Quantzig’s recent study on customer analytics for a leading retailer in the US guarantees 15% decrease in customer churn rate.
Retail management through customer analytics
The best decisions made by any retail brands often rely on customer analytics to understand the demands and preferences of the end-users. Digitalization of the retail industry is turning it into a data-rich environment that is growing at a phenomenal rate. Tackling major issues such as high customer churn and inventory pileups is gaining importance in the retail industry. By analyzing historical data such as customer data, sales data, product data, transaction data, customer feedback, pricing data, promotions, and social media metrics, suppliers will gain in-depth knowledge about the demand-supply market. Expanding customer base, improving customer satisfaction, and meeting the ever-changing demands of customers is important for retailers to remain competitive in the global market. The customer analytics team at Quantzig analyzes various CRM, POS, product, and other internal data to endorse products to the customer that best fit their profile based on their interests and purchase history. The study also offers improvement in the product bundles and price modifications based on customer preferences.
By leveraging technology, retailers are improving client interactions and increasing consumer satisfaction levels. The implementation of IoT will help companies to access data to personalize customer experience, provide improves user interface that increases customer experience, and makes devices more secure. Other advanced technologies launched to improve consumer experiences include chatbots, voice search engines, and messaging support systems.
Emergence of AI (artificial intelligence) and virtual assistance
The introduction of AI and virtual assistance is a game changer in the retail industry. These systems interact with customers and perform smart algorithms to match the requirement and offer the products in accordance with their preferences. Moreover, these systems offer additional functions to retailers by analyzing the sales data to improve promotional strategies, inventory management, and optimizes the supply chain. The systems are designed to provide accurate demand and supply forecasting to improve logistics management and reduce the cost of operations.
Mobile pay systems
Mobile and app-based payment are gaining popularity in the retail industry. It is estimated that 70% of the mobile users in the US will move to mobile payment by the end of 2017. By implementing this modern technology, retailers will ensure sales targets are met and offer convenience to end-users to select from a varied payment option. The introduction of mobile POS systems, custom mobile payment apps (Kohl’s Pay), and third-party options such as Apple Pay and Paytm will revolutionize the retail industry.
Outcomes and solutions offered
Quantzig’s expert team on customer analytics develop next best action and offer analytics solutions to improve sales and customer retention to a leading retailer in the US. Some of the solutions offered are as follows:
- Identified the right campaign or channel for each customer stage based on the association between marketing response and marketing efforts
- Provided matrix and analysis for customer footfall by weekend and weekday
- Increased the marketing response by 2-fold due to the implementation of targeted marketing strategy
- Focused on the proclivity of a customer to respond to unique marketing activities and the likelihood of a customer to purchase products
- Offered descriptive insights into customer demographics such as income group, marketing response index, age segment, and promotion usage
The complete case study on customer analytics which helps decrease customer churn by 15% for a leading retailer is now available.
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