The one industry that is highly unpredictable and prone to disruption is retail. Proponents of this sector strive to wade through intense competition, high customer expectations, manage multiple channels and wide array of product offerings among several other challenges to create a competitive advantage and maintain their market position. To stay abreast of competition and latest trends, retailers must devise strategies based on insights and analytics to understand the business and anticipate customer behavior.
Analytics collects data from various channels used for marketing and combines it to provide a common direction that helps to extract analytical results which deliver actionable insights to drive the firm’s marketing efforts to the fore. It comprises of technologies and processes that assist marketers in ascertaining the success of their marketing efforts, by measuring performance through ROI and effectiveness.
Making Inroads into Retail Supply Chain
Advanced marketing strategies and analytics such as customer analytics can help tone down the anxiety in a significant business area like retail supply chains. Insights derived from historical as well as real-time data can help retailers understand customer behavior and segment them accordingly.
The adage “Customer is the King” is gaining importance in today’s competitive market environment. Increasingly, retailers are tailoring messages and creating a customized experience for the customers, to which the latter are responding in a favorable manner. Personalized marketing encompasses more than just mentioning customer’s name in an email, for example, personalized follow ups and insights derived from previous purchases and point-of-sale terminals can help build customer loyalty. Additionally, firms can use customer data to device practice scalable pricing and understand customer expectation in order to maximize retail ROI. Pricing analytics go hand in hand with personalized marketing so as to create happy consumers and build loyalty.
The sole purpose of analytics and big data is risk management – to foresee and mitigate possible risks, thereby creating significant savings in retail supply chain. With the help of data- external and internal- firms can develop strategies based on insights that help in supplier management, assessing store performance and effectiveness of marketing campaigns and marketing channels.
The Quantzig Approach
We, at Quantzig, track latest developments and innovations in the industry through different sources and methodology, reach out to key stakeholders and marketing experts in order to understand the market scenario. We help clients understand and identify fluctuations in consumer interests and devise insights based marketing tactics and strategies to stay ahead of the competition.
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