Increasing consumer reach with the help of customer analytics
Unlike the conventional form of in-store shopping, the recent years have witnessed a significant shift in retailing through robust online activities. The customer can make informed decisions using various engagements and from the comfort of their own homes. To stay on par with the high level of competition in the retail landscape, the marketers are […]
Unlike the conventional form of in-store shopping, the recent years have witnessed a significant shift in retailing through robust online activities. The customer can make informed decisions using various engagements and from the comfort of their own homes. To stay on par with the high level of competition in the retail landscape, the marketers are augmenting the adoption of customer analytics to effectively understand the customer behavior and act in accordance with their preferences and choices. In addition, the best tools allow retailers to take appropriate actions such as customer needs and performance of promotions. Moreover, gaining an in-depth understanding of the customer behavior, inventory, and order data help the marketers to plan and forecast all channels simultaneously.
Quantzig’s customer analytics solution helps the clients cope with the pressures of competition and consumer price sensitivity. In addition, customer analytics also helps the client increase customer loyalty and improve the performance of the organization.
The Business Challenge
A global conglomerate in retailing was facing challenges understanding their growth potential and optimize placement of store locations and franchise territories. The client was also facing challenges determining the needs of moderate-income consumers. The client wanted to leverage customer analytics and drive strategic business decisions.
To address the specific analytical needs of the client, Quantzig’s customer analytics experts built a custom market planning model to evaluate both the current and potential sites. The evaluation was based on factors such as the concentration of core customers within a specified drive-time radius, cannibalization, and competitive presence.
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Customer Analytics Solution Benefits
- Determine the right score model for each market and the right spacing between stores
- Develop a long-term roll-out strategy
- Optimize merchandising mixes at the store level
- Maximize the performance of each store
Customer Analytics Solution Predictive Insights
- Reduce the time taken for a new store to become profitable
- Increase the number of stores
- Understand growth potential, maximize franchise territories, and improve sales performance
- Determine the number of locations a market or a franchise territory can support
- Identify the best sites of new locations