Tag: analytics in retail

Analytics in Retail

Analytics in Retail: 5 Imperatives to Succeed in the Canadian Grocery Retail Sector in 2020

In the realm of grocery retail globalization, Canadian grocery stores are challenged by the growing data volumes and are forced to make tough choices that can make or break their success. Data-driven disruptions and the evolution of new & advanced business models have not only complicated the current Canadian grocery retail landscape but have made it difficult for businesses to sustain a leading edge without the use of analytics in retail industry.

In the face of these disruptions and the growing popularity of analytics in retail industry, legacy Canadian grocery stores are forced to ramp up their analytics investments and focus on driving growth in several key areas including- procurement, inventory management, consumer demand management, supply chain optimization, and sales. However, to excel in each of these areas it’s crucial to note that analytics in retail industry has a major role to play in offering rich data-driven insights and ensuring the availability of these insights across all business units.

Analytics in retail has witnessed widespread adoption owing to its ability to drive improvements across processes. Request a FREE proposal to learn more about its use cases from an expert.

Based upon the current Canadian grocery retail scenario and the combined views of our retail data analytics experts, we believe that success in the Canadian grocery retail sector in 2020 will be defined by the retailer’s ability to analyze data and master the highly dynamic marketplace in which they operate. In 2020 the Canadian grocery retail sector is expected to manifest itself in a variety of ways based on the following trends that shed light on the role of analytics in retail industry.

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Analytics in Retail: 5 Imperatives

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Location Analytics in Retail Helped an Organic Food Retailer to Boost Quarterly Sales by 43% – Quantzig’s Success Story

The client is a leading organic food retailer based out of Sweden. With more than 120 outlets located all over Europe, the retailer is well-known for products across categories such as legumes and dairy products. They approached Quantzig to leverage its expertise in offering location analytics in retail sector to help them identify and quantify potential store redesigns.

With rapid technological developments, the retail landscape has transformed dramatically. Owing to the increasing competition from online retailers, traditional retailers have started to shift focus and accommodate change as a crucial aspect of their business processes. As a result, brick-and-mortar stores have started adopting omnichannel marketing approaches to orchestrate with the analytical and highly targeted approaches used by online retailers. Today, location analytics in retail is increasingly gaining attention, especially for retailers looking at gaining a front-line advantage in the retail sector. The challenges associated with the implementation of location analytics in retail hinder its extensive adoption in the retail sector. Additionally, the computational power required to analyze real-time data sources is another reason that has prevented the adoption of location analytics in retail sector.

Location analytics in retail sector is increasingly gaining prominence. Wonder how location analytics can benefit your retail business? Request a FREE Brochure of our analytics solutions right away.

Business Challenge

The client, a leading organic food retailer, wanted to set up smaller stores to target the urban customers by offering convenient approaches for purchasing organic food and non-food products and to also build brand loyalty for the larger format stores. Due to aggressive expansion plans, the client was facing several predicaments in assessing the business potential for existing and potential stores and to set an internal business target. Also, the organic food retailer was unable to understand and analyze their customer behavior and perceptions in real-time. Lack of insights from location data prevented the client from identifying untapped opportunities and left blind spots when it came to the implementation of new merchandise, services, and engagement experiences.

Location analytics is the new non-negotiable in the retail sector. Talk to our analytics experts for detailed insights.

LOCATION ANALYTICS IN RETAILSolutions Offered and Value Delivered

To help the client tackle its core business challenges, Quantzig’s experts adopted a three-step comprehensive approach. By leveraging location analytics in retail, the experts enabled the client to analyze the POS transaction level data and explore all different possibilities.  The first phase of location analytics in retail engagement focused on analyzing customer behavior and offer baseline insights into product location, its performance, and related customer behaviors. In the second phase of location analytics in retail engagement, the experts focused on developing in-store heat maps to help the client track customer’s traffic patterns and gain a better understanding of their requirements. The third and final phase of location analytics in retail engagement revolved around integrating the client’s transactional data sets with the gathered location data.

Location analytics in retail sector is indeed the silver bullet for retailers looking at gain a leading edge in the competitive business landscape. Gain limited time complimentary access to our analytics platform to know how our location analytics solutions can help your business.

The solution offered helped the client to identify ‘hotspots’ at a glance and increase sales through targeted marketing. Also, they were able to identify correlations and patterns between data collected from different locations and identify hidden triggers of cost.

Quantzig’s location analytics in retail engagement also helped the client to:

  • Route or reroute in real time in response to traffic patterns
  • Boost quarterly sales by 43%
  • Visualize spatial data and transform decision making process

Location analytics can help you map customer behaviors, demographics, and competitor locations to help you will succeed in the new business segment. Learn more about the benefits of location analytics in retail.

Weekly Round-Up: A Storyboard on the Benefits of Leveraging Analytics in Retail

LONDON: Quantzig, a leading analytics services provider, has announced the release of their new storyboard on analytics in retail. Each of these downloadable articles explains how analytics solutions can help companies to make informed decisions at tactical as well as strategic levels, optimize store-front layouts, track a new product’s performance, and improve profit margins.

Companies in the retail sector are facing critical challenges associated with the development of customer-centric solutions, decision making around pricing strategies, product promotion amidst growing competition, sales and demand forecasting, and merchandising planning. Leveraging the potential of analytics in retail can help companies to improve marketing ROI, optimize digital advertising investments, identify right media mix, and devise profitable sales strategies.

Quantzig’s analytics solutions have helped retail companies to develop cross-channel and multi-channel retail strategies, by offering insights into customer demand and preferences. Below, we have summarized some of Quantzig’s free resources and have also highlighted ways in which analytics in retail has helped businesses to excel in the competitive marketplace.

Are you finding it difficult to understand how retail analytics solutions can help your business to create assortments on customer preferences and devise the most engaging strategy for each customer?  Get in touch with us right now!

#1: Why has analytics in retail become so essential for retailers? Are you looking for ways to improve the performance of your retail store? In-store analytics may hold the solution to this. Retail in-store analytics can help retail companies in designing better store layouts and understanding the behaviors of a customer in the store by providing heat maps for foot traffic. Furthermore, utilizing analytics in retail can empower retail companies to make a comparative analysis and devise robust business strategies.

By leveraging the potential of real-time analytics in retail, companies can improve visibility and coordination throughout the supply chain and develop a seamless integration between multi-channel supply chains. Request a FREE proposal to know how our portfolio of retail analytics solutions can help your business.

#2: A definitive guide to analytics in retail: Store layout planning, inventory optimization, sales forecasting, market basket analysis, customer analysis, and price optimization are some of the major concerns of all companies in the retail sector. This detailed guide has the answer to all these concerns and can help you gauge at the changing market dynamics more effectively. Download the free resource to gain better insights.

Request a FREE demo today to gain insights into how analytics in retail can help in market basket analysis and measuring business performance.

#3: How can analytics in retail help businesses to gain front liner advantage in the complex retail scenario? Are you wondering how to analyze customer’s buying patterns and identify marketing opportunities? Merchandising analytics is the answer to this. For companies that are looking at gaining a front liner advantage in the era of Industry 4.0, a powerful and sophisticated merchandising analytics platform is the pre-requisite. Also, leveraging analytics in retail can help companies to eradicate data silos and improve surface insights to boost ROI.

Want to know more about the benefits of analytics in retail? Request more information below.

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A Beginner’s Guide to In-Store Analytics

The rapidly-growing, competitive retail landscape has increased the need for customer analysis across different business segments, especially e-commerce. This is the reason why the demand for in-store analytics has gone off the roof. Today conventional retail businesses have started implementing in-store analytics aggressively to retain their customers. Due to this factor, in-store analytics is now n integral part of conventional physical stores.

At Quantzig, we understand the importance of in-store analytics in retail business. And to help companies in the retail sector to excel in the competitive landscape and stay ahead of the curve, our team of experts has curated a detailed guide to in-store analytics. This guide can assist companies to improve profitability and retain their customers significantly.

Are you finding it difficult to track all the cart and basket values in your store? In-store analytics may hold the key to success. Get in touch with our experts to know how our analytics solutions can help your retail business.

What is in-store analytics?

In-store analytics is the process of collection of customer data and applying them to operations of the retail store. This can offer actionable insights into their business on both macro and micro levels. Is it sounding too complex? But it is not, provided you have proper retail analytics solutions in place. A proper analytics dashboard offers data-driven insights that make all data easily understandable and quickly applicable. In-store analytics solutions provide pre-built reports that help retail business in identifying key metrics responsible for retail performance. Furthermore, this helps in decision making and devising an overall business strategy that is based on data-driven facts and not on assumptions.

Want to know more about why in-store analytics is important for retail business? Download our free supplement here:

What is in-store analytics important for retailers?

#1: Facilitates better pricing decisions

In-store analytics has the potential to analyze price sensitivity efficiently. It can offer better visibility to retailers into the factors responsible for fluctuations in price. Also, it helps in identifying the points that have a major impact on the volume of sales. Furthermore, this can help in generating additional revenue for the retail business and safeguard them from any future price fluctuations.

#2: Track conversion rates

In-store analytics plays a crucial role in helping retail businesses to make informed decisions by keeping track of factors leading to conversions which is the heart of retail analytics. Also, these insights assist in monitoring retail performance, understanding consumer behavior, and enhancing the shopping environment. Furthermore, advanced analysis combined with data obtained from all these sources enables retailers to improve marketing operations, drive sales and boost the productivity of retail staff.

Reliable data leads to smarter decisions. Our retail analytics solutions help companies to understand customers and their behavior. Based on our analytics solution businesses can obtain profound insights into the buying process of customers and their journey. The results, in turn, can help businesses to drive customer traffic, monitor customer journeys, and translate prospects into loyal customers. Request a FREE proposal to know more about our portfolio of services.

#3: Understand customer behavior

In-store analytics helps in understanding the behavior of customers. This can further help businesses to send targeted offers and content depending on the response of a customer towards the brand. Marketing operations become more efficient if marketing is done through a targeted approach. This has high chances of inducing sales and thereby, converting a prospective buyer to a loyal customer. 

Our retail analytics guide is here to help you improve sales and achieve higher profits. Download the free supplement now.

Benefits of In-Store Analytics

Benefit #1: Improves the shopping experience

Today customers are well informed, and they research a lot before making any purchase. A retail business if incorporate in-store analytics to their marketing operations, can identify buying patterns of customers and their buying preferences. Consequently, this can help in enhancing the marketing strategy and improving the shopping experience of customers.

Benefit #2: Enhances customer support service

If you are into retail business and want to improve your customer service, the most important way to do that is gaining insights into customer’s response towards your brand. Conducting surveys help but it is not the proper solution because sometimes the customer’s response is not genuine. Therefore, tracking and analyzing customer data can help more in improving customer service and in-store analytics makes this very easy.

Our in-store analytics solutions can help you see how the customer flow translates into conversion. Request a FREE demo to gain better insights.

Benefit #3: Prevents theft and burglary

For retail stores, shoplifting is one of the most regular problems that they face. In-store analytics can come to the rescue here. By leveraging in-store analytics, retail stores can identify the spots that are highly vulnerable to shoplifting. Also, the data from the in-store analytics dashboard can help retail stores to strategize their marketing operations and take key decisions in improving security at the store. Consequently, this can help in dealing with theft and burglary.

Benefit #4: Optimizes store performance through real-time dashboards

In-store analytics dashboards offer specific insights to examine the product placement in the store and the optimal floor layout. Also, it helps in identifying frequented and non-frequented areas in the store. The in-store analytics dashboard also offers actionable insights into conversion by section and traffic by section. Furthermore, it helps in identifying profit maximizing patterns and paths. 

Want to know more about the benefits of in-store analytics and how it can enhance your retail store performance? Request for more info below.

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4 Ways Retail Analytics Will Help Your Business Grow in 2019

The retail industry has grown steadily over the past few years owing to the popularity of online shopping. But with the rapid growth, the retail businesses face serious challenges such as improving customer experiences, maintaining an online presence, keeping pace with consumer demands, staying ahead of rivals in the competitive landscape, and integrating technologies to drive marketing and profit. Even top retail businesses face hurdles such as staying up-to-date with social media trends.

If customers are not served with a seamless experience that can be one of the most critical factors behind the unsuccessful retail business. Therefore, companies in the retail sector must analyze retail market trends and leverage  retail data analysis to improve their pricing strategies and sales and demand forecasting methods. This is where retail analytics comes into the picture. Retail analytics solutions can help companies in devising the most profitable sales strategies and optimizing sales force for creating maximum business value.

At Quantzig, we understand the impact that retail analytics can have on your business. And to help companies excel in the fiercely competitive environment, our team of experts has highlighted five key ways in which retail analytics solutions can help businesses in developing successful cross-channel and multi-channel retail strategies and obtain actionable insights into customer demands and preferences. But before putting down the benefits of retail analytics solutions, let’s understand a bit more about retail analytics first.

What is Retail Analytics?

Retail analytics is the process that provides detailed insights into inventory, sales, customers buying pattern, and other crucial aspects that retail companies need to watch in the decision making process.  It takes into account several granular fields to create a broad picture of the health of a retail business.

Furthermore, retail analysis goes beyond superficial data analysis by utilizing techniques like data discovery and data mining and sanitizes datasets to provide actionable insights that can be applied in the short term.

Moreover, retail companies can use retail analytics to create better snapshots of their target demographics. By harnessing retail data analysis, retailers can easily identify their potential customers according to diverse categories such as buying patterns, age, preferences, location, and more.

Benefits of Retail Analytics

Benefit #1: Enhances store performance

Retail analytics can help retailers understand and analyze in-store customer behaviors. Additionally, retail analytics help retail businesses in tracing their dwelling times and shopping patterns. Furthermore, this unveils immense opportunities for all kinds of retail operations, right from individual stores to shopping malls. Also, by analyzing retail sales trends, retailers can analyze the most appealing design techniques, the best staffing options, and the most effective selling tactics.

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Are you facing difficulties in devising pricing strategies for your business? Request a free proposal to check out our portfolio of retail analytics services.

Benefit #2: Improves business decision making

Retail analytics become a source that can help in optimizing AI models. These models enable retailers to feed the knowledge to any transactional application including POS, e-commerce, CRM, workforce management, buying and planning and prevention of loss. Additionally, retail analytics help retail companies to dive deeper into the customer data to make informed decisions. Furthermore, by utilizing retail analytics solutions, retailers can make smarter pricing decisions through alerting and price monitoring. This enables them to sell the right product at the right price. Thus, retail analytics offers easy-to-understand retail business insights at the most granular level possible which in turn help retail professionals to gain the best outcome and improved ROI from their retail business.

Benefit #3: Optimizes customer experience

The recent research data shows that 65% of marketers have found that improving their data analysis plays a very crucial role in delivering a better customer experience. Retail analytics can be used to improve the shopping experience by solving customer problems in real time. Also, it can enable companies to avoid out-of-stock situations. Furthermore, this can ensure the availability of enough merchandise to meet the customers’ demand. Moreover, by analyzing the purchasing behavior of the customers, retailers can fulfill their needs by offering the products in demand at the most appropriate time.

Benefit #4: Provides better insights into customer behavior

This is one of the most essential benefits of leveraging retail analytics that they offer actionable and tangible insights into the behavior of customers. It is quite easy to apprehend that managing any aspect of business becomes a lot easier if one knows to estimate the return on investment. From analyzing the social responses to gauging the impact of a campaign on the store’s conversion rates to a product, retail analytics offer the most accurate picture to retailers of what works for them and what doesn’t. This leads to better sales effectiveness and improved ROI.

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How Can Geospatial Analytics Help Uncover Surprising Insights on Omnichannel Retail?

What is geospatial analytics? 

Modern technologies such as locations sensors or GPS tracking, mobile devices, and social media facilitate companies to collect “geo-referenced” data about practically any event. Geospatial analytics uses this data to build maps, statistics, graphs, and cartograms, which make complex data relationships more understandable. Geospatial analytics help companies to anticipate and prepare for possible changes that may occur as a result of the changing spatial conditions or location-based events. Advanced geospatial analytics also allows retailers to quantify the actual economic value of each of their stores across various channels.Get More Info

Geospatial analytics in omni channel retailing

Over the past several decades, retailers have been leaving no stone unturned for mining different data sets such as market trends, demographics, and point-of-sale information. But now, with advanced technologies and the availability of new types of data, retailers can gain a better understanding of the markets and consumers. Retailers can now analyze not just the quantity of customer traffic but also the quality of this data.

Omni channel retailing is now becoming a ‘hot trend’ among retailers. Retail companies are scrutinizing the interplay between online and offline customer decision journeys. Taking an omnichannel view of store performance allows each store to be rightly credited for all the sales in which it played a role, be it for offline or online sale. In doing so, retailers are getting a more accurate picture of each store’s total economic value and will be able to make better decisions about their omnichannel retailing presence. 

Some of the key benefits of geospatial analytics in omni channel retailing include:

Know where your customers live, work, and shop

With the help of geospatial data, companies in the omni channel retailing space can garner a better understanding of where their potential customers reside and they specific shopping habits and patterns. This would help make informed decisions on the site-selection, marketing, and product assortment for specific areas.

Determining store locations

Deciding on the store locations for a business is a crucial task, which involves intense planning and brainstorming since wrong decisions in this aspect could cost a company big money. By understanding key factors such as competitive presence, potential customer demographics, and access to supply chains, companies can make better omni channel retailing decisions so as to what would work better for each locality.Demo

Making real-time decisions

Geospatial analytics provides up-to-the-minute data on customer and vehicle locations, assets, sales, and environments into maps and analysis. This gives companies the time and space to decide on the changes to be made for resource allocation on a real-time basis.

Understand key factors of purchase

Retail companies use data-driven analysis on how and where customers interact the most with their brand. This would help them further strengthen their marketing and inventory decisions. Furthermore, they can also reduce or eliminate their investments into efforts that do not give the desired results or are seen to not create a satisfactory connect with the customers.


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5 Retail Marketing Trends to Supercharge Your Business This Season

Shopping is soon going to be all about long-lasting and unforgettable experiences for customers. Customers will be immersed in a world of choices, convenience, and fun-filled shopping experience. Retailers are now relying excessively on technology, not only to promote their in-store offerings but also to effectively reach out to their potential customers. Also, retail companies now have access to large databases of customer details. The recent marketing trends in retail are aimed at leveraging this data to target customers based on their shoppinGet More Infog patterns. Here are some of the marketing trends that brands must incorporate as a part of their retail marketing strategy to put out a tough fight for competitors in the market:

Retail marketing Trends 2018

Voice search as a shopping assistant

Voice assistants such as Google Home, Alexa, and Siri are slowly becoming common household names and are consequently one of the most popular marketing trends to watch out for. These voice assistants are now an integral element of the retail marketing strategy of many prominent brands.  For instance, in 2017, Monoprix, a leading French retail brand partnered with Google Home to launch a voice application that allows customers to create a shopping list by simply speaking to a chatbot that recommended products based on the user’s buying habits. This ensures a faster path to purchase for customers.

Product customization

Product personalization or customization is the new fad among customers. They want unique products that are designed to suit their taste or means something to them. Personalization is among the popular marketing trends that we have on our list this season. This retail marketing strategy is a great way to attract the customers who place more importance on the experience rather than just the physical items or commodities.

Website and app partnerships

The rise in technology has taken shopping away from just the in-store experiences to digital screens. One of the common marketing trends we see today is brands partnering with websites or apps that are focused on promotions, deals, and loyalty. Furthermore, retailers are found to get maximum returns on their investments from general deal websites and apps, which provide a comprehensive digital marketing solution and drive brand awareness and revenue through a multitude of channels.Demo

Point of sale to point of experience

Forward-thinking retailers are giving immense emphasis to the customer experience. Brands have realized that consumers expect more than just shopping from retail stores today. Hence, customer experience is winning an important position in the retail marketing strategy of several prominent brands across the globe. Proving customers with experiences that associate them with enriching opportunities and increase store visits and revenue are some of the retail marketing trends to watch out for in the near future.

In-home services, delivery, and consultations

Convenience is an important factor that most customers consider while making their shopping decisions. Marketers have identified retail marketing trends such as free delivery and in-home services to appeal greatly to modern customers who prefer getting things done in the comfort of their homes. Several retailers are using this as a retail marketing strategy to engage customers by connecting with them in their homes.


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Why In-store Analytics in Retail is the Key to Make Your Bricks Click

For brick and mortar retailers, this is no easy time. The boom in online retail has left the sales of physical stores at a standstill.  The market space which is becoming increasingly digital is compelling retailers to turn towards advanced analytics techniques to ensure that their business survives the competition. Moreover, juggling between offering customers the right products at the right prices along with an exceptional customer experience can seem to be a daunting task for retailers. Adopting in store analytics could be the answer for companies in the retail industry to overcome this hurdle.

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What is in store analytics?

In-store analytics in retail provides meaningful insights from customer behavioral data. Retailers leverage several techniques such as the use of smart carts with location beacons, pin-sized cameras installed near shelves, or the store’s Wi-Fi network to identify the number of shoppers entering the store, their movement inside the store, and the key areas/aisles that they visited. This can even be used to extract basic demographic data, such as gender and age group. In store analytics can connect the dots between consumer, retail store, and buying decisions based on the data collected.

Why is in store analytics in retail important?

Competing with online stores is no cakewalk for brick and mortar retailers. Ergo, it is imperative for them to collect as much data possible about their customers and their buying behavior. In store analytics in retail gives businesses clear-cut solutions to the following conundrums:

Pricing decisions

Pricing is one of the trickiest tasks for retailers. Most retail companies invest in resources that churn out tons of in-depth data on sales and pricing. Out of this, only a few succeed in turning this data into actionable insights. Retailers often end up making knee-jerk reactions that could have adverse effects on their business. For instance, in the case of an increase in production cost, they tend to raise the prices in direct proportion to the manufacturing overheads without understanding its impact on sales volumes. In store analytics helps retailers perform a price sensitivity analysis, which gives a better visibility about when and by how much should prices go up or down. This can generate additional revenue for the retail company and safeguard them from price hikes by the competitors.CTA QZ

Understand consumer behavior

Customer behavior is highly dynamic and often hard to track. In store analytics provides retailers with a better understanding of the customer behavior. A form of in store analytics in retail called the mood analytics uses CCTV camera images to monitor the facial expressions of a person. This can help retailers send targeted content and offer them in store depending on how a customer is feeling. For instance, if the mood analytics reveals that the customer is confused about making a purchase from a particular category, then the retailer can promptly send an offer message to the customer’s mobile that is valid if the purchase is made within a particular time frame, say one hour.

Visual merchandising

Visual merchandising is key for retail companies to attract customers’ attention. But how would they decipher what would work for their business and what wouldn’t? In store analytics can offer real-time data on the effect of visual merchandising on the customers in the store. This can help retailers to experiment with different visual merchandising techniques and eliminate the ones that do not bear fruit.


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