Retail Analytics, Analytics Solutions for Retail, Big Data in Retail, Retail Industry Analysis

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retail analytics

Q&A: Why Canadian Retailers Can’t Afford to Ignore Retail Analytics

Today advanced technologies such as – AI, big data, and machine learning have moved from the peripheries to the center, fundamentally remodeling the retail landscape in Canada. This has not only expanded the toolset available for retailers to respond but has given rise to a new category of analysis in the form of ‘retail analytics’ which employs sophisticated techniques and tools to gather, prepare, and analyze data to uncover deeper insights, craft predictions, and generate personalized recommendations.

Retail analytics offers unprecedented potential to understand customer preferences and behaviors to create an integrated and responsive ecosystem through partnerships and mergers and acquisitions (M&A)—to help retailers position themselves for success in a rapidly evolving environment. However, while envisioning the possibilities for new approaches and technologies, Canadian retailers need to be clear about both the potential of these new tools and the risks that can arise when implementing a new retail analytics based approach. 

To reap the promise of advanced retail analytics, businesses need to build the functional capabilities that will allow them to operate as an insight-driven organization. Request a FREE brochure of our retail analytics solutions to learn how we can help you.

Amid the omnichannel buzz that has prompted retailers to deploy advanced analytics tools and techniques across platforms, brick and mortar stores remain a focal point in retail strategies, given the large volumes of transactions that take place in-store. The need for retailers now is to create an open line of communication with consumers without becoming overbearing.

We caught up with Sudarshan, Solutioning and Strategy Architect at Quantzig, for his views on the power of retail analytics and its impact on the future of the retail industry in Canada.

Can beacons bring new opportunities with big data for brick-and-mortar retailers in Canada?

With retail analytics bringing in massive transformations, there is a great potential for businesses to use beacon technology to offer integrated, holistic, customer experiences both online and in-store. Also, the growing popularity of beacon technology can be attributed to its ability to reinvigorate the traditional brick-and-mortar retailing system and offer personalized services that can’t be availed online. Such technologies in combination with advanced retail analytics solutions can help unlock the true potential of data, paving the way for a data-driven culture.

Talk to our analytics experts to gain comprehensive insights on the benefits of retail analytics.

What according to you is holding them back from leveraging retail analytics?

With online channels and ecommerce platforms playing a huge role in driving sales, its crucial to analyze new ways to drive instore sales. Leading players might be way up the ladder, but few retailers are still learning to tackle the data deluge. What’s crucial to note is that retail analytics can help drive measurable growth as it affects several key aspects of retail. Businesses must assess and gauge the impact of such solutions by partnering with leading analytics solutions providers who can help them develop the best-fitting strategy.

Gain limited-time complimentary access to our retail analytics platform and figure out how analytics can help you gain a competitive edge in today’s complex retail scenario.

Key Areas Where Retail Analytics Can be Applied

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retail analytics services

Luxury Retail Brand Improves Sales by 15% Through Personalized Campaigns – Quantzig’s Retail Analytics Services Engagement

“By leveraging Quantzig’s retail analytics services, we have been able to build targeted campaigns and achieve a double-digit lift in sales and foot traffic.”

About the Client

The client is a leading American luxury fashion brand, manufacturing clothing, fragrance, and fashion accessories. Apart from selling through concessions in third-party stores, the company has several business units and franchisees spread all over the globe.

The Business Challenge

Retail companies today face several long-term challenges that must be addressed skillfully to avoid adverse outcomes. As IT technologies have matured, tremendous investments have been made by retailers to solve both the tactical and strategic problems surrounding business operations. But it’s crucial to note that without the basic skills and analytics tools one cannot get to the root of the challenge and analyze factors impacting growth.

Request a free brochure of our analytics solutions to gain comprehensive insights into our portfolio of retail analytics services and learn how customized analytics solutions can help you gain a front-liner advantage.

The client- a leading luxury retailer was looking at analyzing the needs of their customers to design more personalized and relevant promotions and marketing campaigns by incorporating real-world, behavioral insights. Additionally, the retailer identified that its localized store assortments were key drivers of incremental foot traffic and sales. But, the huge volumes of unstructured customer, product, and transaction data sets that were generated from various channels proved to be a major challenge due to which each business unit was pushed to work in silos to address their priorities. Also, its crucial to note that owing to the siloed business structure, the campaigns often resulted in low redemption rates and failed to drive adequated foot traffic to their retail outlets.

The client needed to deploy a full suite of retail analytics services to skillfully address the challenges and drive positive business outcomes. Considering the fragmented nature of the retail landscape, the client found it difficult to determine where to start and which retail analytics services to leverage to drive better outcomes. This is when they chose to collaborate with Quantzig and leverage its retail analytics services to analyze the impact of their promotional campaigns and gain insights into customer preferences at a more granular level.

The challenges faced by the luxury retail brand included:

  • Complex and unstructured customer data sets 
  • Uneven and inconsistent data in multiple formats
  • No standard approach to data normalization
  • Lack of effective territory alignment

 

Out of the millions of players in the American retail industry, a small fraction of them have been successful in turning data to insights. Are you included? If not, get in touch with our analytics experts and learn how we can help you get there through our customized retail analytics services.

Solutions Offered and Value Delivered

Quantzig’s dedicated ‘Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and attribution modelling experts designed an innovative three-pronged approach to tackle the challenges faced by the retailer. The retail analytics services leverage sophisticated mathematical models and AI-driven algorithmic decision making to analyze customer data and build personalized campaigns.

To help the client gain a 360-degree customer view, we adopted a comprehensive three-pronged approach.

Phase 1

The first phase of this engagement revolved around leveraging our retail analytics services that use dynamic machine-learning algorithms to understand purchase patterns by different stores and customer types to drive localized product assortment.

 Phase 2

The retail analytics services offered in the second phase of this engagement focused on analyzing the redemption patterns to refine the targeting criteria and drive campaign effectiveness.

Phase 3

The retail analytics services offered in the final phase of the engagement revolved around the use of statistical techniques and data visualization to help the client identify and prioritize the drivers of incremental sales.

The retail analytics services offered also empowered the client to simulate various scenarios and gauge incremental sales by performing a deep dive analysis of customer data sets. The use of regression techniques also empowered them to extract key information and insights from existing datasets.

Gain limited time complimentary access to our analytics platform to learn how advanced retail analytics services and statistical techniques can help you make well-informed decisions

RETAIL ANALYTICS SERVICES ENGAGEMENT OUTCOME

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in-store analytics

In-store Analytics: 5 Major Challenges Retail Companies Face

The competitive retail landscape has increased the need for customer analysis across different retail segments. This has resulted in the growth of demand for in-store analytics. Today companies in the retail sector have started implementing in-store analytics to understand customer behavior and retain existing customers. Consequently, in-store analytics has become an integral part of a conventional retail store. In-store analytics can help retail businesses to make informed decisions and gauge their performance in real-time. Also, it can help them in offering better and personalized customer experience.

In-store analytics is the key to bolster customer experience and deepen consumer privacy in the retail sector,” says a retail analytics expert from Quantzig.

However, due to the immense scope of in-store analytics, there are significant challenges that retail and CPG companies have to deal with to derive desired business outcomes. In this article, our team of analytics experts have highlighted a few challenges to assist retail companies to stay ahead of the curve.

Request a free brochure of our in-store analytics solutions to learn how you can build a store layout that drives an increase in traffic, average transaction value, and maximize conversions.

IN-STORE ANALYTICS CHALLENGESIn-store Analytics Challenges

Collecting data from disparate sources

Data is generally generated in different format from various sources within an organization. . For retail companies, it is quite challenging to collect data from disparate sources and unify these data into a single platform. As a result, companies face hurdles in analyzing the pool of data they collect.

Accuracy of the data collected

Accuracy of data is one of the major factors responsible for accurate analysis. To make in-store analytics solutions work exactly according to the business requirement, companies need to ensure that the right quality of the data is collected. This can help them maximize category growth and with the help of in-store analytics. Also, without accurate data, analyzing heat map is difficult for companies making them unable to gauge the impact of their store layout on return on sales (ROS).

Talk to our analytics experts and learn how we can help you analyze your in-store traffic patterns and offer behavioral insights to improve business outcomes.

Ensuring data security and compliance

With the constant rise in data breaches, retail companies need to ensure the security and compliance of the data collected. For successful implementation of in-store analytics solutions, companies need to carry out penetration tests and internal security audits to secure the data.

Gain limited-time complimentary access to our analytics platform to determine the optimal shelf configuration that can help maximize sales and conversion rates.

Extracting the valuable insights from the data

In-store analytics solutions can help companies in the retail sector to extract, transform and load the data efficiently to reveal customer buying patterns and market trends. But for this to work successfully, companies need to ensure that they can extract valuable insights from the data collected. Also, companies in the retail sector need to assemble specific data insights and look for correlations to derive the best business outcomes.

Learn more about in-store analytics solutions and its benefits

retail analytics trends

Top Retail Analytics Trends to Watch Out for in 2020

Today retailers across the globe are facing three major challenges, turbulent economic landscape, proliferating retail channels, and an increasingly demanding customer base. However, the real challenge lies in the fact that retailers are inundated with data sets obtained from both online and offline channels. To tackle this challenge they need smart, data-driven solutions to stay ahead of the curve. This is where leveraging retail analytics solutions can help retailers to better understand market trends and customer behavior.

The adoption of retail analytics solutions is increasing rapidly as more retailers worldwide are realizing significant returns from using BI and analytics platforms and services.

In this article, our retail analytics experts have curated a list of top retail analytics trends that are going to transform the retail industry in 2020 and will help companies to gain in-depth insights into the market scenario by replacing the inefficient data management tools and in-house analytics approaches. Also, these retail analytics trends will help organizations to have more agile, receptive, and cohesive data management systems and devise new strategies to target specific objectives such as increasing footfall and improving customer loyalty.

Request a FREE Brochure of our retail analytics solution to gain in-depth insights into how it can help you analyze sales patterns of different product categories and identify the correlations between them.

RETAIL ANALYTICS TRENDS BLOGRetail Analytics Trends 2020

#1: Omnichannel Experience

When it comes to offering a seamless experience to customers, companies in the retail industry need to bridge the gap between in-store and online shopping platforms. Retail analytics solutions are empowering cashiers and customers to check availability and make selections online. Furthermore, the rise of in-store kiosks allows customers to have cross-channel capabilities and meet the needs of the specific category or the objective of the brand as a whole. Additionally, customer-centric models are helping retail companies to integrate online portals and offer a seamless omnichannel experience to customers.

Talk to our analytics experts who can help you optimize store layouts and devise data-driven marketing strategies.

#2: Personalization

Personalization is one of the major retail analytics trends that is leading retail companies to success. Companies are focusing on retaining customers through style quizzes, interactive modules and recommended items for purchase by leveraging retail analytics solutions. Many top retail companies that have developed interactive videos and app features to improve customer engagement on their sites. Also, this can allow companies to improve their targeted marketing strategies with location-based offers and increase upselling opportunities with current customers.

Gain limited time complimentary access to our retail analytics platform to know how you can drive significant improvements in performance and CX with the help of our retail analytics solutions.

#3: Predictive Analytics

Today retailers are leveraging predictive analytics to analyze historical facts and make predictions on future and unknown events. Therefore, it is going to become one of the key retail analytics trends in 2020 and will help companies to improve their supply chain operations. Also, it will help companies to fetch data related to weather patterns, local events, and variables that affect normal business practices and integrate them into scenarios to better predict fluctuations in availability and usage of products. Furthermore, this can help to maximize lifetime value per customer, reduce inventory, and other operational costs.

#4: Dynamic Pricing Models

Dynamic pricing is considered to be one of the significant retail analytics trends by our experts. This is because price elasticity helps in determining product prices based on market situations and real-time changes in competitors pricing strategies. Dynamic pricing models can help companies to base their price structures on inventory availability, market saturation, and customer demand. This can further help in driving demand, improving customer satisfaction and loyalty.

Learn more about retail analytics trends that’s going to impact your retail business in 2020.

Location Analytics in retail

Location Analytics in Retail Helped an Organic Food Retailer to Boost Quarterly Sales by 43% – Quantzig’s Success Story

The client is a leading organic food retailer based out of Sweden. With more than 120 outlets located all over Europe, the retailer is well-known for products across categories such as legumes and dairy products. They approached Quantzig to leverage its expertise in offering location analytics in retail sector to help them identify and quantify potential store redesigns.

With rapid technological developments, the retail landscape has transformed dramatically. Owing to the increasing competition from online retailers, traditional retailers have started to shift focus and accommodate change as a crucial aspect of their business processes. As a result, brick-and-mortar stores have started adopting omnichannel marketing approaches to orchestrate with the analytical and highly targeted approaches used by online retailers. Today, location analytics in retail is increasingly gaining attention, especially for retailers looking at gaining a front-line advantage in the retail sector. The challenges associated with the implementation of location analytics in retail hinder its extensive adoption in the retail sector. Additionally, the computational power required to analyze real-time data sources is another reason that has prevented the adoption of location analytics in retail sector.

Location analytics in retail sector is increasingly gaining prominence. Wonder how location analytics can benefit your retail business? Request a FREE Brochure of our analytics solutions right away.

Business Challenge

The client, a leading organic food retailer, wanted to set up smaller stores to target the urban customers by offering convenient approaches for purchasing organic food and non-food products and to also build brand loyalty for the larger format stores. Due to aggressive expansion plans, the client was facing several predicaments in assessing the business potential for existing and potential stores and to set an internal business target. Also, the organic food retailer was unable to understand and analyze their customer behavior and perceptions in real-time. Lack of insights from location data prevented the client from identifying untapped opportunities and left blind spots when it came to the implementation of new merchandise, services, and engagement experiences.

Location analytics is the new non-negotiable in the retail sector. Talk to our analytics experts for detailed insights.

LOCATION ANALYTICS IN RETAILSolutions Offered and Value Delivered

To help the client tackle its core business challenges, Quantzig’s experts adopted a three-step comprehensive approach. By leveraging location analytics in retail, the experts enabled the client to analyze the POS transaction level data and explore all different possibilities.  The first phase of location analytics in retail engagement focused on analyzing customer behavior and offer baseline insights into product location, its performance, and related customer behaviors. In the second phase of location analytics in retail engagement, the experts focused on developing in-store heat maps to help the client track customer’s traffic patterns and gain a better understanding of their requirements. The third and final phase of location analytics in retail engagement revolved around integrating the client’s transactional data sets with the gathered location data.

Location analytics in retail sector is indeed the silver bullet for retailers looking at gain a leading edge in the competitive business landscape. Gain limited time complimentary access to our analytics platform to know how our location analytics solutions can help your business.

The solution offered helped the client to identify ‘hotspots’ at a glance and increase sales through targeted marketing. Also, they were able to identify correlations and patterns between data collected from different locations and identify hidden triggers of cost.

Quantzig’s location analytics in retail engagement also helped the client to:

  • Route or reroute in real time in response to traffic patterns
  • Boost quarterly sales by 43%
  • Visualize spatial data and transform decision making process

Location analytics can help you map customer behaviors, demographics, and competitor locations to help you will succeed in the new business segment. Learn more about the benefits of location analytics in retail.

retail analytics trends

Driving Profit Margins Using an AI-based Retail Analytics Framework | Quantzig

The client is a well-known fashion retailer based out of Germany. With business units spread across geographies, the retail firm wanted to deploy a robust retail analytics framework to enhance its customers’ digital and in-store experiences.

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.

Talk to our analytics experts to find out why you should implement an enterprise-wide retail analytics framework.

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

retail analytics framework

 

Gain limited time complimentary access to our analytics platform to know more about the benefits of deploying a robust retail analytics framework.

How Quantzig’s Retail Analytics Framework Can Help?

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Retail analytics

Retail Analytics Helped a Belgium Based Retail Company to Analyze Customer Behavior and Drive CX

The client is a multinational retail company, based out of Belgium, who was looking at leveraging retail analytics solutions to improve retail customer experience and drive loyalty.

The Business Challenge

The customers today are savvier, well-informed, and wield more purchasing power than ever before. Factors such as these have prompted retailers to improve customer experience by addressing key issues that suppress their ability to drive customer experiences across touchpoints. In such a scenario, retailers poised to stand out from the pack are those that can predict and analyze customer behavior and purchase patterns. From that viewpoint, it’s quite evident that retailers who leverage advanced retail analytics solutions are poised to gain an edge over the competing brands in their ability to use data to improve customer experiences.

Request a FREE proposal to learn how you can benefit by leveraging our retail analytics solutions.

With data being generated from diverse sources in the retail sector, businesses have started realizing the potential of retail analytics and its role in enhancing predictive capabilities to deliver better retail customer experiences. Similarly, owing to the data deluge the client faced challenges around customer experience management and several other long-term challenges that needed to be addressed to ensure process compliance and drive customer satisfaction. For the client, adopting a retail analytics-based approach to address issues around customer experience seemed quite challenging as they were unsure of where to start and which solutions to consider. This is when they approached Quantzig to leverage its retail analytics expertise and drive customer experience.

The challenges faced by the client included:

  • Lack of on-demand access to reports
  • High licensing and infrastructure costs associated with data visualization for quick decision making
  • Ineffective aggregation and processing of data from disparate sources such as marketing campaigns, mobile, and other customer touchpoints

Want more insights? Contact our retail analytics experts right away!

Solution Offered and Value Delivered

To help the client tackle their challenges, we adopted a two-phased approach that focused on generating real-time insights from large customer data sets. In the first phase, our retail analytics team adopted a comprehensive approach consisting of market surveys to build a retail data categorization model to analyze the overall business ecosystem. The use of detailed retail analytics survey reports and recommendations helped analyze the true potential of retail analytics. 

The devised retail data categorization model also offered recommendations on different spend levels and their ROI. The big win for the retailer, however, was reflected in their ability to enhance customer experience by automating key business functions. Moreover, the ability to improve data management and create a recurring data aggregation, analysis, and decision-making process empowered them to improve customer experience by a whopping 33%.

Request a FREE demo to learn more about the use cases of retail analytics.

retail analytics

 

 What is Retail Analytics? 

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Retail analytics

Case Study: Developing a Retail Analytics Roadmap for a Leading Cosmetics Brand

With several business units spread globally, the client is a well-known cosmetics brand operating in the retail market in the Philippines. They specialize in the sales and distribution of cosmetic products globally.

The Business Challenge

While many retailers have started their analytics journey and are at various stages of maturity, they are still struggling to identify the most appropriate model for sustainable retail analytics implementation. However, the use of retail analytics solutions has gradually spread across several business areas, impacting key decisions of retailers globally.

With the proliferation of data sets and the growing popularity of analytics models, businesses should consider leveraging retail analytics solutions and applications such as- video analytics, retail analytics, operational analytics, text analytics, and supply chain analytics to enhance their decision-making ability. While such applications are moving into the mainstream, retailers with several business units tend to have various databases supporting a wide range of market initiatives. Collating and analyzing the data generated from disparate sources, however, can be a challenge without expert assistance. Working with a trusted third-party analytics service provider like Quantzig can bring sanity to otherwise chaotic processes inundated by resource constraints.

Would you like to know more about our retail analytics solutions? Request a FREE proposal right away!

With the growing competitive pressures, the retailer faced several challenges including engagement, digitization, and disruptions that prompted them to devise a suitable model to better position themselves and gain a winning edge in today’s complex retail sector. As such, they were looking at devising a structured retail analytics-driven approach that would help them to skilfully undertake the journey from data discovery to insight generation, data optimization, and finally embedding of analytics into their existing workflow.

Solution Offered and Value Delivered

Realizing the value of their operational and sales data, the client approached Quantzig to help them integrate and analyze data on a more granular level so that they could create an effective long-term strategy and redeploy their efforts on the right stores.

Schedule a FREE demo to learn more about the business benefits of our solutions.

Based on our experience of working with multiple retailers, we helped the client to leverage retail analytics solutions to develop a framework that helped structure their programs in three key areas including:

  • Merchandising operations
  • Supply chain operations
  • Store operations

To help the client tackle their challenges our retail analytics experts adopted a three-phased approach that generated deeper insights across the retail value chain, including procurement, supply chain, sales and distribution, store operations, and customer management. It included the following three phases:

Phase 1: Exploratory data analysis

During the first phase of this retail analytics engagement, we performed a detailed exploratory analysis of the client’s business data and generated a detailed retail analytics-based report to aid decision making.

Request for more information and gain expert insights on how you can benefits from retail analytics solutions.

 Phase 2: Implementation of analytics modules and expert recommendations

The second phase of this retail analytics engagement revolved around implementing advanced analytics-based business modules for improving store operations.  In addition to improving the speed of reporting and ad hoc querying, we also offered expert recommendations that helped them focus on analyzing data generated from various sources.

Phase 3: Detailed retail analytics roadmap

The devised roadmap revolved around leveraging data and analytics to exploit the latest technologies to deliver better digital experiences for their customers and integrate digital channels and operations into the fabric of their businesses.

Our retail analytics solutions not only helped the client to bring in major organizational transformations but also enabled them to increase their operational efficiency by 13%.

Get in touch with our analytics experts for exhaustive inisghts on retail analytics.

Benefits of Retail Analytics: How analytics can help retailers drive profitability

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fashion retail analytics

Steps to Jump Start Your Transformational Journey with Fashion Retail Analytics

Advanced analytics has become very important for all consumer-facing industries owing to its ability to deal with increasing complexity easily. But companies in the retail industry are still lagging in embracing analytics and prefer “gut-feel” over data-driven decision making. These companies are finding it difficult to invest in analytics capabilities due to obstacles such as poor data quality, highly competitive business landscape, logistics complexity, and limited analytics expertise. It is high time for companies in the retail and apparel industry to leverage fashion retail analytics that can help them in smarter decision making, improving relationships with customers and boosting team management. In this article, our analytics experts have curated a list of important steps that companies need to follow to start successfully with fashion retail analytics.

Quantzig’s retail analytics solutions help companies in critical decision making around pricing strategies and product promotion. Request a FREE proposal to gain detailed insights into our portfolio of advanced analytics services.

How to leverage fashion retail analytics to reap maximum benefit?

Step #1: Prioritize the areas to win

To effectively start with fashion retail analytics, players in the retail and apparel sector need to first decide where analytics will help achieve the greatest business impact. Businesses need to develop a cross-functional road map to make tough decisions on where analytics matter most. Also, to gain the desired outcome, retail and apparel companies should properly analyze all areas of the business to identify the new fashion retail analytics opportunities. Using these insights, functional teams can build individual use cases that must be well-defined and specific.

Our analytics experts develop solutions that enable clients to successfully improve marketing ROI by developing cross-channel and multi-channel retail strategies. Get in touch with our experts now!

Step #2: Extract actionable insights

Discovering the limits of the data available is one of the major challenges that retailers and apparel industry players face. Available data can offer useful insights if used appropriately. But players in the retail and apparel industry face some unique challenges such as an ever-changing assortment, rapidly changing trends, and non-standardized SKU that result in collection of relatively poor data. Therefore, to achieve desired outcome from fashion retail analytics solutions, companies need to build an appropriate data ecosystem.

Quantzig offers customized analytics solutions to help companies keep up with the competition and ensure high customer satisfaction levels. Request a FREE demo below to know more.

Step #3: Use an agile operation model

Fashion retail analytics can completely transform the way apparel industry works. By using an agile operating model, companies in the retail and apparel sector can get a huge departure from the calendar-driven world in which they operate and plan all steps in advance. Although shifting to an agile operating model may be the toughest change to manage in this fashion retail analytics journey, but it will substantially accelerate the analytics road map.

To learn how fashion retail analytics can differentiate your brand with customized, one-to-one customer interactions, request for more information right away.

CPG analytics

Top 3 CPG Analytics Challenges Facing CPG Manufacturers in 2019

Drive by the quest to improve market share leading players in the consumer-packaged-goods (CPG) market are facing several challenges that are impeding business growth. These challenges are posed by nimble niche competitors, as well as by traditional and online retailers who use their data smartly to stay ahead of the curve. But there are multiple ways in which these companies can counter such challenges one of which is to use CPG analytics to transform data into valuable insights. In this article, our CPG retail analytics experts have highlighted a few critical challenges that players in the CPG industry have been facing currently.

Quantzig’s analytics solutions help CPG companies to spend less and compete more effectively using data-driven insights. Request a FREE proposal to know more about our portfolio of services.

CPG Analytics Challenges

Gaining the skill to use CPG analytics

Using CPG analytics solutions to drive business decisions requires enterprises to employ the right set of people who have the expertise to transform the plethora of data into impactful insights proficiently. CPG analytics experts can recognize the value of such data and acknowledge their limitations. Moreover, CPG manufacturers need to employ insight professionals who are not only proficient with data but also have a business mindset and industry context.

Our data analysts help leading players in the CPG industry to drive change and use their data to grow sales and market share. Get in touch right away!

Understanding the “why” of customer behavior

Analyzing consumer behavioral patterns alone does not suffice the need and intent of CPG data analytics. CPG manufacturers also need to understand the factors driving consumer behaviors. What do consumers want and what drives their choices? CPG manufacturers need to look beyond big data sets generated by social media platforms and online shopping habits and penetrate the mindset of engaged individuals from relevant demographics to stay ahead of the curve and thrive in the future. Social listening can tell what users are doing but they don’t necessarily reveal the reasons behind their behavior. We believe an  in-depth understanding of customers’ motivations and attitudes is truly the ‘secret sauce’ in contextualizing behavioral data for greater predictive impact. This can help both retailers and CPG manufacturers in driving better business decisions.

Quantzig helps its CPG clients, with customized data analytics solutions, to improve growth and competitiveness. Request a FREE demo below to gain better insights.

Privacy concerns

The growing competitive pressures have prompted CPG manufacturers to balance their need for data with the growing concerns for privacy. CPG manufacturers risk losing the trust of valued consumers if they feel that hyper-personalized promotions blur the line between helpful familiarity and surveillance. The strategic application of CPG analytics can give CPG manufacturers a competitive advantage, but the trust of the consumer is equally important. Therefore, companies in the CPG industry should strive to use CPG analytics in a way that values privacy of customers. This can, further, help CPG companies to develop an organizational model that can deliver a smoother and more enjoyable experience to their digitally empowered customers.

CPG retail analytics solutions can help you gain a full view of your customer’s spending and behavioral patterns. Wonder how? Request for more information now.

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