A Leading Fashion Retail Brand Identifies $2.1 M in Sales Opportunity with the Help of Retail Analytics
Retail Analytics for a High-End Fashion Retailer About the Client One of the oldest apparel brands in Canada, this specialty retailer has over 200 stores spread worldwide along with a strong online presence. The company has ambitious growth plans and a business roadmap that focus on its digital channels as well as expanding into new [...]READ MORE >>
Retail Analytics for a High-End Fashion Retailer
About the Client
One of the oldest apparel brands in Canada, this specialty retailer has over 200 stores spread worldwide along with a strong online presence. The company has ambitious growth plans and a business roadmap that focus on its digital channels as well as expanding into new market segments by leveraging retail analytics.
The Business Challenge
With the onslaught of digitization perpetually transforming industries, analytics has turned out to be the new operating principle to function in today’s tumultuous retail environment. Though other industries have transformed rapidly when compared to the retail sector. A turbulent economy, availability of new selling channels, advanced technologies, and an increasingly demanding customer base act as major roadblocks for retailers, challenging them to adopt new approaches to stay relevant and competitive. However, brick-and-mortar stores still seem to be stuck in the conundrum of closing the doors or embracing omnichannel retailing. To differentiate themselves from the competitors, retailers must implement data-driven in-store transformations and deliver customized experiences by leveraging retail analytics solutions.
The purchasing decision journeys of customers involves manifold steps, many of which are now being captured, digitized, and transformed into metrics and data sets that are easy to analyze and draw conclusions. With this data becoming an implied derivative of advanced retail analytics and consumer technologies, the focus has shifted from just acquiring data to extracting meaningful insights from it. Such insights offered by retail analytics acts as a key differentiator and helps retailers to offer a better shopping experience for their customers.
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The client in this retail analytics case study faced diminishing sales and high competitive pressure over the past two years and needed to change course and improve performance. Though all the required data sources were accessible by the client, they had no clear and holistic picture of how they could improve their current position in the market. The client approached Quantzig to provide insights into the current retail scenario and recommend strategies that could help them improve their market position and the growth of potential areas.
Top Challenges Faced by the Client
Problem Statement 1
The client found it difficult to increase customer footfalls. Hence they wanted to leverage retail analytics solutions to identify new channels to engage customers and drive revenue.
Problem Statement 2
Managing on-shelf availability proved to be challenging as out-of-stock situations caused shoppers to change loyalties and move to other competing brands.
Problem Statement 3
A technical limitation coupled with long conversion cycles resulted in only 50% of customer data being fed into rule-based systems. Bridging this huge data gap turned out to be a major challenge that prevented them from accurately tying their marketing activities to the final sale.
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Solution Offered and Value Delivered
Quantzig’s retail analytics experts worked closely with the client to revolutionize the way they attract new customers, engage with them, and inspire loyalty. The retail analytics solutions offered by Quantzig enabled the client to gather and analyze data on customer preferences, demographic attributes and buying patterns to deploy targeted promotions, enhance employee efficiency, and increase sales.
To sustain a competitive edge in today’s accelerating marketplace, it is becoming increasingly important for retailers to seek new, proactive methods of harnessing new and extensive data source in innovative ways. With the help of retail business analytics, retailers can gain a deeper understanding of their customer data, leading to the discovery of valuable business insights. Based on a comprehensive retail analytics framework a detailed fact base was developed to be used as an input for devising a robust business strategy. Key focus areas of the framework included customer promotions, in-store optimization, channel optimization, and brand positioning.
The initial phase that led to the development of a retail analytics framework revolved around setting up an efficient foundation for data aggregation and analysis. It involved the collection of data from various data sources like POS, customer interactions, and social media to store it in a ready-to-use format for various analytical modeling applications.
The second phase of this retail analytics engagement revolved around assortment optimization along with a detailed analysis of the strategic importance of each product category to the variability of store purchases across the chain.
Phase three of this engagement offered detailed insights that helped the client to identify potential areas for growth.
Retailers need to establish a retail analytics framework which will help them to improve revenue via analytics-based decision making. Get in touch with our retail analytics experts to know more.
Within the first week, the devised retail analytics framework highlighted an opportunity to improve performance in certain categories. By connecting the retailer’s inventory, marketing, and website data, we identified over $2 million in sales opportunity on an annual basis for products with good conversion numbers but limited coverage.
Quantzig is a leading retail analytics solutions provider that is well-known for assisting clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. We recognize the importance of retail analytics in today’s complex market scenario, but we also understand the necessity of finding pragmatic and efficient ways to iteratively build the required capabilities. This is what set us apart from our competitors and prompts clients to engage with us on a recurring basis.
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