Tag: Customer analytics

Customer churn prediction for retail businesses

Customer Churn Prediction for Retail Businesses: How an American e-Grocery Delivery Services Provider Increased Profitability by 25% | A Retail Success Story

Engagement Summary

Customers are the lifeline of any business and a steady in-flow of customers is one of the biggest indicators of a business doing well. As rewarding as attracting new customers is, it is also hard work and expense. A more effective solution is customer retention – it is not only a cost-effective formula but also makes for loyal customers who are more likely to turn into brand ambassadors than the new ones. To retain customers, it is important to track them and understand their churn/attrition propensity. The ones with a higher risk of churn must be targeted to implement retention strategies upon. Customer churn prediction for retail businesses is one of the most important and challenging problems for retail companies worldwide. Customer churn models and metrices can help businesses improve their customer retention rates and increase profitability.

About the Client

The client is an American online grocery delivery service provider and operates in 30+ cities in the United States.

To help companies in the US retail sector to excel and reduce customer churn, our team of customer analytics experts have curated a detailed guide to analytics in retail. Request a FREE proposal to know more.

The Business Challenge

The client was facing a sharp increase in customer churn over the past six months and wanted to devise a model to predict and avoid it. The client also wanted to accurately segment their customers so as to create personalized recommendations to engage with and grow the different segments effectively. The approached Quantzig to leverage customer churn prediction for retail businesses to predict and reduce customer churn.

Solution Offered

On collaborating with Quantzig, the client signed up for a transformational journey of customer churn prediction for retail businesses. Our experts bifurcated this engagement in three stages. The first stage focused on forming accurate customer segments and the allocation of a marketing budget. The second stage allowed the client to gain actionable insights by deploying a data visualization framework. The final stage included deriving customer churn models that helped in understanding the segment with the highest risk of churn and allowed the client to focus their customer retention strategy on this segment.

Analyzing the troves of consumer data to predict customer churn rates is cumbersome, but it can be analyzed smoothly with the right in-store customer analytics solutions. Request a FREE solution demo to get a glimpse of our customer churn prediction solutions portfolio. 

Business Outcome

In order to build a sustainable online retail business, online retailers must focus on reducing churn rate, thereby increasing customer retention.

The key outcomes of this collaboration were –

  1. The client was able to reduce customer churn rates by 8% in a span of one year
  2. The client subsequently observed a 25% increase in profitability
  3. The client successfully segmented its customers basis their churn risk to create personalized engagement models.
customer analytics in banking

Customer Analytics in Banking Helps an American Bank to Improve Customer Acquisition Rate by 17%

Engagement Summary

The shift from product-centricity to customer-centricity in the banking sector is almost tangible, however, the challenge still lies in engaging with the customer effectively and efficiently right when they sign up or even before they decide to. The focus in the banking industry for the last few years has been client life-cycle management. When it comes to having actionable insights into their customers, banks are ahead of the curve as compared with any other industries. The issue lies in the fact that these actionable insights are often not shared across the organization. Customer analytics in banking helps banks gain granular insights on current and upcoming requirements of their customer base.The client, an American financial services provider company, approached Quantzig to leverage its expertise of customer analytics in banking. Quantzig’s customer service analytics experts delivered on the client’s expectations and helped them improve their customer lifecycle management

Our customer service analytics solutions combined with customer profiling and segmentation can help your organization understand your customers’ preferences. Request a FREE proposal to gain in-depth insights.

About the client

The client is a financial and banking services provider headquartered in California with branches across the United States. It is one of the largest banks in the globe by market capitalization and total assets.

Business Challenge

This banking industry giant was facing predicaments with fraud detection. The client, in the year 2018, faced severe fraud. Thus, they approached Quantzig to leverage its expertise in customer analytics in banking to understand and analyze the spending pattern and financial history of their customers.

The client’s main challenges included –

Problem statement 1

Fraud detection – The client, in the year 2018, faced fraud activities close to a million US dollars. They approached Quantzig to leverage its customer analytics solutions for the banking industry to identify and stop fraud activities.

Are you finding it difficult to keep up with the safety measures and regulations of the banking and financial industry? Our customer service analytics solutions can help your organization keep up with BFSI regulations. Speak to our experts now.

Problem statement 2

Customer segregation – The client wanted to segregate their customers according to their age, gender, behavior, and interest. This would help the client to analyze the spending pattern of their individual customers and offer them personalized services.

Problem statement 3

Customer acquisition – Customer analytics in banking sector helps banks and financial service providers identify high-value customers who are most likely to respond to the services. For the past one year, the client was facing low acquisition rates. Thus they were keen to deploy a customer service analytics solution to improve their customer acquisition rates.

Request a free demo to know how customer analytics in banking can help BFSI industry players develop new product offerings while tackling upcoming threats and fraudulent activities.

Solution Offered

The primary objective of the client was to identify fraudulent activities and customers who posed such threats. Massive digitization across the globe has paved the way for fraudulent activities in the banking and financial sector. It is now even more important for banks to have special and intelligent systems to detect and deal with fraudulent activities. By using customer service analytics, banks can easily identify fraudulent activities. Our experts deployed a framework to help the client identify threats and also designed an analytics-driven dashboard to understand patterns that ring alarms before threats even arise.

Business Outcome

With the objective of helping this American banking giant to enhance the value of their customer base, Quantzig’s customer analytics experts captured and analyzed the complete potential of their customer base using customer profiling and segmentation solutions, which helped the client to deliver the perfect mix of solutions to their customers.

The key business outcomes of the engagement were –

  1. Improved customer acquisition rate by 17%
  2. Enhanced customer retention rates by 54%
  3. Reduced financial frauds which further helped in saving US$2.5 million in the FY 2019
  4. Personalized customer interaction and enhance cross-selling opportunities

Request for more information to learn about our customer analytics in banking solutions portfolio today.

customer insights and analytics

Customer Insights and Analytics: How Quantzig Can Help CPG Companies Recover from the Coronavirus Crisis

Customer centricity is undoubtedly the new brand voice for CPG companies across the globe. But, the real challenge in developing a customer-centric organization lies in decoding and generating insights from the data obtained from various touchpoints. In addition, the crisis-induced challenges have made it difficult for consumer packaged goods companies to tackle the competition and achieve sustainable growth. Also, CPG companies face intense competition from the online and the traditional CPG segments that leverage customer insights and analytics and the advantage of direct customer connections to maximize their market value.

To analyze the value impact and challenges associated with leveraging advanced customer insights and analytics, we conducted a detailed industry review by collaborating with 20+ large and medium-sized CPG companies. As a part of this industry analysis, we also interviewed 50+ industry experts and interacted with stakeholders from leading Fortune 500 CPG companies. Based on the interaction, our analytics experts were able to decipher the fact that leveraging advanced analytics solutions can help CPG companies to achieve an additional 12%-15% margin growth through accurate demand forecasts, personalized services, targeted marketing, more relevant product assortments, and faster time to market.

Though this value seems elusive, most leading CPG companies that we interacted with hadn’t ramped up the use of customer insights and analytics in core business functions due to multiple organizational roadblocks including, poor data management capabilities and lack of robust data management frameworks. Notably, to make the most of their customer analytics investments, businesses must focus on core high-priority areas, to begin with, and then expand the scope of their investments to other business functions.

At Quantzig, we believe that the effective use of customer insights and analytics will enable CPG companies to cope with and even benefit from the key trends impacting this sector.

Customer Insights and Analytics Value Proposition for CPG Industry: How Quantzig can help

Proactive identification of opportunity areas using webcrawling solutions

AI powered competitor tracking solutions to monitor the strengths and weaknesses of competitors

Advanced social listening solutions to monitor and track brand mentions and customer interactions

Customer Insights and Analytics

How Web Crawling Can Help CPG Companies Tackle the Crisis

The COVID-19 crisis has provided immense opportunities for CPG companies to diversify their product portfolio and drive market share. With rising demand and lack of supplier availability, the market opportunity for self-hygiene products like face masks, hand sanitizers, and other personal hygiene products have turned out to be new opportunity areas that no consumer packaged goods manufacturer would want to miss. However, before investing in new segments CPG companies must analyze their competitors’ strategies and ensure complete visibility of competitor’s products that can potentially help them expand the market footprint and drive market share. Quantzig’s proprietary web crawling solutions, are designed to do just that by helping you collect, integrate, and optimize data sets, offering complete visibility into the competitive landscape.

How AI-powered Competitor Tracking Solutions Can Help CPG Companies

With new market entrants looking to tap into new opportunities, CPG companies have now realized the need to ensure they gain complete visibility into their competitor’s strategies and product offerings. Quantzig’s proprietary competitor tracking solutions that leverage data collection and analysis offer complete visibility of the competitive landscape by gathering information from online sources such as competitor websites, press releases, and government tendering websites. Moreover, as government tenders are increasingly launched on online portals, we can help you gain a front-liner advantage by enabling near-real-time alerts for tenders that are relevant to your product offerings, thereby improving your chances of closing deals. Considering the widespread impact of the crisis, we believe that competitor analysis is not just the need of the hour but an ongoing investment that will help CPG companies stay ahead of the curve at any point in time. Mainly because insights on what competitors are doing and how they are connecting with consumers is an important source of both ideation and benchmarking to ensure that your organization is at par with the market.

Our customer insights and analytics data platforms could be used to renew, improve, or fill gaps in your existing BI frameworks. Request a Free Demo to know more about our platform capabilities.

How Social Listening Can Help CPG Companies Stay Ahead of the Curve

Quantzig can enable proactive identification of opportunity areas in different regions by mining the unstructured conversations collected from various digital platforms. Leveraging social listening can help businesses identify new opportunities by understanding and classifying the needs of customers into different groups based on product needs, service requirements, and food consumption patterns. Our social listening solutions can also help you analyze consumer needs and create company-sponsored support groups for connecting with consumers based on their needs, planning marketing campaigns, and suggesting precautionary measures.

What sets us apart?

Quantzig’s market success hinges on its innovative customer insights and analytics solutions that deliver key insights on customer behavior, brand perception, and innovation opportunities, thereby enabling CPG companies to drive revenue growth, create optimal portfolio strategies, and implement an agile customer-centric business strategy. Our customer insights and analytics center of excellence accelerates the potential of customer data by translating insights into action points that can help CPG companies enhance brand value and market share. Moreover, Quantzig’s global team of customer data analytics experts with in-depth domain expertise in all aspects of customer insights and analytics has a proven track record of identifying and implementing best practices to create insight-driven organizations across a range of industries, including CPG & retail, banking, insurance, telecom, media & entertainment, online learning, healthcare, and oil & gas.

To learn more about our proprietary customer insights and analytics solutions, request for more information now!

Retail Healthcare

Quantzig’s Customer Segmentation Assists a Prominent Pharmaceutical Products Supplier bridge the Price Gaps in the Products Offered

The client: Pharmaceutical products supplier, Size: >34 billion in revenue, Area of engagement: Customer segmentation

The rising skepticism over the ever-escalating prices on pharmaceutical products is compelling organizations to improve their innovation capabilities and increase investment in R&D. As people are gaining more access to healthcare, prominent businesses are planning to manage healthcare funding and tender effective measures to narrow the price gaps between local and international brands. Along with urbanization, the rise of aging population, changing lifestyles, and increasing incidences of chronic diseases will drive the growth of the pharmaceutical products space.

Although the pharmaceutical products space is witnessing a promising growth, several factors may influence the growth of the sector over the next couple of years. These include.

  • Poor scientific productivity: The incidences of chronic diseases is witnessing a manifold where it becomes essential for the pharmaceutical products manufacturer to invest highly in innovations to meet the constant customer demands. With the relatively slow growth of the healthcare space, businesses need to ensure better production capabilities while meeting the quality requirements.
  • Drug approval stagnation: The regulations set forth by the FDA becomes an obstacle for many leading pharmaceutical products manufacturers. So, organizations need to maintain a balance between safety and innovation in the products while entering the market.
  • Rising customer expectations: As the pharmaceutical products space is shifting to a patient-centric environment, the consumers buying preferences are altering and are looking for a fast-relief in curing their illnesses. The relentless demands of the consumers are forcing businesses to produce products in an agile and seamless manner.
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To counter these challenges and effectively meet the growing demands of the customers, organizations are leveraging the need for a customer segmentation solution. Customer segmentation helps businesses divide the customer base into sub-segments to tailor their marketing efforts adequately. Customer segmentation also helps businesses gain a deeper understanding of their customers’ preferences and needs to maximize cross-selling opportunities.

The Business Challenge

The client, a prominent pharmaceutical products supplier, wanted to stay ahead of the competitors and identify new products to meet customer expectations. The client wanted to segment their customers based on the needs, behaviors, and demographics. Moreover, through an effective customer segmentation engagement, the pharmaceutical products supplier wanted to develop value-based segmentation to understand the revenue they generate. The primary concern of the client was to create and communicate targeted marketing messages to resonate with the specific group of customers.

QZ- customer segmentation

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The Solution Benefits and the Business Impact

Strategies that we recommended based on our analysis to help clients promote sales and business development

The customer segmentation solution offered by Quantzig helped the pharmaceutical products supplier identify ways to improve product and service opportunities and establish a better relationship with the customers. The solution also sought ways for the client to differentiate customers based on their economic value. Moreover, prominent products supplier was able to predict and anticipate the most profitable customers and allocate their capital resources efficiently. The client was able to differentiate their products with that of the competitors’ offerings and improve their performance in the market.

Customer Segmentation Solution Predictive Insights

Beyond the product offerings, gaining adequate insights into the customer preferences allow organizations to offer better customer support and professional services by developing more focused marketing messages to best fit each customer segments. Moreover, the pharmaceutical products supplier can identify the most lucrative opportunities and ultimately increase revenues on investment.


To know more about how our analytical services helped the pharmaceutical products supplier

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Mobile telecommunications services

German Mobile Telecommunications Services Provider Reduces Churn and Improves CX Using Customer Churn Analytics

Engagement Summary

A leading mobile telecommunications services provider engaged Quantzig to leverage its analytics solutions to identify factors impacting the churn rate. The churn analytics engagement began with a detailed analysis of customer data sets obtained from various sources. The use of a predictive churn analytics model aided the client to gain detailed insights into factors that prompted their customers to switch services while offering new opportunities to retain existing customers and drive revenue.

About the Client

The client is a leading mobile telecommunications services provider based out of Germany. With over a million fixed-line and mobile customers & 8,000+ employees, the company is one of the largest mobile telecommunication services providers in Germany. 

Business Challenge

The growing competition and economic recession have increased the competition between providers of mobile telecommunications services not just in Germany but from various geographies. With leading network operators & mobile telecommunications services providers offering uninterrupted networking services and the effects of the financial crisis still being felt strongly across the country, mobile telecommunications services providers are being pressurized to offer better services to retain customers. This has made customer retention crucial for mobile telecommunications services providers globally.

mobile telecommunications services

Learn more about our offerings for the telecom industry.

In this scenario, the mobile telecommunications services provider based out of Germany faced a similar challenge driven by customer churn and was looking for a solution to reduce the business risk of customers switching to its competitors’ networks by analyzing the factors affecting churn. They were looking at collaborating with Quantzig to analyze business risks associated with customer churn through the implementation of a customer churn prediction model.

Solution Offered

As a part of the strategy to leverage analytics to drive down churn, the mobile telecommunications services provider collaborated with Quantzig to implement a solution based on natural language processing and machine learning. Working together with a team of seasoned analytics experts and data scientists, the company devised a four-pronged approach to analyze factors behind customer churn, which in turn, helped shorten it’s time to value dramatically.

Advanced predictive churn models can potentially lead to better decisions while determining the strategies and plans for mitigating churn. Don’t you agree? Speak to our analytics experts to get started!

Phase 1: Data Acquisition and Aggregation

The first phase of this customer churn analytics engagement revolved around combining data obtained from disparate sources and customer touch points to identify customers with the highest churn risk.

Phase 2: Data Integration and Analysis 

The second phase focused on integrating and analyzing data using advanced statistical models to generate comprehensive insights that help predict churn & analyze factors leading to customer churn.

Phase 3: Data Interpretation

In the third phase of this customer churn analytics engagement, we focused on interpreting data & developing corrective measures to reduce the business risk of existing customers switching to its competitors’ network by implementing innovative ways to improve the overall customer experience.

Phase 4: Dashboarding & KPI Tracking

In the final phase, our customer churn analytics experts helped the mobile telecommunications services provider to use complex business rules and pattern analysis to identify new opportunities to enhance revenue and reduce churn. The use of interactive analytics dashboards played a key role in real-time tracking and monitoring of KPIs for the new revenue enhancement and churn prevention opportunities.

Request a FREE demo to gain comprehensive insights into our analytics solutions portfolio for the mobile telecommunications services sector.

Result

  • Reduced the time required to process data through automation and advanced analytics
  • Identified the most effective ways to improve the customer experience while reducing churn on key customer journeys by 70%
  • Enhanced customer experience and reduced churn using advanced churn models

How Quantzig’s Customer Churn Analytics Solutions Help Mobile Telecommunications Services Providers

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CUSTOMER JOURNEY ANALYTICS

Customer Segmentation Analytics for an Online Payment Services Provider

“Quantzig’s customer segmentation analytics solutions helped us build advanced models to identify customers with high churn risks and reach out to them as part of a focused retention program leading to churn reduction.”

CUSTOMER SEGMENTATION ANALYTICSAbout the Client

The client is a leading online payment services provider based out of North America with a large customer base. While the company had rapidly grown, based on an aggressive sales strategy, it had lost connection with its customers and was reeling with a high churn rate.

The Business Challenge

Identifying the right target customers is of utmost importance for companies in the financial services sector. But with dynamic customer preferences and the ever-growing competition, it is indeed quite challenging for companies to identify and target potential customers. In such a scenario, customer segmentation analytics solutions can help organizations to target the right customers and drive greater profits by segmenting the customers into homogenous groups with similar characteristics.

Request a free brochure of our customer segmentation analytics solutions to gain comprehensive insights into the role of data mining and cognitive technologies in analyzing customer preferences.

Our client had a rapidly growing customer base and the volume of transaction data entering the system precluded any analysis using manual spreadsheets. When they realized that they did not have the tools to scrutinize data, they invested in proprietary analysis software to alleviate the problem. However, despite the investment, they were unable to derive the insights that were essential for monitoring and decision making. Subsequently, the client approached us with specific issues related to their customers, which was to be unraveled based on their transaction data.

By leveraging Quantzig’s customer segmentation analytic solutions the client was looking to answer the following questions: 

  • What metrics need to be monitored to gauge customer engagement
  • Which of my customers are likely to churn and what are the specific indicators for churn? 
  • Which customer segment should my sales team target to build a healthy customer base? 
  • How should I monetize my customer base to increase revenue? 
  • How to provide better value to my customers that will increase customer engagement? 

 

Harness the power of customer segmentation analytics to turn data into insights. Contact our analytics experts to learn how we can help you.

Solutions Offered and Value Delivered

Quantzig’s dedicated ‘Customer Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and analysts designed an innovative three-pronged approach that leveraged various customer segmentation analytics techniques to tackle the challenges faced by the client. The crux of this engagement revolved around the use of advanced customer segmentation analytics techniques such as- clustering algorithms and time-series analysis.

The use of clustering algorithms and time series analysis helped the client to segment their customers into smaller segments and model the behavior of churned customers across different cohorts while offering a better understanding of the segment-wise behavior. The feature set built for this purpose included demographic information collected at the time of registration as well as engagement information derived from transaction data sets.

Identifying these segments provided a clear picture of the entire customer base and the variation in behavior of each segment. This helped our client to build the strategy for better customer engagement in terms of offers, customer reach out programs and so on.

Gain limited time complimentary access to our analytics platform and analyze the true potential of customer segmentation analytics in enterprise decision making.

Quantzig’s customer segmentation analytics experts built a customized solution to meet the client’s requirements which included the following three-phases:

 

Phase 1

The first phase of this customer segmentation analytics engagement focused on developing a data pipeline to access and process the raw data in a secure manner. The pipeline required that the raw data undergo a cleansing and quality check process before any further action. 

Phase 2

In the second phase, the raw data was processed to create multiple new features that were specifically engineered for customer analysis. The new features provided a holistic view of the customer journey throughout the lifecycle of engagement and enabled further analysis. 

Phase 3

In the third phase of this customer segmentation analytics engagement our experts devised customized dashboards to help the client flexibly analyze data. The processed data was used to build a separate machine learning pipeline for carrying out customer segmentation and churn prediction. 

 

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Business Outcome

Based on the insights provided, the client was able to monetize customer data by designing services based on customer needs and preferences. The deployment of advanced analytics dashboards also benefitted the client tremendously by offering a real time view of the global customer base.

The customized analytics solution was deployed in a production environment for the client and has had the following impact:

  • The customer churn reduced by over 9% post engagement
  • Revised offers being provided the client was able to increase customer engagement by 10%
customer lifetime value

3 Interesting Tips to Increase Your Customer Lifetime Value

Companies across industries invest a lot of time and resources in tracking the journey of their customer, improving customer service, and providing the best customer experience. However, most companies tend to struggle when it comes to customer journey tracking and measuring business performance in real-time. This is where the focus must be shifted to gauging customer lifetime value as this can help organizations to evaluate the future value, they can generate from their marketing initiatives. Also, it can help in designing an efficient marketing strategy with more concise budget planning. Measuring customer lifetime value is important for businesses to retain customers and gain long-term profits. In this article, we have listed a few important tips that can help companies to increase their customer lifetime value and understand how well are they resonating with their audience. Additionally, these tips can aid companies to reverse-engineer the experience of existing customers and reduce customer churn.

Request a free brochure of our analytics solutions to learn how we can help you devise cost-efficient strategies aimed at improving the share of wallet and customer lifetime value.

CUSTOMER LIFETIME VALUE BLOG

Tips to Increase Customer Lifetime Value

Improve the onboarding process

To ensure sustainable business growth and increase customer lifetime value, companies should focus more on the onboarding processes as poor onboarding can be one of the major causes of churn. Onboarding is the point where any customer engages with a brand and where a brand can make the greatest positive impact. The process of onboarding can vary from industry to industry. However, there are a few interesting tips that can help businesses to engage their audience better. Businesses must make onboarding, an easy and fast process which can be done by simplifying the process with walkthrough guides, interactive how-to videos, wrapped tutorials and other content that might help customers in fulfilling their goals. Also, organizations should focus on communicating the value of their offering right from the start ensuring that communication is straightforward and is contributing to increase in customer lifetime value.

Wonder how to increase customer lifetime value, proactively boost engagement, increase acquisition rates, improve conversion and raise average order value? Talk to our analytics experts now!

Offer top notch customer service

Today customers are digitally empowered, and they expect better customer service at each of the touchpoints. Quality customer service is the key for businesses to grow and increase customer retention. Research reveals that customers are likely to switch brands after a single instance of poor customer service. Therefore, getting your customer service right should be your top priority in order to stay ahead of the curve and drivr profitable growth in the long run. Better customer service results in customer experience and this, in turn, can turn them into loyal clients.

Our customized analytics dashboards help businesses to map the customer journey across all customer touchpoints and gain a 360-degree view of each customer interaction with the business. Gain limited-time complimentary access to our analytics platform right away.

Foster better customer relationships

In the competitive business landscape, companies should focus on fostering good customer relationships in order to increase customer lifetime value. The key to nurturing good relationships with customers is to make them feel heard,  cared, and appreciated. Also, to improve relationships with customers, companies need to tap into their expectations and interests. This is where customer survey can help. Surveying customers can offer valuable insights into their likes and dislikes and can help in increasing customer lifetime value. This can further help in offering personalized services for better customer experience and satisfaction. Keeping a pulse on you’re your customers want  can also help in taking immediate action to improve customer satisfaction in case of a sudden dip in the sales and can boost customer lifetime value.

Want more tips on how analytics can help you  increase your customer lifetime value  and generate more revenue from your existing customers? Get in us with our experts to learn more.

visibility in supply chain

Customer Analytics in Retail Helped a Consumer Electronics Retailer to Witness a 2x Reduction in Customer Churn Rate – A Quantzig’s Success Story

The client is a leading consumer electronics retailer based out of Germany who is known for photographic and audio equipment. The company’s annual turnover is more than $ 23 million and business is spread across 17 different countries in Eastern and Western Europe.

For companies in the retail industry to succeed in the long run, it is important to have an in-depth understanding of the customer base. Customer analytics in retail can offer a 360-degree view of the global customer base and provide valuable insights into churn prediction, potential customer segments, geospatial analysis. Also, it can help to gauge customer engagement with the business in real-time. Furthermore, by leveraging customer analytics in the retail business, companies can identify the factors affecting the bottom line and are responsible for churn majorly.

Talk to our customer analytics experts to know how they can help you analyze buying preferences and future behaviors while taking into account their historical data.

Business Challenge

The client, a renown electronics retailer, was unable to identify higher-value customers due to which they had to spend more time and resources in building loyalty programs to drive bottom-line results. Also, the electronics retailer wanted to improve its approach to customer churn analysis to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Also, the client was facing difficulties in approaching customers with tailored incentives or other contextual retention offers. This is when they approached Quantzig to leverage its expertise in offering customer analytics in the retail sector that would help them identify flight risk customers and factors driving their buying decisions.

Request a FREE Brochure of our analytics solutions to gain in-depth insights into our portfolio of customer analytics services that can help you enhance customer retention and maximize profitability.

Solution Offered and Value Delivered

To help the consumer electronics retailer analyze and tackle their core business challenges, Quantzig’s team of customer analytics experts adopted a comprehensive three-step approach. In the first phase of the engagement, they focused on analyzing the customer journey by applying techniques of customer analytics in the retail segment. This method of analysis involved the application of both hierarchical as well as non-hierarchical data clustering techniques that further helped them to identify potential customer segments. The second phase of this engagement revolved around developing a robust customer lifetime value model to analyze customers’ behavioral traits and their transactional histories. The third and final phase of the engagement focused on the creation of a customized customer analytics dashboard to analyze factors for churn in real-time and suggest measures to help the client retain customers and improve loyalty.

Gain limited time complimentary access to our analytics platform that can help you transform your retail business into analytics-driven enterprise by offering a 360-degree view of your customers.

Customer analytics in retail empowered the client to analyze clickstream data obtained from disparate sources. A comprehensive framework of customer analytics in retail also helped the client to examine customer journey from three viewpoints- customer churn, loyalty and customer retention. The solution offered by Quantzig helped the consumer electronics retailer to identify efficiencies in business operations and boost customer satisfaction. Furthermore, the client was successfully able to distinct characteristics of the different customer segment and create a robust go-to-market strategy.

By applying customer analytics in retail, the client was also able to:

  • Reduce customer churn rate by 2X
  • Witness an increment of about $12M in annual income
  • Identify gaps in customer data analysis and improvement opportunities
  • Measure KPIs to drive business growth

Benefits of Customer Analytics in Retail Sector

CUSTOMER ANALYTICS IN RETAILHow Quantzig’s Customer Analytics Solutions in Retail Can Help?

By leveraging Quantzig’s customer analytics in retail, companies can harness the ever-expanding customer data generated from POS terminals, mobile transactions, social media, and various other cloud-based platforms. This can help them to gain insights more quickly and eventually improve business decisions. With the help of our customer analytics solutions, retail companies can increase the relevance of offers and interactions and improve customer retention. Furthermore, Quantzig’s advanced customer analytics solutions offer valuable insights into customer behavior, attitudes, and sentiments that can be leveraged to improve customer relationships and drive loyalty.

Learn More about how customer analytics in retail can help analyze customer life cycles in order to improve budgeting, customer segmentation, and prioritization.

Analytics in Retail

Market Basket Analysis Helped A Food and Beverage Manufacturer to Optimize Product Placement and Increase Sales By 54%

The client is a well-known food and beverage manufacturer based out of Austria with its operation spread across Europe. They were finding it difficult to understand the purchasing behavior of their consumer and identify potential customer segments to drive sales. They wanted to leverage the market basket analysis solution to increase the effectiveness of their marketing campaigns and improve sales.

In a highly fragmented and complex business landscape, manufacturers are looking at leveraging  smart analytics tools to address the rapid shifts in customer demands and preferences. This is where market basket analysis can help manufacturers to understand the purchasing behaviors of consumers. Market basket analysis can aid companies to develop precise marketing strategies and meet business goals. Also, market basket analysis can help in increasing the efficiency of marketing messages resulting in improved customer experience and customer loyalty.

Our market basket analysis experts can help you improve the effectiveness of your marketing campaigns significantly. Want to know how? Get in touch right away!

Business Challenge

The client, a well-known food and beverage manufacturer, lacked a robust cross-selling strategy for their products. As a result, the food and beverage manufacturer was facing a continuous reduction in the profit margins for two consecutive years. Also, the client was struggling when it came to inventory management due to which they were not able to fulfill customer demands on time. Furthermore, their inability to analyze historical data properly prevented them from creating effective pricing models. Therefore, the company was looking for market basket analysis solution to utilize the historical data to identify relationships products and customers and generate new revenue.

Quantzig’s market basket analysis solutions help companies to develop customer centric marketing strategies  by identifying factors that drive consumer buying preferences and behaviors. Request a FREE proposal to gain in-depth insights into our portfolio of analytics solutions.

MBASolution Offered and Value Delivered

To help the client tackle their core business challenges, the market basket analysis experts adopted a comprehensive three-step  approach. The first phase of the market basket analysis engagement focused on analyzing available customer data to help the client devise robust cross-selling strategies. In the second phase of the market basket analysis, the analytics experts focused on the creation of extract, transform and load (ETL) processes for the initial data load to support methodologies of market basket analysis. The third and final phase revolved around the creation of customized analytics dashboards to support market basket analysis at the store and product category level.

The solution offered by Quantzig’s experts helped the client to keep a track of key metrics such as average spend and profit per basket. This, in turn, helped the client to track the performance of their top-selling product categories. Additionally, Quantzig’s market basket analysis solution helped the client to optimize their product placement. Furthermore, the client was able to improve the effectiveness of their marketing campaigns by 2X, enhance customer satisfaction and reduce churn rate.

Request a FREE demo below to know how our market basket analysis can help you improve customer loyalty and MROI.

Quantzig’s market basket analysis solution also helped the client to:

  • Increase quarterly sales by 54%
  • Decrease overall marketing budget by 18%
  • Develop a flexible and reliable business model

To learn more about how our analytics solution can help you gain actionable insights and make smarter decisions to  future-proof your business, request for more information now!

Customer segmentation analytics

Customer Segmentation Analytics Opened up New Growth Avenues for a Banking and Insurance Company to Improve Customer Acquisition by 2X – Quantzig’s Latest Success Story

The client is a multinational banking and insurance services provider headquartered in Wexford, Ireland. The client is well-known for offering a wide range of services that include deposits, loans, financial planning services, investments, pension cash management, online banking, foreign exchange, interest rate risk management, and mobile and tablet banking services. The banking and insurance company was looking for customer segmentation analytics solutions to connect with multi-channel customer segments and more precisely identify potential customer segments. Hence, they approached Quantzig to leverage its expertise in offering customer segmentation analytics solutions to drive revenue generation by growing their wallet share from existing as well as new customer groups.

Companies in the banking and insurance sector face several predicaments in developing a customer segmentation strategy to target the most profitable customer segments. The challenges these companies face can be attributed to several factors such as the growing need to develop customized marketing programs, design products and services to effectively address customer needs, and reduce customer churn rates. Today customers are digitally empowered, and therefore, traditional customer segmentation strategies used by banking and insurance players will no longer help. To gain strategic advantage, banking and insurance companies need to enhance their organizational capabilities and customer acquisition strategies.

Customer segmentation in banking can help you gain a 360-degree view of customer behaviors and devise suitable strategies to categorize them into homogenous segments. Request a FREE proposal to gain in-depth insights into our customer segmentation analytics solutions.

Business Challenge

As one of the leading banking and insurance companies in Ireland, the client was successfully able to incorporate actionable insights from their customer behavioral patterns into their upstream and downstream business operations. However, with the increasing developments in the field of e-banking services, the banking and insurance company was not able to bring about improvements in their customer satisfaction and service levels. Also, owing to their huge customer base across Europe, they were facing challenges in identifying opportunities for revenue growth.

Additionally, the client found it challenging to differentiate the customer servicing experience and design product bundles to more effectively address customer preferences. The banking and insurance company was looking for customer analytics solutions to connect with multi-channel customer segments and more precisely identify potential customer segments along with ways to market and serve them. Hence, they approached Quantzig to leverage its expertise in offering customer segmentation analytics solutions to drive revenue generation by growing their wallet share from existing as well as new customer groups.

Get in touch with our experts to learn how you can allocate resources and extract maximum value from various customer segments with the help of customer segmentation analytics.

Solutions Offered and Value Delivered

To help the banking and insurance company tackle the above-mentioned challenges, our customer segmentation analytics experts adopted a comprehensive approach that comprised three phases. The first phase focused on a detailed analysis of the competitive forces and different customer groups across Europe. In the second phase, Quantzig’s experts focused on establishing meaningful customer segments by assessing demographic datasets available with the client. The third and the final phase revolved around developing a unique customer segmentation strategy that helped the client to create effective marketing strategies and unique communication strategy for each target audience.

Quantzig’s advanced customer segmentation analytics solutions can help you unveil meaningful and measurable segments based on customer needs and interests. Request a FREE demo below.

The solution offered helped the client to gain several benefits by establishing customer analytics as a true business discipline. Also, by leveraging Quantzig’s customer segmentation analytics solutions, the client was able to capture the full potential of their customer base by catering to their customers’ needs in a consistent, professional manner at every touchpoint. Additionally, they were able to gauge the profitability based on parameters such as customer lifetime value, customer churn rate, and customer loyalty.

The streamlined approach to customer segmentation analytics also helped the client to witness:

  • 2X improvement in customer acquisition rates
  • Significant decrease in customer churn rates
  • 42% increase in customer satisfaction levels

Benefits of Customer Segmentation Analytics

CUSTOMER SEGMENTATION ANALYTICS CS INFOGRAPHIC

To learn more about benefits of customer segmentation analytics, request more information right away.

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