Businesses that emerge successfully from the shock waves hitting the retail industry will be better positioned to meet the evolving customer demands. However, changes in business models and the growth of consumerism have influenced businesses to adopt a holistic approach to category management analysis, one that focuses both on customers and the categories required to meet the evolving market needs. Quantzig leverages its analytics capabilities to help retailers tackle this challenge and set new standards through category management analysis.
By leveraging retail and shopper insights to support end-to-end category management in retail, i.e., right from insights and strategy through planning and execution, we deliver a unique, scalable framework for category management analysis. This supports collaboration with customers and contextualizes category growth recommendations at scale.
Category Association Analysis
Analyzing the co-relations between different product categories is crucial for designing new assortment and merchandising strategies.
Category association analysis offers in-depth insights into the correlations between different product categories, helping you uncover new product correlations and devise strategies to better position your products.
Finding and maintaining the optimal mix of assortments has always been at the core of every category management process. Retailers who identify the optimal assortment mix enjoy more sales, higher gross margins, leaner operations, and, most importantly, more loyal customers.
Quantzig aims to help retailers adopt a comprehensive approach to assortment optimization by streamlining the process of creating ideal product assortments aligned with business goals, locations, channels, and budget.
Category Affinity Analysis
Access to point-of-sale data has transformed the retail landscape by opening doors to smarter insights. These insights have empowered retailers to understand their business better and make accurate decisions in real-time.
Our holistic approach to category management analysis enables retailers to unravel these insights, enabling them to gauge product affinities and identify new cross-selling and up-selling opportunities across categories.
Product Cannibalization Analysis
Being aware of the co-relations between products can help sustain cannibalization due to pricing and new product launches. Advanced category management analysis can help businesses process thousands of data points and analyze even the most implicit yet impactful connections between the demand for various products within the portfolio.
Our methodologies are rooted in machine learning and affinity mapping to help retailers analyze profit-loss scenarios and factors leading to a reduction in sales, revenue, and market share.
Product Price Range Optimization
The rise in competitive pressures and market dynamism increases the pressure on retailers to adapt to market needs. Reacting quickly to competitor price alterations contributes towards full exploitation of margins, thus increasing profits.
Therefore, monitoring and analyzing prices is the most critical requirement in this objective. Our price range optimization solutions help businesses to set competitive prices while ensuring maximum profit margins.
Demand Transference Analysis
For retailers today, demand transference is a perennial challenge in the best of times. Hence, retailers must analyze assortments from every angle, including critical attributes, demand transfer behavior, and halo effects, to deliver the best recommendations for each category.
By adopting a holistic analytics-driven approach to category management analysis, we help retailers calculate the transfer of demand in response to assortment changes across categories.
New Product Launch Impact Analysis
A successful product launch involves preparing for its impact on your existing customer base and your organization as a whole. Product category management analysis can help you gain in-depth insights needed to measure the success of your product launch based on critical metrics.
Our analytics experts can also help you determine each product’s true value and combine it with strategic insights to make real-time recommendations that improve product success and assortment productivity.
Footfall Driver Analysis
Driving in-store traffic has always been a challenge for retailers. With online shopping gaining popularity, retail stores have started experiencing a drastic decrease in footfall. These factors demand businesses to identify footfall drivers, implement strategies, and find innovative ways to adapt to the new retail environment.
With real-time footfall data being key to determining engagement rates, dwell time, and sales, it has become crucial to leverage footfall data to obtain a granular view of in-store activities and assess the overall success of marketing initiatives. By aligning current footfall drivers with historical data, Quantzig can help you design robust strategies to address these concerns.
Our experts understand what it takes to tackle the challenges and win in an ever-evolving retail environment, i.e., an obsession with serving customers, interminable dedication to better execution, and a relentless drive to expand capabilities.
We draw on unparalleled industry expertise, strategic insights, and advanced analytics to address these requirements and deliver continuous retail improvements.
Devising a robust category management system requires streamlined processes backed by the right tools and business models that support category managers with the right insights.
Request a free proposal to learn how category management analysis can help you improve operational excellence by offering in-depth insights into critical aspects of merchandising.
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