Tag: electronics retailer

predictive analytics

Consumer Electronics Manufacturer leverages Marketing Analytics Solution to Optimize their Sales Performance

consumer electronics

LONDON: Quantzig, a global analytics services provider, has recently completed their latest marketing analytics solution for a consumer electronics manufacturer. factors such as falling prices and relentless innovations have increased the demand for consumer electronics among the end-user segments over the last couple of years. The recent innovations in consumer electronics have also prompted consumers to spend a considerable part of their disposable income on mobile gadgets, which, in turn, is compelling retailers to offer products at reasonable prices.

“With the help of marketing analytics solution, businesses can measure and optimize their marketing activities to improve their overall performance. Marketing analytics solution also focuses on understanding how the marketing efforts of a business are performing and reallocate their resources to gain better ROI. “says an industry expert from Quantzig.

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The marketing analytics solution helped the consumer electronics client analyze how marketing initiatives are performing and create a successful marketing strategy to improve business efficiency.  The solution also helped the client compare the marketing activities with that of the competitors and prioritize their investments for the financial year.

Additional Benefits of the Marketing Analytics Solution

  • Evaluate and optimize marketing campaigns to predict outcomes and systematically allocate resources
  • Monitor campaigns and their respective outcomes.
  • Apply analytical tools and techniques to real-world marketing problems to understand the sales performance
  • To know more, request a proposal

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Marketing mix optimization Helps an Electronics Retailer Efficiently Promote their Marketing Campaigns

marketing mix optimization

LONDON: Quantzig, a global analytics services provider, has recently completed their latest marketing mix optimization for an electronics retailer client. The electronics industry comprises of companies offering advanced electronics products such as laptops and mobile phones. The rising rate of innovations is promoting electronics retailers to redefine their shopping experience by providing some wide array products through virtual stores in the form of websites and mobile applications. The availability of online platforms offering discounts and the increasing penetration of the internet are some of the key factors fueling this industry.

“Marketing mix optimization help businesses in the electronics industry to utilize historical information to quantify the impact of marketing campaigns on the business performance. The marketing mix optimization solution also helps electronics retailers identify effective ways to understand the marketing spend and determine a robust marketing mix to enhance the returns on investment.” says an industry expert from Quantzig.

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The marketing mix optimization solution helped the electronics retailer client to identify the strengths and weaknesses of their marketing campaigns and optimize their marketing mix across digital and social media channels. The solution also helped the client understand the impact of external factors such as seasonality, competitive actions, and economic conditions on the overall sales performance.

Additional Benefits of the Marketing Mix Optimization Solution

  • Improve the effectiveness of the marketing campaigns and reallocate the spending to increase
  • Measure, analyze and manage marketing performance, and determine the impact of marketing activity on various prominent channels
  • To know more, request a free proposal

To know more about how our marketing mix optimization solution helped the electronics retailer

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Retail Revolution and the Power of AI

The use of AI and machine learning in the retail industry is growing at an exponential rate. Retailers have been able to see the results delivered by artificial intelligence systems instantly. AI is expected to become pervasive across customer journeys, merchandising, marketing, and supply networks as it can provide detailed insights to optimize the retail operations. Big data and machine learning have been successfully used by several retailers to achieve substantial increase in their operating margins. Such technologies can enable retailers to deliver personalizedFree demo experiences to the customer in order to increase loyalty and spending. There are various use cases for AI in retail industry that can change the way this sector operates.

Uses of AI in retail industry

Sales and CRM applications

In 2010, Japan’s SoftBank telecom developed a humanoid robot, Pepper, which can interact with customers and perceive human emotions. The robot was used as a customer service greeter and representative in over 140 stores. The company later reported up to 70% increase in footfall in multiple stores. Additionally, an American company developed AI-powered sales-assistant software, Conversica, which identifies and converses with internet leads to enhance sales. The customized sales assistant software is also used for cross-selling and re-engaging existing leads.

Customer Recommendation

Product recommendation tools are adding significant revenues to e-commerce businesses. IBM Watson is one of the most advanced AI systems that exhibits order management and customer engagement capabilities. IBM Watson uses personality insights taking into account users personal information, browsing history, past transaction data, and other dynamic data including weather, location, time, and items in cart to develop its recommendation engine. By calculating respective personality profile, IBM Watson can accurately suggest brands and products users are most likely to buy. For instance, North Face has used IBM Watson’s cognitive computing technology to suggest jackets for the customers based on variables like gender and location.

Manufacturing

Long after automation revolutionized the manufacturing industry, AI is set to be next wave of change in this sector. AI can help companies keep inventories lean and reduce the cost. For instance, GE’s Brilliant Manufacturing software enables manufacturers to predict, adapt, and react more effectively by incorporating SCADA, MES, and analytics. It empowers decision makers with deep operational intelligence and real-time visibility to reduce unplanned downtime and inventory.

Logistics and delivery

Domino’s Robotic Unit (DRU) has developed a prototype delivery robot that can keep food and drinks at an appropriate temperature. Its sensor also helps the device to navigate the best travel path for delivery. Alongside DRU, Amazon’s Prime Air is expected to be the future of delivery systems. Such drones can deliver parcels up to five pounds in weight in less than 30 minutes. The autonomous delivery of goods can significantly improve the performance of the retail industry and increase customer satisfaction.

Payment services

With a view to reign in the retail industry, Amazon introduced its brick-and-mortar store, Amazon Go which enables check-out free technology that allows customers to shop and leave. Their check-out free shopping experience uses the same kind of AI technology used in autonomous cars including computer vision, sensor fusion, and deep learning. It automatically detects when the products are taken from or returned to shelf keeping track of it in a virtual cart. When customers are done with their shopping, they simply check out of the store, and Amazon will deduct the amount from their Amazon account. With regards to payment services, AI is also showing its potential in payments fraud. Payment fraud is a matter of concern in the e-commerce space, where fraudsters are using stolen accounts to make purchases. AI technologies can study thousands of purchase patterns to differentiate between payment made by the genuine user and a fraudster.

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Top Challenges In The Retail Industry That You Should Be Wary Of

To stand out from the clutter, companies in the retail industry have to make sure that their shelves are always full of products that the customers want, predict the sales, allocate employees as per customer footfalls, manage returns, and handle vast inventory with multiple SKUs. Even after doing all the tasks, they have to deal with a meager profit margin. The revenue has to pay for all the employee costs, warehousing costs, land lease, merchandising cost, logistics cost, damages, returns, stock obsolescence, and other operational costs. However, despite all such difficulties, players in retail industry such as Walmart, Costco, and Amazon are dominating the Fortune 500 lists and also are some of the most valuable companies in the world. So, what are the challenges facing a modern-day retailer? Read on to know more:Free demo

Understanding the Customer

The buying habits of consumers have evolved to such a level that it can be compared to fingerprints and DNAs, i.e., no two customers shopping habits are the same. This is a big problem for the retailers who want to create a promotional campaign for their consumer. A particular kind of promotional campaign may incite excitement among certain groups but not the others. At an age where sufficient customer data is available, it is essential to know your customers, so that personalized offers can be provided. To complicate matters, the buying habits evolve over time and are affected by uncontrollable external factors. It is due to such factors that the retail industry players are struggling to understand and segment the customers into similar groups to create effective promotions. Predictive analytics models can help companies comprehend the changing customer preferences, and determine in advance the future retail trends so that retailers are always prepared.

Scale of Investment

The scale of investment that’s required to open just a regular mom and pop store can be enormous. Retail companies have to pump in a lot of cash in order to set-up stores, incurring land acquisition or lease cost, employee cost, and inventory cost. A single retail store will have multiple categories of product, with multiple varieties, with multiple brand names, in multiple SKUs. Stocking appropriate level of inventory of each product can deal a big blow to a retailer’s budget. So, the players in the retail industry have to be smart when it comes to managing inventory. Additionally, they have to perform analysis regarding a location’s expense versus the profits it would generate, which would help them to allocate scarce resources effectively. Also, buying in bulk can yield volume discounts, but buying strategically can optimize their inventory cost.

Omni-channel Approach

The explosion of retailers like Amazon into the scene has caused retailers to take up omnichannel approach. That’s the exact reason why Walmart is trying to get into the online space, and Amazon trying to get into the brick and mortar retail format. However, those retailers who are experts in one channel often struggle to take up alternative channels. The challenge lies in maintaining consistency and achieving operational efficiency across the omnichannel platform. It is crucial that retailers provide a similar level of customer experience through all possible customer touchpoints. A recent study has identified that almost half the retailers have lost more than a million dollar in revenue due to cross-channel challenges. Lack of transparency of inventory also contributes to the omnichannel problem in the retail industry. Data analytics technologies can help identify customer behavior patterns so that companies in the retail industry can deliver seamless customer experience across all channels.


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Marketing Mix Modeling Helps an Electronics Retailer Reduce Marketing Spend

Over the past few years, pricing of products and services has been the area of concern for establishments, especially in the electronics retailer landscape. Today, with the increasing penetration of technology, the customers are more informed and are relying on online retailing to ease their experience.  Additionally, establishments across the globe have started adopting marketing mix modeling studies to evaluate their impact on the top line and bottom-line performances. With the help of marketing mix modeling solutions, electronics retailer companies can understand the impact of the major business drivers better and accordingly allocate the budgets to maximize profits and revenues. Marketing mix modeling also involves the robust analysis of multiple variables including marketing, sales, and operational activities.

Quantzig’s marketing mix models help the electronics retailer client devise robust simulation models to optimize marketing plans. Quantzig’s marketing mix models also assist clients to gain accurate and actionable insights to drive profits into marketing performance. Additionally, the client will be able to evaluate ROI at each level to reduce marketing spend.QZ_DEMO

The Business Challenge

Like all other establishments in the retail landscape, a leading electronics retailer with several branches spread across globe wanted to establish an optimum market mix model. Additionally, the client wanted to understand the difficulties associated with marketing spend to stimulate ROI, incremental volumes, and revenues. This would help the client gain a superior competitive advantage over their competitors in the market space.

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Marketing Mix Modeling Solutions Benefits

The client was able to quantify the effectiveness of marketing channels in terms of revenue, incremental sales, ROI, and contributions with the help of a robust go-to-market research evaluation approach. Also, with the help of Quantzig’s marketing mix modeling solutions, the client optimized their marketing efforts and gained an increase in the revenue and profit. The client leveraged the 360-degree approach to the market effectiveness to enhance the decision-making process further and unlock the organization’s potential.

Marketing Mix Modeling Solutions Predictive Insights:

  • Measure the performances of various channels at specific time intervals with the presence of negative media publicity
  • Identified drivers of consumption and content preferences to tailor advertisements and recommendations
  • Measure the impact of customer experience and long-term sales
  • Compare ROI across different media types
  • Gain insights to drive profits into the marketing performance

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Re-structuring Delivery Model and Inventory Management Through Order Fulfillment Optimization

Quantzig’s recent study on order fulfillment optimization for a leading electronics retailer guarantees 51% reduction in shipping cost for priority orders.

Optimizing order fulfillment

The surge of e-commerce and online retailers across the globe is creating a customer-driven business environment. Optimizing the order fulfillment process is gaining immense importance and suppliers are looking for new ways to increase sales, market shares, and reduce operational costs. The increasing focus on managing the performance of the sales force, improving the ability to process more loads, and optimal use of technologies will help retailers to elevate their order fulfillment processes. The introduction of 3PL techniques will also help retailers to analyze the best possible way to manage shipping and reduce delivery charges. The use of data analytics will help companies to prioritize business functions that require manual intervention. The data analytics team at Quantzig offers solutions that help businesses make better decisions and aids in improving various business processes including supply chain visibility, inventory management, and merchandising. The study also includes network optimization, enhance supply chain effectiveness, demand planning, category tracking, and consolidation, and tail spend analysis.

The growing popularity of subscription boxes is revolutionizing the supply chain matrix. This is a consumer engagement model that offers different subscription boxes at different price levels to increase consumer brand loyalty. To diversify the services offered, some retailers are also adopting subscription delivery models that include a subscription fee usually for six months or one year. Subscription boxes come with benefits such as quick delivery time and special offers, exclusively for subscribed customers.

Warehouse automation

To structure a robust delivery system and optimize the order fulfillment process, suppliers are implementing advanced technologies for warehouse automation. By using technologies such as RF scanners and heads up display (HUD) devices, retailers are enhancing the productivity and reducing the chances of manual errors. Moreover, these devices provide data analysis of slow-moving products and solutions to improve the delivery and supply chain. With the aid of technology, suppliers aim to offer faster and quicker services with no room for error.

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Emergence of multi-sales channels

Service and product delivery today is not restricted to one channel. Storefronts, e-commerce portals, and catalogs are some of the few avenues utilized by retailers to reach the maximum number of consumers. The growing adoption of mobile apps is encouraging various suppliers to offer special discounts for consumers purchasing through these channels. The launch of promotional deals for different channels will help companies to acquire new customers and generate new revenue streams.

Outcomes and solutions offered

Quantzig’s order fulfillment optimization team develop an operative solution based on the classification of influencers from the analytics data collected from various segments for a leading electronics retailer. Some of the solutions offered are as follows:

  • Helped the client deliver better customer experience through faster fulfillment of online orders
  • Reduced the delivery time of priority orders by 80% (5 days to 1 day) through fulfillment from the stores
  • Provided an effective solution to reduce the delivery time and deliver better experience for loyal, high-valued, and new customers
  • Identified the factors influencing customer ratings in each segment and approximated a cost function to recognize the right store to fulfill the order
  • Offered recommendations on high-valued customers whose requested products are available at the nearest store and provide store-to-door delivery services

The complete case study on order fulfillment optimization engagement for a leading electronics retailer is now available.

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