Shopping trends are changing rapidly around the world. From shifts in age group buying power to technical influence on purchasing decisions, most conventional rules of anticipating shoppers no longer apply. With these fast-moving trends present, it is more crucial than ever for the CPG industry to understand how buying decisions are changing in this new environment. Gathering, analyzing, and interpreting data is the most critical strategy that CPG companies are now embracing to understand the customer buying patterns, draw insights from them, and improve profit margins.
The arrival of the pandemic reshaped the consumer landscape. In the metamorphosis from responding to the worldwide pandemic to recovering and meandering the path forward, the CPG companies must manage several priorities simultaneously, such as rapidly changing consumer behavior, identifying micro-pockets of growth, revising commercial strategies, and becoming more agile to pursue new opportunities. CPG players can unleash the power of advanced analytics to turn real-time data into intelligent, actionable insights that help them achieve retail excellence even in adversity.
If done right, data analytics initiatives can yield enormous rewards for retail and CPG companies. Request a free pilot to learn how Quantzig can help you make use of advanced analytics to solve complex business problems and inspire innovation, change, and growth.
Top 10 Advantages of Using Advanced Analytics in the Retail Industry
- Improved personalized marketing – In today’s world, personalized communication consistently differentiates a business from its competition. To create a better personalized marketing experience, companies must obtain customer insights during every stage of the buying process and act on them instantaneously. Advanced analytics helps decipher real-time data to give companies intelligent, actionable insights.
- Optimized demand and inventory management – Advanced analytics helps retail and CPG companies understand their consumers’ unsaid buying needs and focus on the problem areas. Data insights enable companies to predict demand and plan inventory accordingly.
- Enhanced customer experience and satisfaction – Advanced analytics solutions help CPG and retail industry players analyze buying patterns and use this data further to provide a seamless customer experience. Retail analytics enhances customer experience by analyzing the products that customers usually buy together and giving them similar suggestions. Personalized recommendations and a seamless shopping experience go a long way in gaining customer loyalty.
- Improves customer retention rates – A customer journey map tracks a buyer’s complete experience. It starts right when the customer first contacts a brand and ends with a purchase order – the journey traces the process of engagement. Advanced analytics can quickly draw actionable insights from such customer journey maps. Dissatisfied customers are likely to hamper brand value. Advanced analytics helps identify unhappy customers who are not engaging well with the brand and draw insights from customer journey maps of most loyal customers, allowing retailers to introduce special offers to engage, attract and retain customers.
- Aids in decision making – Retail and CPG players leverage advanced analytics to make gather data-backed insights that aid in making strategic decisions and deciding on the way forward.
- Increase ROI – Advanced analytics offers CPG and retail companies countless opportunities to increase their profit margins across their entire value chain. Retail companies can now get a more detailed understanding of their customers’ needs and behaviors, improving their ability to target the highest value opportunities. It is now easier to measure the ROI for marketing spends across every platform and manage the marketing budget accordingly. Advanced analytics even helps manage workforce and talent acquisition, and optimize sales forecasting, product pricing, production planning, thus helping companies cut down on unnecessary expenses across all departments.
Quantzig’s advanced analytics solutions help retailers improve business efficiency, enhance customer retention rates, and drive profit margins. Request a free proposal to know how our solutions can help your organization solve complex business problems and drive sales.
A 360-Degree Approach: The Latest Strategy for the Retail and CPG Industry
Retail industry players can now respond quickly to changes in shopping trends and behaviors by analyzing customer experience through customer journey maps. The CPG industry trying to stay ahead of the curve now must take up different data-driven strategies. We have noted a few most prominent techniques to help retail and CPG companies stay ahead in turn.
Request for more information on our portfolio of advanced analytics solutions curated for the Retail and CPG industry.
Conventional analysis of consumer behavior is focused on gaining insights only when the buyer steps into the store. However, 21st century consumers do their own research and make comparisons prior to confirming a purchase. Thus, CPG industry players need a 360-degree holistic view of the shopping journey to remain relevant to the needs and interests of consumers. Retail companies should also eliminate the barriers between internal departments that limit the flow of information concerning shopper behaviors. As purchasing decisions are no longer limited to conventional shopping environments and constant factors, retail companies must analyze online behavior to improve their sales and overall profit margins.