your network management systems, we ensure that your infrastructure investments provide maximum returns. Get in touch with our experts to know more.

Adopt a two-stage optimization approach

Companies should adopt a two-stage approach for supply chain network optimization and design exercise. These two approaches are:

Funnel Approach: Companies usually work with several products, processes and facilities to achieve the designed future target. This results in the creation of multiple scenarios. To achieve results faster, companies need to limit the number of scenarios to enable optimization. This can be achieved by using the KPIs set for a strategic network optimization exercise, such as investment cost, cost of ownership, ROI, etc.

Sensitivity analysis: The second approach revolves around leveraging what-if analysis before finalizing the strategic recommendations, through multiple scenario analysis based on possible changes in demand, cost inflation,  deflation, and fiscal policy.

Our supply chain network optimization solutions portfolio is committed to ensuring that your network meets the supply chain requirements. Request a FREE demo now!

Frequency of a supply chain optimization exercise

Companies need to review their key metrics and goals against existing supply chain networks periodically. Since supply-side capabilities and demand environment are dynamic so doing an annual review on key operating needs like inventory management can offer visibility into network performance. Also, it can help companies in translating network data into actionable business insights, improving their network management capabilities.

Want to learn more about best practices for supply chain network optimization? Request for more information below.

customer journey mapping

Customer Journey Mapping: A Beginners’ Guide by Quantzig

What is Customer Journey Mapping?

Customer journey mapping is the approach that helps companies to step into their customer’s shoes and assess their business from the customer’s perspective. In order to improve your customers’ experience, it’s important to think like your customer. This can help in understanding their point of view and be mindful of them at every step of their journey with you. Customer journey mapping offers actionable insights into common pain points of customers, ways to improve the customer experience, and helps in identifying potential customers. By using customer journey maps, businesses can document the end-to-end customer experience by collecting comprehensive customer data and information for customer journey decision-making. Also, customer journey maps offer a multilayered understanding of customers and their choices in a contextual setting. This can, further, help businesses improve their marketing strategies in a way that reflects the reality of consumer decision making.

Our customer mapping solutions help companies to successfully understand how customers interact with their brand.  Request a FREE proposal to know more about our portfolio of services.

Why is Customer Journey Mapping Important?

With the burgeoning economy and technological developments, there is an expansion of innovative business models to meet new customer demands and new market opportunities. Customer journey mapping helps businesses to understand and provide what customers want as opposed to assuming their needs. This includes identifying the customer’s first potential touchpoint through a detailed customer-centric shopper journey analysis and then using these touchpoints to plan and maintain a long-term customer relationship. Customer journey mapping also helps in identifying whether the customer journey is in a logical order and gives a better perspective on the company’s sales process. Additionally, customer journey mapping aids in highlighting development priorities and allows businesses to concentrate efforts and expenditure on what matters most to maximize the effectiveness of marketing strategies.

Want to learn more about how customer journey analysis can help you maximize profits and improve business operations? Request for more information below.

Benefits of Customer Journey MappingBenefits of Customer Journey Mapping

Understand your customers better

Customer journey mapping aims at analyzing customers’ behavior at every point of interaction. By gaining detailed insights into how each touchpoint affects customer experience across the entire business, decisions can be made from an empathetic perspective. Customer journey mapping can help companies to get into the shoes of customers and consider all the factors that have the potential to affect customers’ decision.

Identify operational inefficiencies

Customer journey mapping helps in visualizing how each interaction combines to create the overall experience. This can, further, help in identifying inefficiencies and opportunities for innovation to improve the customer experience. Additionally, by using customer journey models, companies can identify different factors such as frequency and duration of each touchpoint, points of failure or bad experiences and levels of satisfaction at each touchpoint. Eliminating these inefficiencies not only helps improve customer experiences but also lay a foundation for determining the cost at each touchpoint.

Quantzig’s customer lifetime value modeling solutions can help you accurately forecast customer behavior. Request a FREE demo to gain better insights.

Discover Opportunities

The ultimate goal of customer journey mapping is not just to maximize profit but also to offer a clear direction on future opportunities. Customer journey analysis allows marketers to use tools and graphic visualizations to illustrate the entire customer journey or focus on a particular line of business, product or service, or path to purchase. Furthermore, this helps in uncovering opportunities for engaging customers at key pain points through content creation, brand interactions, and exposure.

Improve customer and employee satisfaction

If a company is able to satisfy customers at each of the touchpoints, customer loyalty naturally increases. The technique of customer journey mapping helps in improving communications and this increases the confidence level of employees too. During the process of customer journey mapping, employees gain a better understanding of organizational goals and practices that further helps in improving the efficiency of their performance. Customer journey maps enable brands to connect with their customers on an emotional level to provide optimum experiences in a proactive manner.

Wondering how to start with customer journey mapping? Get in touch with our experts now!

Benefits of Marketing Analytics

3 Benefits of Marketing Analytics That Can Drive Business Growth

The plethora of data available today makes it easier for businesses to develop new strategies to make smart marketing decisions, retain customers, and enhance customer satisfaction. However, the key to success lies in how accurately companies collect, analyze and leverage that data to achieve desired outcomes. This is where marketing analytics solutions offer meaningful insights into factors that help drive favorable outcomes. Marketing analytics uses various metrics to gauge the performance of marketing initiatives. Advanced marketing analytics aims at gathering data from all sources and channels and combines it into a single platform. Therefore, in order to determine the effectiveness and return on investment (ROI) of marketing campaigns, leveraging marketing analytics solutions is important for businesses. Here in this article, our team of marketing analytics experts have highlighted benefits of marketing analytics that can help businesses measure the effectiveness of various marketing channels and gain accurate insights on the ROI of their marketing efforts.

Quantzig offers advanced marketing analytics solutions to help companies effectively allocate marketing budgets and reduce customer acquisition costs. Request a FREE proposal to gain better insights into our portfolio of analytics solutions.

marketing analyticsBenefits of Marketing Analytics

#1: Gain insights into past events

One of the significant benefits of marketing analytics is that it offers insights into past events and reasons behind the changing purchasing patterns. This, further, helps marketing teams to avoid making the same mistakes as in the past. With the help of descriptive analysis, customer relationship management, and marketing automation platforms, marketing analytics solutions can highlight not only what happened in the past but also provide answers to questions on buying patterns and customer preferences.

Want to learn more about the benefits of marketing analytics? Request for more information below.

#2: Analyze current marketing campaigns

One of the major benefits of marketing analytics is that marketers can measure and analyze the effectiveness of their current marketing campaigns leveraging marketing analytics solutions. Consequently, this helps in making changes to marketing strategies in order to avoid mistakes or make improvements. Using marketing analytics dashboards to display current engagement levels or the status of new leads companies can assess the real-time status of their marketing efforts.

We help companies to integrate data across all marketing channels and consolidate it into a common marketing view through effective marketing analytics techniques. Request a FREE demo right away to know more.

#3: Predict the consumer behavior

Predictive analysis is one of the most remarkable benefits of marketing analytics. With the help of predictive modeling techniques such as clustering, regression analysis, propensity models, and collaborative filtering companies can anticipate consumer behavior. Also, predictive models can be used to target at-risk customers through tailored messages and loyalty programs. Marketers can then utilize this information to execute specific marketing analytics techniques to retain customers.

Finding it difficult to identify digital marketing channels that drive the most conversions? We can help. Get in touch with our experts now!

Customer Behavior Data

3 Ways to Boost Business Expansion Strategies Using Customer Behavior Data

By using customer behavior data, companies across industries can analyze how their customers respond to their products and services, followed by their marketing and selling. Businesses that truly understand their customers, can come up with Can improve their products and services to cater to the unique needs of their customers to promote them more effectively. Analyzing consumer behavior is crucial for all companies, especially before the launch of a product or service. Analyzing customer behavior helps in marketing products and services successfully. Marketing strategies are driven by customer behavior that serves as a tool for marketers to meet their sales objectives. If any company does not understand its customer’s demand, it might end up experiencing a significant loss in terms of customer loyalty and retention. However, understanding customer behavior is a daunting task because each customer has a different purchasing behavior and interest.  This is where customer behavior data can help. In this article, our customer analytics experts have highlighted a few ways in which customer behavior data can help in improving business expansion strategies and driving significant growth.

Our customer analytics solutions help businesses to gain a better understanding of customers’ buying habits and lifestyle preferences. Request a FREE proposal to gain better insights into our portfolio of services.

How to boost business expansion using customer behavior data?

#1: By increasing customer retention

By leveraging customer behavior analytics, companies can successfully segment their customers based on their buying behavior and interests. This can, further, help them identify at-risk customers and devise marketing strategies to tackle the challenge. Using such insights, companies can find more ways to improve customer engagement and launch new initiatives to offer personalized products and services based on customer behavior.

Learn how our customized customer analytics solutions can help you achieve the desired business outcomes. Request for more information below.

#2: By improving customer acquisition

The journey of modern customers is very complex. The path to purchase typically involves different touchpoints across multiple channels. Most companies tend to struggle when it comes to effectively aligning their marketing strategy with the customer journey. Organizations face issues due to budgetary constraints and fragmented data sources. This is the reason many marketers are leveraging data-driven approaches such as customer behavior analytics to gain better insights into customer behavior. Customer analytics solutions help companies to optimize the path to purchase through personalization, helping them acquire more customers that exhibit similar behavior and manage their acquisition budget.

Quantzig offers advanced analytics solutions that help companies to identify factors impacting churn and develop efficient strategies that will increase customer retention. Request a FREE demo to gain better insights.

#3: By driving customer growth and expansion

Individual customers may have a higher likelihood of converting on particular cross-sell, up-sell or repeat purchase offers at certain times. By leveraging customer behavior data and analytics, companies can identify a customer who has encountered negative experiences which prompted them to discontinue the services. Consequently, such customers can be targeted with other retention-focused initiatives to win back their loyalty and increase their satisfaction. 

Finding it difficult to quantify and forecast the value of individual customers across dimensions? Our customer analytics experts can help. Get in touch with them right away.

retail analytics

3 Best Practices Businesses for Managing a Successful Retail Analytics Campaign

“Retail analytics can help companies to identify new opportunities and seasonal trends of popular items.”

Today’s retail marketplace is fast-paced and is in a state of constant flux. This has increased the urgency to reduce costs and increase efficiency in operations in order to stay ahead of competitors. Consumers have become more demanding and expect unique experiences across all touchpoints. Also, retail companies are facing tremendous pressure to fulfil customer expectations with regards to the quality of the product, service and overall experience. In this accelerated commercial landscape, the ability of retail companies to respond to customer needs at the right time and place holds the key to success.

Businesses in the retail sector need to explore new opportunities presented by new data sources. This can also help them achieve unprecedented value and competitive advantage in an ever-expanding retail space. There is a need for retail companies to empower people across their organization to make decisions accurately and smartly. The assured way to achieve this is to harness a plethora of data available in the retail sector through retail analytics. Retail analytics solutions can help retail companies to understand customers in depth to uncover the latest trends to reveal new opportunities and more.

At Quantzig, we understand the impact that retail analytics solutions can have on your business. And to help companies excel in the competitive business landscape, our team of retail analytics experts have highlighted five best practices that businesses must consider while implementing retail analytics.  These practices can help businesses in developing successful cross-channel and multi-channel retail strategies to gain actionable insights into customer demands and preferences. Consequently, this can help in maximizing profitability by improving customer service.

Our portfolio of retail analytics services helps leading companies to successfully improve marketing ROI and optimize digital advertising investments. Request a FREE proposal to know more.

RETAIL ANALYTICS BEST PRACTICES

Retail Analytics Best Practices

#1: Customize the products

Customers in retail space have become very demanding and are increasingly looking for unique experiences. Retail companies must rethink the role of their stores and develop smarter, more personalized offers for their customers. With the increasing popularity of online retail stores, companies should focus on creating unique retail experiences that can draw in customers. Retail analytics solutions can help companies to improve the shopping experience by allowing them to act on buying patterns derived from retail analytics dashboards. Also, retailers can use virtual reality and cutting-edge technology to create a more dynamic and stimulating experience for shoppers. Additionally, retailers should contemplate regular audits, as this helps them to precisely update the status of operations, generate specific reports and ensure better customer service.

Want to learn more about how retail analytics solutions can help your business? Request for more information below.

#2:  Begin with the data available with you

Retail analytics services offer several opportunities to uncover new insights that can help companies in better decision-making. Before looking for new data, it is better to dig deeper into the data that you already possess and gain actionable insights to offer better service to customers. Insights derived from transaction history, order history, and other forms of online and offline data can help in understanding the buying behaviour of customers and devise retail strategies accordingly.

Our customized retail analytics dashboard helps clients in critical decision making, product promotion, and merchandising planning. Request for a FREE demo now to gain better insights.

#3. Focus on communicating with customers

Operating a retail business is not an easy task and managing a two-way communication with customers is even more difficult. The complexity of this process depends on the size of the business. One of the retail analytics best practices is to focus on communicating with customers and serve their needs in real-time. Retail analytics solutions can help businesses to improve scalability by tracking and measuring factors that impact customer experience. Also, businesses should focus on tracking communications to guarantee the excellence and compliance of every retail process. To derive better outcomes from retail analytics campaign, retailers should automate the processes and measure results to ensure business objectives are met.

Finding it difficult to identify and implement profitable sales strategies? Our retail analytics experts can help. Get in touch right away.