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.
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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.
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People today tend to associate visual merchandising with retail, making it seem like it’s solely reserved for clothing and the CPG goods segment and not the pharma retail space. However, one cannot ignore the fact that customers today are well-informed and are looking for not just the products of their choice but a personalized shopping experience. Besides, if you’ve stocked up on all the essentials in your pharmacy and no one is purchasing them, then it may be very likely that you follow a flawed visual merchandising strategy.
However, there is a common problem that haunts businesses from various retail segments, and it revolves around restricted growth owing to obsolete systems that don’t facilitate visibility, promote efficiency, or enable change. The other challenges faced by retailers across segments include – lack of cross-channel visibility, inability to identify new opportunities, and growing customer needs.
We can help you extract the right data and make crucial decisions through the use of industry-specific models that offer explicit guidance on the impact of data-driven decision making in retail. Request a FREE brochure of our analytics solutions for comprehensive insights.
How do you get the insights to succeed and grow in a customer-driven pharma retail landscape?
From inventory to customer service management, pharmacies today need to gain a deeper understanding of what motivates customers to purchase products at each stage of their buying journey, regardless of the channel or touchpoint. Quantzig’s visual merchandising analytics solutions provide a single source for consolidated transaction information across your organization. It also enables better business visibility, coordinated cross-functional processes, and efficient exception management by providing retailers with the insight to understand factors driving the performance of pharma merchandising.
Our unique combination of people, process and technology is what sets us apart in the analytics market. Talk to an analytics experts and learn how we can help you.
Why Pharmacies Need Visual Merchandising?
In this digital era, the retail industry has been evolving rapidly. The in-store experience has gone far beyond conducting a simple transaction at the point of sale (POS). The functionality of point of sale has enhanced recently and more developments are on the horizon. Today’s digitally empowered customers are expecting better service and experience in real-time. Real-time engagement technologies, such as the Internet, kiosks, digital signage, even mobile apps, are revamping retail and putting consumers in control of the shopping experience. In response, companies that want to conduct business in this next generation of retail are learning to position their point of sale systems at the center of this Internet-oriented shopping experience. This is the reason why point of sale data analysis has become very important for retail companies. With the help of point of sale data analysis, retailers can deliver good customer experience at store levels. In this article, we have curated a list of a few best practices that can help retailers to establish a clear foundation for their point of sale data analysis strategy and remain flexible enough to adopt new solutions as they emerge.
Our data scientists can help you optimize your store layout, improve merchandising, enhance promotional offers, predict staff scheduling requirements, and measure customer waiting time. Get in touch with them right away.
Point of Sale Data Analysis Best Practices
Best Practice #1: Analyze the trend data first
To improve their point of sale data analysis strategy, retailers need to monitor the market trend data timely through effective corporate reports and scorecards. They need to look at both shorter- and longer-term market trends to obtain desired business outcomes. Shorter-term trends can proactively help in fixing issues before they extend into longer-term trends.
Quantzig’s advanced storefront layout analytics solutions help retailers to build a store layout that drives an increase in traffic, average transaction value, and maximize conversions. Request a FREE proposal to gain in-depth insights into our portfolio of analytics solutions.
Best Practice #3: Conduct distribution analysis
Tracking new items can be done easily and accurately by creating a report that tracks the percentage of stores selling an item. Here, the distribution would only be recognized once the first sale is recorded. Distribution analysis helps in measuring the percentage of stores that carry the particular item. Also, this analysis can help in understanding how quickly the product is getting through the supply chain – from the warehouse to the store’s receiving, then out from the back room and onto the shelf. As a result, retail companies can make changes to their point of sale data analysis strategy and maximize their profit.
To learn more about how our storefront layout analytics solutions can help you improve customer-centric floor plans and enhance merchandising operations, request for more information below.
Best Practice #2: Determine stocking schedules at store level
For retail companies measuring out of stock (OOS) lost sales are probably one of the most challenging tasks. But to improve point of sale data analysis, they need to monitor hourly sales data with significant gaps as this could be a strong indicator of OOS issues. If you are only looking at average units per day, you would not see a difference between weekday and weekend sales. Therefore, it is important to look at sales per hour as it helps to identify an OOS issue during what should be a peak time for sales.
By leveraging our point of sale data analysis solutions, you can gain a holistic view of POS transactions and ROS while continuously monitoring end-to-end transactions from payment source to payment completion. Request a FREE demo to know more.
Today consumers are digitally empowered, and they can research competitive offerings while standing in a store. This is one of the reasons why customers are less likely to remain loyal to a brand. In such a situation, retailers can witness a sharp decline in their profit margins. Therefore, they need to relook and redesign their in-store merchandising strategies to boost customer engagement. To do so, retailers need to focus on adopting a customer-centric approach by leveraging merchandising analytics solutions to drive customer loyalty and improve sales and profitability.
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The client, a consumer electronics retailer, after spending considerable resources on online channels was looking at ways to improve the return on customer acquisition cost. With their existing business models, they were not able to break data silos and gain an in-depth understanding of cross-department data sets. Therefore, they wanted to leverage retail merchandising analytics solutions to create more efficient and lucrative pathways to decisive, profit-driven actions. Also, the client wanted to develop customized merchandising plans and assortment optimization strategies to improve sales, enhance customer satisfaction, and optimize store layouts.
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Solution Offered and Value Delivered
The merchandising analytics experts at Quantzig adopted a comprehensive two-step approach to help the client redesign business processes and assortment planning to improve their digital visibility. The first step focused on understanding the client’s business structure, their goals and core business challenges. The second step revolved around performing an in-depth root cause analysis to benchmark the performance of their retail outlets to understand strengths and weaknesses around the catchment area, store positioning, branding, competitor strategy, and offerings. The solution offered helped the client to align their merchandising decisions with customer expectations and business goals. Also, with the help of our retail merchandising analytics solutions, the consumer electronics retailer was able to identify and capitalize on previously uncovered cross-merchandising opportunities to increase multichannel profitability and expand the global customer base.
Quantzig’s customer-centric merchandising analytics solutions help retail companies to develop better plans to improve MROI. Request a FREE demo below to gain better insights.
Quantzig’s merchandising analytics solutions also helped the client to:
- Identify and categorize their outlets based on the performance
- Gain real-time insights into customer buying behavior based on global sales performance
- Better understand and analyze the effectiveness of their marketing strategies
Why Choose Quantzig as Your Next Merchandising Analytics Service Provider?
Quantzig’s merchandising analytics portfolio helps companies to improve decision-making and drive profitable sales and growth for players in the retail industry. Our merchandising analytics solutions aim at empowering retail businesses with free form data exploration capabilities to generate customized analysis and actionable insights. We offer an extensible data management framework that complements the solution’s data discovery capabilities, which are enabled through a centralized server-based workbench.
Benefits of Merchandising Analytics
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Merchandising Analytics is Turning out to Be the New Non-Negotiable for Retailers- Download our free resource for detailed insights:
The Business Challenge
In today’s digitally connected world, customers can research competitive offerings while standing in a store aisle. Moreover, while the customers are less likely to remain loyal towards a brand, the probability of them sharing their experience on social platforms is at an all-time high. In such a situation, where retailers are likely to witness a sharp decline in profit margins, it’s crucial to relook and redesigns their strategy to improve their in-store merchandising strategies to enhance customer engagement. To do so, retailers are now focusing on adopting a customer-centric approach by leveraging retail merchandising analytics to drive customer loyalty and eventually more footfall and sales.
Request a FREE proposal to learn how merchandising analytics can help you improve merchandising decisions to boost sales and optimize business processes.
Having spent considerable resources and marketing dollars on online channels, the electronics retailer client was looking at improving the return on customer acquisition cost. They wanted to overcome the restraints that hamstring the traditional business models and sought to transform into a digitally focused, analytics-driven organization. However, to do so they required an analytics-based retail guidance system which could help them break data silos and gain a deeper understanding of cross-department data sets. Only then could the company profitably grow the business, with a special focus on e-commerce platforms. Moreover, the client sought to create more efficient and lucrative pathways to decisive, profit-driven actions.
Solution Offered and Value Delivered
The electronics retailer approached Quantzig to leverage its merchandising analytics expertise to implement a turnkey solution that would help them identify data-backed opportunities to redesign business processes and assortment planning in order to improve their digital visibility. Our merchandising analytics experts adopted a comprehensive two-step approach that helped the client to identify and capitalize on previously uncovered cross-merchandising opportunities to increase multichannel profitability and expand the global customer base.
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During the first phase of this merchandising analytics engagement, our experts worked closely with the client to better understand their business structure, their goals, and challenges. Following which we worked towards establishing their key performance drivers to ensure our recommendations helped them deliver wider conversion rate improvements.
The second phase of this merchandising analytics engagement revolved around root cause analysis to benchmark the performance of their retail outlets to understand strengths and weaknesses around the catchment area, store positioning, branding, competitor activity, and offerings.
The retail merchandising analytics solutions not only helped them align their merchandising decisions with customer expectations and business goals but also enabled the client to optimize merchandise performance by offering in-depth insights into sales, stock trends, and warehouse operations. Moreover, the use of a merchandising analytics model offered detailed, granular insights into customer purchase patterns, paving the way for the client to identify new opportunities and make necessary changes to increase sales.
Contact our merchandising analytics experts to know more about our capabilities.
What is Merchandising Analytics?
“Retail analytics can help companies to identify new opportunities and seasonal trends of popular items.”
Today’s retail marketplace is fast-paced and is in a state of constant flux. This has increased the urgency to reduce costs and increase efficiency in operations in order to stay ahead of competitors. Consumers have become more demanding and expect unique experiences across all touchpoints. Also, retail companies are facing tremendous pressure to fulfil customer expectations with regards to the quality of the product, service and overall experience. In this accelerated commercial landscape, the ability of retail companies to respond to customer needs at the right time and place holds the key to success.
Businesses in the retail sector need to explore new opportunities presented by new data sources. This can also help them achieve unprecedented value and competitive advantage in an ever-expanding retail space. There is a need for retail companies to empower people across their organization to make decisions accurately and smartly. The assured way to achieve this is to harness a plethora of data available in the retail sector through retail analytics. Retail analytics solutions can help retail companies to understand customers in depth to uncover the latest trends to reveal new opportunities and more.
At Quantzig, we understand the impact that retail analytics solutions can have on your business. And to help companies excel in the competitive business landscape, our team of retail analytics experts have highlighted five best practices that businesses must consider while implementing retail analytics. These practices can help businesses in developing successful cross-channel and multi-channel retail strategies to gain actionable insights into customer demands and preferences. Consequently, this can help in maximizing profitability by improving customer service.
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Retail Analytics Best Practices
#1: Customize the products
Customers in retail space have become very demanding and are increasingly looking for unique experiences. Retail companies must rethink the role of their stores and develop smarter, more personalized offers for their customers. With the increasing popularity of online retail stores, companies should focus on creating unique retail experiences that can draw in customers. Retail analytics solutions can help companies to improve the shopping experience by allowing them to act on buying patterns derived from retail analytics dashboards. Also, retailers can use virtual reality and cutting-edge technology to create a more dynamic and stimulating experience for shoppers. Additionally, retailers should contemplate regular audits, as this helps them to precisely update the status of operations, generate specific reports and ensure better customer service.
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#2: Begin with the data available with you
Retail analytics services offer several opportunities to uncover new insights that can help companies in better decision-making. Before looking for new data, it is better to dig deeper into the data that you already possess and gain actionable insights to offer better service to customers. Insights derived from transaction history, order history, and other forms of online and offline data can help in understanding the buying behaviour of customers and devise retail strategies accordingly.
Our customized retail analytics dashboard helps clients in critical decision making, product promotion, and merchandising planning. Request for a FREE demo now to gain better insights.
#3. Focus on communicating with customers
Operating a retail business is not an easy task and managing a two-way communication with customers is even more difficult. The complexity of this process depends on the size of the business. One of the retail analytics best practices is to focus on communicating with customers and serve their needs in real-time. Retail analytics solutions can help businesses to improve scalability by tracking and measuring factors that impact customer experience. Also, businesses should focus on tracking communications to guarantee the excellence and compliance of every retail process. To derive better outcomes from retail analytics campaign, retailers should automate the processes and measure results to ensure business objectives are met.
Finding it difficult to identify and implement profitable sales strategies? Our retail analytics experts can help. Get in touch right away.
The Business Challenge
The recent shift in the retail landscape has been driven by changing customer preferences and rapid technological developments. As a result, retailers across the globe are now focusing on eliminating human biases in merchandising decisions by adopting an analytics-based approach to decision making. Our client in this success story is one such retailer who realized the importance of a sophisticated merchandising analytics platform to excel in today’s customer-centric era. They were also looking at developing customized merchandising plans and assortment optimization strategies to improve sales, enhance customer satisfaction, and optimize store layouts.
We offer end-to-end merchandising solutions for data-driven decision making and high performing execution.
With an international reach, the client has been successful in building a unique brand portfolio in each segment within retail. But the intensifying competition made it difficult for them to improve market share and maintain brand visibility across various segments. This is when they decided to leverage Quantzig’s merchandising analytics solutions to improve both in-store and online visibility in order to drive revenue.
Solutions Offered and Value Delivered
Quantzig’s merchandising analytics solutions helped the client to track and capture data from 20+ outlets across Germany. By thoroughly analyzing the client’s issues and business goals we helped them generate brand audit reports in real-time which further helped them gauge brand visibility across regions. Our omnichannel merchandising analytics solutions also helped them devise better strategies that helped them enhance brand visibility and boost sales by 15%.
Quantzig’s customer-centric merchandising analytics solutions cover various aspects including pricing, promotions, markdowns, and assortment optimization that help businesses to develop better plans to improve MROI.
Quantzig’s merchandising analytics solutions also helped the client to:
• Better understand the effectiveness of their marketing campaigns
• Generate real-time reports based on their global sales performance to monitor marketing collaterals
• Identify and categorize outlets based on their performance
What is Merchandising Analytics?
LONDON: Quantzig, a leading analytics services provider, has announced the release of their new storyboard on analytics in retail. Each of these downloadable articles explains how analytics solutions can help companies to make informed decisions at tactical as well as strategic levels, optimize store-front layouts, track a new product’s performance, and improve profit margins.
Companies in the retail sector are facing critical challenges associated with the development of customer-centric solutions, decision making around pricing strategies, product promotion amidst growing competition, sales and demand forecasting, and merchandising planning. Leveraging the potential of analytics in retail can help companies to improve marketing ROI, optimize digital advertising investments, identify right media mix, and devise profitable sales strategies.
Quantzig’s analytics solutions have helped retail companies to develop cross-channel and multi-channel retail strategies, by offering insights into customer demand and preferences. Below, we have summarized some of Quantzig’s free resources and have also highlighted ways in which analytics in retail has helped businesses to excel in the competitive marketplace.
Are you finding it difficult to understand how retail analytics solutions can help your business to create assortments on customer preferences and devise the most engaging strategy for each customer? Get in touch with us right now!
#1: Why has analytics in retail become so essential for retailers? Are you looking for ways to improve the performance of your retail store? In-store analytics may hold the solution to this. Retail in-store analytics can help retail companies in designing better store layouts and understanding the behaviors of a customer in the store by providing heat maps for foot traffic. Furthermore, utilizing analytics in retail can empower retail companies to make a comparative analysis and devise robust business strategies.
#2: A definitive guide to analytics in retail: Store layout planning, inventory optimization, sales forecasting, market basket analysis, customer analysis, and price optimization are some of the major concerns of all companies in the retail sector. This detailed guide has the answer to all these concerns and can help you gauge at the changing market dynamics more effectively. Download the free resource to gain better insights.
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#3: How can analytics in retail help businesses to gain front liner advantage in the complex retail scenario? Are you wondering how to analyze customer’s buying patterns and identify marketing opportunities? Merchandising analytics is the answer to this. For companies that are looking at gaining a front liner advantage in the era of Industry 4.0, a powerful and sophisticated merchandising analytics platform is the pre-requisite. Also, leveraging analytics in retail can help companies to eradicate data silos and improve surface insights to boost ROI.
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