The Business Challenge
The volume, quality, and velocity of data generated from different business processes in the retail industry are growing exponentially, creating both challenges and opportunities for those diligently analyzing this data to gain a front-liner advantage. Although retailers have been using advanced retail analytics frameworks to generate business intelligence for years, the extreme composition of today’s data necessitates new approaches and retail analytics tools to drive measurable growth by tackling the complexities associated with data sets. This is because businesses today have entered the big data era, having access to more information that can be used to create better customer experiences and build stronger customer relationships by deploying a robust AI-based retail analytics framework.
A retail analytics framework presents retailers with game-changing opportunities as well as empowers them to gain a front-liner advantage through unique insights. Request a FREE Brochure of our analytics solutions for more insights.
Considering such factors that have given rise to an explosion of data sets, investing in the right channels and tools can help retailers tackle the challenges around data management. Facing similar challenges a well-known specialty retailer was looking at implementing a retail analytics framework to improve customer experience and drive profitable growth.
The challenges faced by the client included:
- Delivery of insights to the right resource at the right time
- Lack of clearly articulated analytics strategy
- Poor data quality
Solutions Offered and Value Delivered
Following a detailed analysis of the client’s business challenges, our retail analytics experts developed a robust retail analytics framework to help the client address their issues by increasing sales rate, customer dwell time, and the success of new products. Moreover, a fundamental shift in the organizational structure, skills, and culture enabled the client to distinguish themselves by reimagining their workflows and business processes. This, in turn, helped them achieve a 12% increase in profits by improving in-store sales and eliminating the impediments in the customer’ journey.
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The devised retail analytics framework empowered the client to:
- Gain better clarity and deeper insights on customers’ needs and preferences to build a more personal relationship
- Improve marketing efficiency through micro-targeting, personalization, and delivery of context and channel sensitive offers that increase the likelihood of purchase
- Optimize core business operations to ensure profitable outcomes in terms of demand fulfillment balanced against the cost of carrying excess inventory
- Determine the right prices including bundle, and basket pricing, based on the demand
- Spot flash trends that have an impact on demand and turn them into revenue capturing opportunities
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