Tag: omnichannel retailing

Weekly Round-Up: A Storyboard on the Benefits of Leveraging Analytics in Retail

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.

By leveraging the potential of real-time analytics in retail, companies can improve visibility and coordination throughout the supply chain and develop a seamless integration between multi-channel supply chains. Request a FREE proposal to know how our portfolio of retail analytics solutions can help your business.

#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.

Request a FREE demo today to gain insights into how analytics in retail can help in market basket analysis and measuring business performance.

#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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Top 5 Elements of Visual Merchandising That You Should’nt Ignore

Visual merchandising is a concept in retail business that promises to improve the aesthetic appeal of a product or store. This helps in seeking the attention of customers and increase sales, which means if you want the performance of your store to improve, you cannot afford to have a store with ineffective and unappealing in-store displays. But, it is also important to understand that visual merchandising is also about different retail designs. Some of the important ways through which retailers can attain success in visual merchandising are window displays, impactful store layout, informative display of products and much more. In this article, we have highlighted a few important elements of visual merchandising that can help you optimize your store’s layout and product displays for maximizing revenue.

Merchandising analytics can offer actionable insights into visual merchandising displays and category planning to enable retailers to work smartly. Want to know how? Get in touch with us

Elements of Visual Merchandising

Element #1: Color is the king

As per the principles of in-store retail analytics, color is considered to be a powerful element that can drive sales. Color has the potential to make or break your visual displays. Therefore, retailers should ensure that the colors are well coordinated and are visually appealing to their customers. Combining contrasting colors can be helpful in creating eye-catching displays.

Element #2: Create a point of focus

If you are into the retail store business, it is important that you create a focal point. This can increase sales dramatically and is one of the main reasons why it is looked upon as a crucial element of visual merchandising. You should always check the displays at your store to ensure that the hotspots and merchandise are easily visible to your customers.

Quantzig’s retail analytics solutions help businesses to optimize merchandise assortment and store-front layout. Request a FREE proposal now to know more about our portfolio of services.

Element #3: Let your display tell a story

A story always helps when it comes to marketing. So, this is treated as one of the powerful elements in visual merchandising. You should focus on using a powerful, sales-enabling story that can improve the visual display and tell the benefits of buying a particular product to the customers. By doing so, you can understand your customers better and this, in turn, can trigger the sale.

Element #4: Display the maximum amount of merchandise to customers

This is another significant element of visual merchandising. If all your merchandise is displayed well, they can provide the customer with a variety of options to choose from. A circular store layout is more powerful than the traditional ones. This is because it exposes customers to the variety of merchandise than traditional aisles. Therefore, it is recommendable that you should have as many displays as possible, and present as much merchandise as possible.

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.

Element #5: Make wise use of empty spaces

Visual merchandising also focuses on the underutilized space in the store. Generally, it is the area between the displayed merchandise and the ceiling. This space many retailers ignore but you should use it wisely for a variety of things. You can use these underutilized space for displaying information about specific products or brands. Also, it can be utilized for displaying customer testimonials with the name of the customer and their picture.

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How to create a perfect omni channel strategy for business

What is omni channel? 

Omni channel is primarily aimed at providing customers a seamless experience irrespective of how and where they are shopping from. An omni channel experience is a multi-channel approach to marketing, selling, and meeting the customer’ needs in a way that creates an integrated and cohesive customer experience irrespective of the platform used. However, it is important to note that an omni channel strategy is different from a multi-channel retailing. In multi-channel retailing, businesses use platforms such as website, blog, Facebook, and Twitter in order to connect with customers. However, a major drawback of this technique being customers lack a seamless experience and consistent messaging across each of these channels. Omni channel retailing, on the other hand, involves each platform and device a customer will use to interact with the company. This knowledge is then usContact USed to create an integrated experience for the customers. Companies using this an omni channel strategy tend to align their messaging, goals, objectives, and design across each channel and device.

Key benefits of implementing an omni channel strategy

omni channel

Improves sales

The advent of new technologies has forced companies to think strategically and adopt newer ways of doing business. So, those with stock visibility and fulfillment options across various channels stand a better chance of improving sales when compared to companies sticking to a single channel of business.

Ensures better data collection

Omni-Channel strategies harness various data streams which enable better and more accurate data collection. It proves useful in tracking customer behavior and gaining meaGet More Infoningful insights through business analytics. This, in turn, makes critical inputs while formulating engagement plans that increase the probability of impulse buys through predictive analytics.

Enhances productivity

An omni channel strategy can provide companies with tools and information that can help improve their efficiency.  Considering the major role technology plays in our lives today, smartphones and tablets are a great way of capturing feedback and customer data into loyalty-building elements.

Tips to create a good omni channel strategy

Know your audience

The first and foremost criteria for building a good omni channel experience for your customer is to have a clear-cut idea of who and where your target customers are. This would help provide a better picture on the channels that you need to focus on. It is essential to identify which platforms your customers frequent, and which devices they use the most. In case it is identified that a majority of your customers seldom use a particular platform, then it is advisable to reduce your investment on this medium.

Ensure smooth transition

If a company has established its presence both on online and offline platforms, it is essential that they ensure a smooth transition between both the platforms. The main aim behind this is to ensure a smooth transition between transactions taking place on both online and offline platforms. For instance, some top companies have recently introduced business models where customers can plRequest Proposalace the order online and pick it up in the brick-and-mortar store rather than waiting for them to be shipped to their homes. This provides an enhanced omni channel experience to customers and saves them a lot of time.

Make every touch point shoppable

One of the key steps in building a perfect omni channel strategy is to make every touch point shoppable. One of the remarkable examples of this is how Disney does it with their mobile apps, theme parks, and websites. Disney ensures that every time they provide an experience to their customers, they have the opportunity to make sales. If a customer adds a product to their cart from your website, it needs to be in their mobile app too. If they are using Facebook, it is important to suggest them products based on that previous product viewing. These deep, symbiotic connections between channels help companies to run promotion campaigns on social media, drive traffic to their website, have users explore how others use their product through Pinterest, and check out the products directly from there.

Inter-departmental coordination and agility

Siloed organization structure proves to be a major roadblock for omni channel implementation. In several organizations, different functional teams including sales, marketing, product development, PR, and customer service operate independently of each other. So, companies must consider restructuring traditional roles as this can put the responsibility for the customer experience on more than one or two departments. This would allow each team to understand how it fits into the omni-channel puzzle in relation to others. It also sets clear expectations that can streamline communication between teams.

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How Can Geospatial Analytics Help Uncover Surprising Insights on Omnichannel Retail?

What is geospatial analytics? 

Modern technologies such as locations sensors or GPS tracking, mobile devices, and social media facilitate companies to collect “geo-referenced” data about practically any event. Geospatial analytics uses this data to build maps, statistics, graphs, and cartograms, which make complex data relationships more understandable. Geospatial analytics help companies to anticipate and prepare for possible changes that may occur as a result of the changing spatial conditions or location-based events. Advanced geospatial analytics also allows retailers to quantify the actual economic value of each of their stores across various channels.Get More Info

Geospatial analytics in omni channel retailing

Over the past several decades, retailers have been leaving no stone unturned for mining different data sets such as market trends, demographics, and point-of-sale information. But now, with advanced technologies and the availability of new types of data, retailers can gain a better understanding of the markets and consumers. Retailers can now analyze not just the quantity of customer traffic but also the quality of this data.

Omni channel retailing is now becoming a ‘hot trend’ among retailers. Retail companies are scrutinizing the interplay between online and offline customer decision journeys. Taking an omnichannel view of store performance allows each store to be rightly credited for all the sales in which it played a role, be it for offline or online sale. In doing so, retailers are getting a more accurate picture of each store’s total economic value and will be able to make better decisions about their omnichannel retailing presence. 

Some of the key benefits of geospatial analytics in omni channel retailing include:

Know where your customers live, work, and shop

With the help of geospatial data, companies in the omni channel retailing space can garner a better understanding of where their potential customers reside and they specific shopping habits and patterns. This would help make informed decisions on the site-selection, marketing, and product assortment for specific areas.

Determining store locations

Deciding on the store locations for a business is a crucial task, which involves intense planning and brainstorming since wrong decisions in this aspect could cost a company big money. By understanding key factors such as competitive presence, potential customer demographics, and access to supply chains, companies can make better omni channel retailing decisions so as to what would work better for each locality.Demo

Making real-time decisions

Geospatial analytics provides up-to-the-minute data on customer and vehicle locations, assets, sales, and environments into maps and analysis. This gives companies the time and space to decide on the changes to be made for resource allocation on a real-time basis.

Understand key factors of purchase

Retail companies use data-driven analysis on how and where customers interact the most with their brand. This would help them further strengthen their marketing and inventory decisions. Furthermore, they can also reduce or eliminate their investments into efforts that do not give the desired results or are seen to not create a satisfactory connect with the customers.

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