Client: A leading sporting goods retailer
Area of engagement: Sentiment analysis
The global sporting goods industry includes many different product types such as athletic footwear, licensed sports merchandise athletic apparel, exercise equipment but does not include recreational transportation items such as pleasure boats, bicycles, RVs, and snowmobiles. The primary drivers of the sporting goods industry are governments promoting sports activities and encouraging sports participation, growth in disposable income, and the rising number of health-conscious people. Moreover, according to the latest sport trends, the rising number of sporting events across the globe is projected to encourage more and more individuals to take part in various sports, thereby, fueling the growth of the sporting goods industry.
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However, our analysis of the recent sport trends shows that the sporting goods retailers are facing challenges in terms of:
Rising competition: The sporting goods industry is one of the most competitive sectors with several retailers fighting to get a more significant share of the pie every season. Depending on the type of business model, firms compete with specialty sports shops, pro shops, specialty fitness, department stores, warehouse clubs, discount stores, e-commerce stores, manufacturers, and more.
Decreasing Margins: This is one of the chief issues worrying about most sporting goods retailers. There has been a marked decrease in the profit margins due to rising material costs, increasing labor costs, and increasing warehousing costs. To add to that, the possibility of the dead stock compounds the woes. However, for retailers to stay profitable, they have no other option but to decrease their operating expenses.
To overcome several such challenges, sporting goods retailers across the globe are leveraging the use of sentiment analysis. Quantzig’s sentiment analysis helps firms understand their customer sentiment and drive long-term strategy and employee engagement. Sentiment analysis also helps firms understand the attitudes, interests, opinions, and emotions of the customers and accordingly react to the changing customer preferences.
The Business Challenge
The client, a leading sporting goods retailer with retail units spread across the globe, wanted to understand the customer perception of the products offered and develop strategies to respond to their campaigns and product launches. Additionally, the client wanted to assess the opinion and attitude of the end-users and develop a proactive engagement strategy to monitor customer interaction.
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The Solution and the Business Impact
The sentiment analysis solution offered by Quantzig helped the sporting goods retailer proactively gain insights into the customer attitudes about the brand. The engagement further assisted the client to increase focus on identifying feedback sources to define new targets and pursue promising opportunities. During the course of this engagement, the client also refined their business models and designed marketing campaigns to evaluate the perception of customers around their activities.
To know more about how our sentiment analysis helped a leading sporting goods retailer identify the impact of key sports trends, request more information.
Supply Chain Analytics Solution Insights
With the help of Quantzig’s sentiment analysis, firms can potentially tap into customers preferences and determine the perceptions of the customers towards the brand. The analysis also helps firms increase their focus on expressing emotions of the client through social media platforms.