Customer Analytics and Business Intelligence Solutions – Understanding the Dynamic Consumer Demographics in the Retail Industry
Quantzig’s recent study on customer analytics and business intelligence solutions for a global retail leader guarantees 12% increase in sales including many other benefits.
How does customer analytics work?
Customer analytics process includes techniques such as data visualization, information management, and predictive analytics to offer insights on the market. The solutions offered through these market analytics helps revolutionize the approach organizations take to identify customer needs and behavior. These solutions help large retail companies to compare products, prices, brand, and competitive offerings to gain a deeper understanding of customers’ buying habits and lifestyle preferences. Industries such as retail and CPG, banking, insurance, and telecommunications benefit the most from these business solutions.
Predictive analytics is trending in the business intelligence solutions market, helping enterprises to draw accurate predictions about the future consumer buying preferences. Various models used in predictive analysis are primarily designed to serve existing customers better, prevent attrition, and build stronger relationships. These business solutions collate historical and current data to offer insights on risk assessment and alternative strategic resolutions. Organizations are benefiting from these models and are extensively using them to prepare, blend, and analyze all customer data from various channels and systems.
Exploring the future growth opportunities
Market analytics experts at Quantzig help businesses to understand the dynamic demands of different customer demographics based on the in-store customer experience. Tackling issues such as stagnant revenues and declining customer satisfaction levels can play an important role in determining the growth or decline of any organization. To overcome these roadblocks in businesses, retailers need to analyze real-time, the in-store behavior of customers based on their demographics, purchasing history, marketing promotions, response time, and dwell time data to optimize their experience, shopper traffic, and sales.
Evaluating purchasing power and store design
Customer analytics engagements help organizations offer better customer service by studying purchasing behavior and evaluating how the store format impacts product sale. The identification of potential areas of improvement for store design will significantly increase consumer attraction and sales. The development of various business intelligence solutions that analyze and target customers based on in-store activity improves customer footfall and optimizes offers and discounts to boost sales.
Outcomes, insights, and solutions offered to a leading retailer
With hands-on expertise in customer analytics, Quantzig provided objective elucidations that resolved the issues pertaining to the changing consumer demographics and helped a leading retail company to maximize revenue and sales. Some of the solutions offered are as follows:
- Insights on product location, sales, and associated customer behavior, such as footfall, the length of stay, visit frequency or loyalty, and purchase volume thereby, increasing sales volume by almost 12%
- Develop a complete picture of user interactions based on demographic and purchase behavior to accurately identify customer needs and interests. This strategy improved consumer footfalls by around 7%
- Identify product assortment issues in terms of average transaction volume or amount to improve space productivity
- Improve cross-selling and up-selling based on targeted offers by almost 10%
- Recognize the departments that the customers visit and gain insights into customer flow analysis, store penetration, and the time spent in each department
- Provide sales forecasts at category and product level for better business planning
- Improve product bundles and price modifications based on customer feedback and product reviews
The complete case study on customer analytics and business intelligence solutions for a leading retail chain is now available on the website.
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