3 Common Challenges Facing the Bike Rental Services Market
The holy grail of modern retail business is to maintain an exceptional understanding of the consumer buying behavior, decision cycle, and path to purchase. Lack of complete insight into consumers buying behavior and journey leads to a decrease in customer satisfaction and loyalty. The European retail market is also facing a similar challenge. With the substantial increase in consumer data, it has become difficult for retailers in the European market to analyze the plethora of data and extract meaningful insights.
European retail players are increasingly leveraging merchandising analytics solutions to understand consumers’ purchasing behavior and deliver a consistent experience to customers. It also plays a crucial role in increasing ROI and improving outcomes.Re Furthermore, merchandising analytics is paving way for European retailers to improve enterprise-wide visibility, enabling actions that improve the product, placement, pricing, and promotion performance. In this article, our analytics experts have highlighted a few ways in which merchandising analytics is helping retailers to respond to customer needs at the right time and place resulting in improved customer loyalty and experience.
Merchandising analytics can offer actionable insights into visual merchandising displays and category planning to enable retailers to work smartly. Want to know how? Talk to our analytics experts now.
How Can Merchandising Analytics Improve Customer Experiences?
By optimizing in-store operations
Merchandising analytics solutions can help the retailer to analyze data obtained from the Internet of Things (IoT) devices and assists sales personnel to take necessary action in case of unexpected events. Also, it can help in optimizing store labor efficiency by capturing data of store personnel, including their in-store tasks and activities. Furthermore, this data can be used to create an optimized labor schedule.
Request a FREE demo to find out how our visual merchandising solutions can help you to optimize your promotional activities that are targeted at customer segments based on their buying behavior.
By focusing on customer centric assortments
With the increasing complexities in the European retail market due to growing political complications, and consumer expectations, it has become difficult for companies to know exactly what combination of product, place, and price will motivate consumers to buy more often. Merchandising analytics solutions are allowing retailers to develop customer-centric assortments that make it easier for customers to choose their merchandise when shopping in-store and online. Also, it is empowering sales teams with valuable consumer insights that help them perfectly align merchandise offerings with customers, markets, channels, and locations.
Gaining behavioral insights
In the customer-centric world, it has become essential for retail businesses to have the ability to capture and use consumer data optimally. With the use of merchandising analytics, businesses can analyze customer-buying histories and behavioral data to understand the typical purchase pathway of their potential customer segments. This can further help them prioritize specific customer outcomes such as reduced churn and improved cross-sell.
To learn more about the role of merchandising analytics in transforming retail business operations, Request for more information right away!
Companies in the digital media industry are constantly struggling when it comes to keeping up with the perpetual onslaught of new channels, technology, applications and strategies to reach targeted audiences. However, for digital media companies, the most challenging task is reaching out to the targeted audience. Effective engagement with targeted consumers is the key to success as it communicates consumers’ preferences to content producers. Also, this can help media companies in gaining valuable insights to improve their offerings and user experience. Companies in the digital media industry can improve customer engagement by keeping abreast with the latest trends and technologies in the industry which, in turn, can help in transforming their business operations. In this article, we have curated a list of emerging digital media industry trends that will dominate in 2020.
Digital Media Industry Trends 2020
With the growth in globalization, demand for new media services focusing on convenience, education, premium content, and video-on-demand will also grow, particularly in emerging economies. Meanwhile, the emergence of millennials is creating demand for analytics services that offer better consumer experiences and provide instant access to content. At the same time, with growing urbanization, demand for media offerings that are designed keeping in mind the busy life schedule of people will increase in 2020. To offer the best service in such a scenario, it is high time that companies in the digital media industry leverage analytics services that can offer insights into consumer activities and business performances in real-time.
Talk to our analytics experts to know more about the key trends, challenges, and opportunities that may impact your business and build new strategies in the digital media industry.
Paradigm shift in consumer expectations and behavior
The digital media industry is going to experience a paradigm shift in the behavior and expectations of consumers. With the growing numbers of users turning to ad-blocking software, marketers need to change their strategies and engage consumers through storytelling and providing useful information through graphics. This, in turn, can also help in improving brand image and loyalty. Today digitally empowered consumers are increasingly aware that their interaction with brands on different platforms is being turned into data that can be analyzed and monetized by third parties. Therefore, companies in the digital media industry should get away with opaque and complicated privacy policies. Customized algorithms may prompt consumers to switch to brands that offer them more transparency and better data privacy.
With the increase in mobile and internet penetration, the life of consumers has become connected. This has presented companies in the digital media industry with opportunities to improve their engagement with consumers. Consumers across the globe have now access to content anywhere, anytime. Businesses should utilize this technological advancement to build innovative and relevant products. Internet of Things, a network of connected machines delivering smart services, offer the media industry a whole range of opportunities to create seamless, personalized services. With the help of analytics solutions, companies in the digital media industry can gain insights to deliver relevant and meaningful experiences to consumers. This real-time use of data analytics is particularly important as media organizations no longer just provide content, but experiential services built around that content.
Learn more about how artificial intelligence can help in monitoring the effectiveness of media investments and digital marketing campaigns.
Customer satisfaction is the secret sauce for businesses to succeed. But to truly understand customer interests and behavior, businesses need to devise customized approaches that can help them satisfy the needs of different market segments. This is where most companies tend to struggle as they find it difficult to comprehend customer buying preferences and drive customer loyalty. Market segmentation analytics turns out to be the key to building that understanding and gaining detailed insights into various market segments. Also, with the proliferating marketing platforms in today’s business landscape, market segmentation analytics has become a prerequisite for companies looking to reduce attrition, improve customer engagement, streamline mass customization and grow niches marketing capabilities.
Request a FREE Brochure of our market segmentation analytics solution to learn how it can help you build customized strategies to address campaign goals and improve ROI.
The client, a leading beverage manufacturer, was planning to launch a new energy drink. Before the launch, they wanted to understand the perception of customers towards their brands. They were finding it difficult to better understand business performance and improve resource allocation to achieve business goals. Also, the beverage manufacturer was looking to identify areas of improvement and drive performance consistently across businesses, products, channels, and customer groups. Additionally, the client wanted to integrate data visualization dashboards to gauge and analyze different market segments. This is when they approached Quantzig to leverage its expertise in offering market segmentation analytics solutions that would help them understand different market segments, predict their behavior and effectively engage them well in advance for improving sales.
Talk to our market segmentation analytics experts who can help you gain a 360-degree view of customer behaviors and devise suitable strategies to categorize them into homogenous segments.
Solution Offered and Value Delivered
Quantzig’s market segmentation analytics experts adopted a comprehensive three-step approach to help the client tackle its core business challenges, launch new products and promote existing products to trade-up low-tier consumers.
The first phase of the market segmentation analytics engagement focused on building a consolidated data visualization dashboard for effective market segmentation analysis and improve decision-making.
In the second phase of the market segmentation analytics engagement, experts focused on the integration of disparate data sources including campaign data, customer data and competitor research data.
The third and final phase of market segmentation analytics engagement revolved around using market segmentation models to help the client improve performance at the granular levels and enable them to mitigate risks in real-time.
Gain limited-time complimentary access to our market segmentation analytics platform to edit, revise, and fix elements of your campaign and increase engagement on your social media channels.
The solution offered helped the client to identify opportunities for global campaigns and product innovation and create a customized market segmentation dashboard to track customer behavior in real-time. Also, the client was able to do comparative data analysis about different market segments.
Quantzig’s market segmentation analytics engagement also helped the client to:
- Improve profitability by 39%
- Analyze KPIs and key drivers of customer satisfaction
- Devise suitable market segmentation strategies to counter the decline in sales
Market segmentation analytics can help businesses to group previous, prospective customers based on their values, attitudes, interests, lifestyles, and other factors. Learn more.
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.
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.
Solutions 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.
Most companies tend to struggle when it comes to enhancing their engagements with potential audiences. This is because of their inability to turn available data into valuable insights for their customers. The inefficiency of businesses to gauge the effectiveness of their marketing campaigns limits their capability to deliver a consistent customer experience across all channels. This is where marketing analytics solutions can help. By leveraging marketing analytics solutions, businesses can respond to their customer queries and questions in real-time and improve customer engagements with the brand across all marketing platforms.
Talk to our analytics experts to know how they can help you reduce maverick spend on marketing campaigns, generate more qualified leads, and improve overall sales.
Benefits of Clickstream Data Analysis for Businesses
Helps to turn data into valuable insights
With the help of marketing analytics solutions, companies can successfully evaluate the touchpoints that makeup customer journey. This can further help in understanding which marketing campaign is able to resonate well with the customers. By leveraging marketing analytics solutions, marketers can improve upselling and lead generation techniques that in turn can help in driving the growth of the business. Also, marketing analytics solutions can offer valuable insights to support digital spend decisions of businesses. Furthermore, companies can leverage marketing analytics solutions to analyze available data and assess the performance of their marketing efforts.
Our marketing analytics solutions help companies to integrate data across all marketing platforms and derive valuable insights. Request a FREE Brochure of our analytics solutions to gain in-depth insights into our portfolio of analytics solutions.
Offers better data visualization in real- time
Marketing analytics solutions offer better data visualization capabilities to businesses by allowing them to identify patterns and anomalies in real-time. With the help of advanced marketing analytics solutions, companies can create customized dashboards to suit their business needs that can help in goal accomplishments. Furthermore, marketing analytics solutions can aid in identifying important metrics such as traffic patterns and fallout rates. Real-time data analysis backed by marketing analytics solutions can help businesses to identify the best performing contents across marketing channels and monitor the effectiveness of their marketing campaigns. Such insights gained through improved data visualization techniques can help companies to improve business decisions and boost revenue growth..
Quantzig’s marketing analytics dashboards can help you optimize revenue, profit, customers or other metrics in the relevant area. Gain limited-time complimentary access to our analytics platform to know more.
Aids in analyzing customer journey across channels
Customers interact with brands across multiple marketing channels that offer the opportunity for businesses to target their potential customers. By leveraging marketing analytics solutions, businesses can identify the attributes and patterns shared by customers across all those channels in real-time. Also, marketing analytics solutions can help in analyzing website data, mobile activity, in-store purchases, and much more. Such insights can help in building customer personas to improve customer experience and identify new opportunities.
Improves brand story
Marketing analytics solutions help in strengthening the brand story and respond to customer behaviors and traits in real-time. Businesses can anticipate customers’ needs and can deliver a better experience at the right time by leveraging marketing analytics solutions. Also, it allows to understand and analyze activities on websites, detect unusual events, and measure how different marketing campaigns affect the customer journey. With such insights, brands can gain accurate insights on the ROI of their marketing efforts, understand the impact of changing their marketing strategies, and measure the effectiveness of various marketing channels.
Learn more about how our marketing analytics solutions can help you improve brand engagement and effectively manage your marketing mix strategies with multi-channel performance metrics.
The Business Challenge
The customers today are savvier, well-informed, and wield more purchasing power than ever before. Factors such as these have prompted retailers to improve customer experience by addressing key issues that suppress their ability to drive customer experiences across touchpoints. In such a scenario, retailers poised to stand out from the pack are those that can predict and analyze customer behavior and purchase patterns. From that viewpoint, it’s quite evident that retailers who leverage advanced retail analytics solutions are poised to gain an edge over the competing brands in their ability to use data to improve customer experiences.
Request a FREE proposal to learn how you can benefit by leveraging our retail analytics solutions.
With data being generated from diverse sources in the retail sector, businesses have started realizing the potential of retail analytics and its role in enhancing predictive capabilities to deliver better retail customer experiences. Similarly, owing to the data deluge the client faced challenges around customer experience management and several other long-term challenges that needed to be addressed to ensure process compliance and drive customer satisfaction. For the client, adopting a retail analytics-based approach to address issues around customer experience seemed quite challenging as they were unsure of where to start and which solutions to consider. This is when they approached Quantzig to leverage its retail analytics expertise and drive customer experience.
The challenges faced by the client included:
- Lack of on-demand access to reports
- High licensing and infrastructure costs associated with data visualization for quick decision making
- Ineffective aggregation and processing of data from disparate sources such as marketing campaigns, mobile, and other customer touchpoints
Want more insights? Contact our retail analytics experts right away!
Solution Offered and Value Delivered
To help the client tackle their challenges, we adopted a two-phased approach that focused on generating real-time insights from large customer data sets. In the first phase, our retail analytics team adopted a comprehensive approach consisting of market surveys to build a retail data categorization model to analyze the overall business ecosystem. The use of detailed retail analytics survey reports and recommendations helped analyze the true potential of retail analytics.
The devised retail data categorization model also offered recommendations on different spend levels and their ROI. The big win for the retailer, however, was reflected in their ability to enhance customer experience by automating key business functions. Moreover, the ability to improve data management and create a recurring data aggregation, analysis, and decision-making process empowered them to improve customer experience by a whopping 33%.
Request a FREE demo to learn more about the use cases of retail analytics.
What is Retail Analytics?
What is Customer Acquisition?
Customer acquisition is a process to bring new customers down the marketing funnel from brand awareness to purchase decision. It encompasses the entire journey of a buyer, from the time they become a lead until they become a loyal customer. Businesses need to track and measure their customer acquisition efforts to stay ahead of their competitors. Businesses can do so by using metrics such as conversion rate, customer acquisition rate, rate of new customer acquisition and rate of visits to specific product pages. Keeping track of customer acquisition efforts can further help companies to understand the customer’s journey and identify how different touchpoints are impacting the customer’s purchase behavior. As a result, businesses can determine and capitalize on the right opportunities to improve profitability.
Quantzig’s data integration capabilities offers get end to end visibility into customer’s journey and devise effective acquisition strategies. Request a FREE proposal to gain in-depth insights into our portfolio of customer analytics services.
Four Pillars of a Robust Customer Acquisition Strategy
Pillar #1: Sustainability
Sustainability is very important for a acquisition strategy to be effective. Sustainable customer acquisition strategy can help establish your thought-leadership. Also, it can help businesses to succeed in the long-run and have an edge over the competitors.
Pillar #2: Flexibility
Today’s customers are digitally empowered and that is why their response to any brand changes frequently. Therefore, the acquisition strategy should be flexible to respond to market trends effectively and efficiently. Also, flexible customer acquisition strategy can help in offering better customer experience, improving brand image and driving customer loyalty.
Get in touch with our experts to know how they can guide you with advanced customer acquisition techniques to boost sales and profitability.
Pillar #3: Targeted Marketing
If your acquisition strategy doesn’t focus on targeting the right people, it can result in wastage of resources. Therefore, before investing in acquisition efforts, it is important to define who you’re targeting. A targeted customer acquisition strategy requires taking a step back and figuring out what’s best for your business and audience. This can further help in weeding out any unnecessary or wasted acquisition efforts and can channelize your investment in a way to derive a positive outcome.
Pillar #4: Diversification
Diversifying your acquisition strategy and using various acquisition methods can help you reach new audiences and generating new leads. Also, diversifying your customer acquisition strategy helps in striking the balance between risk and reward. This means if one channel begins to fail, it’s easier to reallocate funds to better-performing methods.
Our customer analytics solutions help businesses achieve far more accurate insights on customer preferences and help develop forward-looking perspectives. Request a FREE demo to know more.
The Business Challenge
We live in a fast-changing world where the evolution of industries continues to accelerate owing to innumerable factors, the airline industry is no exception. With growing competitive pressures, airline industry players have now started facing the brunt in the form of declining profits and shrinking customer base. Though businesses in this sector have adopted several new strategies to bolster their bottom line, we believe its high-time they adopt a data-driven, strategic approach.
Focusing on improving customer experience through customer experience analytics can not only help airline companies build customer loyalty but will eventually witness a direct impact on profit margins. Also, with advanced technologies paving their way into the business world, businesses must consider leveraging advanced customer experience analytics to deliver personalized services and experiences to their customers.
Our client, an airline service provider faced similar challenges that curtailed their efforts to drive customer experiences and boost profitability. Though the client had deployed an in-house customer data warehouse which served as the foundation of their CRM program, they lacked the required analytics capabilities to sift through the datasets to extract meaningful insights. This is when they turned to Quantzig to leverage its customer experience analytics expertise to power their digital transformation efforts.
Customer experience analytics is crucial for businesses to succeed in today’s competitive business scenario.
Request a FREE proposal to learn how analytics is shaping customer experiences across industries.
To tackle their challenges the client needed to-
- Identify siloed customer data sets
- Conduct a deep customer analytics maturity assessment
- Formulate an analytics-powered strategy to improve customer experience & loyalty
- Deploy and scale new customer analytics capabilities
Solution Offered and Value Delivered
Quantzig’s customer experience analytics experts adopted a comprehensive approach to helping the client resolve challenges surrounding customer experience management. The three-pronged approach revolved around conducting a process maturity assessment, building a new analytics platform, and scaling up delivery of new analytics capabilities across the CRM system. By helping them connect the customer data warehouse to personalized solutions, we also helped them interact with their customers at every digital touchpoint. Also, turning data to insights helped them optimize customer data and take customer support to the next level with advanced customer experience analytics.
Our portfolio of customer analytics solutions can help you tackle challenges surrounding customer experience management. Get in touch with our customer experience analytics experts today!
Quantzig’s customer experience analytics solutions helped the client to:
- Develop a blueprint for deploying a customer experience analytics platform
- Offer better customer experiences and improve operational efficiency
- Improve customer experience by 2X
What is Customer Experience Analytics?
Business leaders across industries have started recognizing the advantages offered by superior customer experiences and the value that resides not only in what a company delivers for its end-users but the ways in which they deliver their offerings. Gone are the days where organizations once could differentiate themselves from their competitors by efficiency, uniqueness today increasingly relies on creating a seamless customer experience to enhance customer satisfaction and drive loyalty.
Want to gain detailed insights into our customer analytics solutions portfolio? Contact us.