What the Client Wanted
Identify and evaluate the market infill opportunities in the urban market segments.
The customer analytics solutions offered by the experts at Quantzig enabled the food retail client to derive meaningful insights from vast customer datasets and make better-informed decisions on market expansion. This customer analytics engagement entailed the implementation of robust strategies derived from customer datasets to uncover new market infill opportunities.
Overview of the Food Retail Industry
The food retail industry includes franchised restaurants and food chains which encompasses fast food outlets, eateries, retail outlets, grocery stores, and supermarkets. It also includes all businesses that sell food products to consumers. Key growth factors in the food retail industry include increasing health awareness among the global population, a rise in the consumer spending, and a surge in the price of agriculture.
However, over the past few years, the global food retail space has greatly benefitted from the rise in disposable incomes and the growth in the domestic economy. In addition, the growing demand for natural and organic products has helped in the industry’s growth. As a result, leading food retailers are now focusing on adapting to the changing consumer needs to enhance their market share. Capitalizing on the valuable insights obtained from customer datasets is another potential area where food retailers are increasingly focusing on driving business value.
Food Retail Industry Challenges
- The growth of the wellness segment: Consumer preferences and attitudes are undergoing a major shift due to which the demand for the organic foods has increased considerably across industries. Also, factors such as increasing disposable incomes, changes in lifestyle, multi-cultural exposure, and a rise in the number of working women have significantly impacted the food retail industry.
- Growing focus on private labels: With the rapid growth of competition in the retail industry, promotions and discounts are expected to play a crucial role in generating footfalls. Leading industry players, therefore, find it more beneficial to promote private labels and store brands to counter the impact of profitability. It is also essential for food retail industry players to innovate and adopt new business models to cater to the accelerating demand from various industrial segments.
About the Client
An international food retail industry player.
To uncover urban market infill opportunities, the client – a food retail industry major – approached Quantzig. The client wanted to leverage Quantzig’s expertise in customer analytics to expand beyond their traditional east coast market segments and uncover market infill opportunities in segments which were previously considered to be saturated.
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Quantzig’s customer analytics solution enabled the food retail client to uncover major opportunities for market expansion. Our customer analytics solutions also assisted the client to sharpen their decision-making skills. It even led to a number of tangible benefits such as improvements in profit margins, identification of a competitive pricing strategy, and improvements in conversion rates.
Customer Analytics Solution Insights
As the food retail segment matures globally, there will an increasing need for players in this industry to differentiate themselves from the global competition by innovating and expanding into newer market segments. Due to such factors and the availability of huge amounts of customer data, leading food retail industry players are looking at leveraging customer analytics to venture into new market segments.
However, with the growing trend toward investment in customer analytics, this business function is expected to rank high on the top management agenda of companies across sectors. But the question here is how can organizations benefit from customer analytics?
Leveraging customer analytics helps a business improve its business operations by analyzing customer data from various perspectives. Moreover, the strategies that we recommend based on customer analytics have been proven to assist organizations in enhancing their ability to glean insights from customer data. Also, our customer analytics solutions have been designed based on data obtained from a multitude of sources across an organization’s business network to cater to the dynamic needs of an organization. So, go ahead and leverage customer analytics to gain a competitive edge!