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Retail Analytics Solutions, Predictive Analytics Solution for Retail Sector, Retail Data Analysis

Tag: retail analytics solutions

RETAIL ANALYTICS FRAMEWORK

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

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How Quantzig’s Retail Analytics Framework Can Help?

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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.

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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%.

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 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.

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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.

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 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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3 Best Practices Businesses for Managing a Successful Retail Analytics Campaign

“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.

Our portfolio of retail analytics services helps leading companies to successfully improve marketing ROI and optimize digital advertising investments. Request a FREE proposal to know more.

RETAIL ANALYTICS BEST PRACTICES

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.

Want to learn more about how retail analytics solutions can help your business? Request for more information below.

#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.

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4 Retail Analytics Trends Driving Business Outcomes in 2019 & Beyond

As the retail landscape grows increasingly complex, leveraging retail analytics to better understand the business environment is more of a necessity for retailers looking to up their game. Looking ahead to 2019 and beyond, our experts predict that there would be a significant surge in analytical investments by players across industries. Such initiatives are poised to drive competitive advantages for data-driven organizations, both large, well-established entities as well as smaller retail chains. At Quantzig, we’re continually capturing inputs from our clients, and over the course of the year, we’ve noticed a few trends that have affected several business aspects of retailers. Our analytics experts have curated a list of the top four retail analytics trends that are key drivers of transformation in the retail industry.

Want more insights on the top retail analytics trends? Get in touch with our experts to gain in-depth insights on the retail analytics trends that are set to change the retail landscape this year.

Top 4 Retail Analytics Trends: 2019 and Beyond

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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.

Want to know more about the benefits of analytics in retail? Request more information below.

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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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A Beginner’s Guide to In-Store Analytics

The rapidly-growing, competitive retail landscape has increased the need for customer analysis across different business segments, especially e-commerce. This is the reason why the demand for in-store analytics has gone off the roof. Today conventional retail businesses have started implementing in-store analytics aggressively to retain their customers. Due to this factor, in-store analytics is now n integral part of conventional physical stores.

At Quantzig, we understand the importance of in-store analytics in retail business. And to help companies in the retail sector to excel in the competitive landscape and stay ahead of the curve, our team of experts has curated a detailed guide to in-store analytics. This guide can assist companies to improve profitability and retain their customers significantly.

Are you finding it difficult to track all the cart and basket values in your store? In-store analytics may hold the key to success. Get in touch with our experts to know how our analytics solutions can help your retail business.

What is in-store analytics?

In-store analytics is the process of collection of customer data and applying them to operations of the retail store. This can offer actionable insights into their business on both macro and micro levels. Is it sounding too complex? But it is not, provided you have proper retail analytics solutions in place. A proper analytics dashboard offers data-driven insights that make all data easily understandable and quickly applicable. In-store analytics solutions provide pre-built reports that help retail business in identifying key metrics responsible for retail performance. Furthermore, this helps in decision making and devising an overall business strategy that is based on data-driven facts and not on assumptions.

Want to know more about why in-store analytics is important for retail business? Download our free supplement here:

What is in-store analytics important for retailers?

#1: Facilitates better pricing decisions

In-store analytics has the potential to analyze price sensitivity efficiently. It can offer better visibility to retailers into the factors responsible for fluctuations in price. Also, it helps in identifying the points that have a major impact on the volume of sales. Furthermore, this can help in generating additional revenue for the retail business and safeguard them from any future price fluctuations.

#2: Track conversion rates

In-store analytics plays a crucial role in helping retail businesses to make informed decisions by keeping track of factors leading to conversions which is the heart of retail analytics. Also, these insights assist in monitoring retail performance, understanding consumer behavior, and enhancing the shopping environment. Furthermore, advanced analysis combined with data obtained from all these sources enables retailers to improve marketing operations, drive sales and boost the productivity of retail staff.

Reliable data leads to smarter decisions. Our retail analytics solutions help companies to understand customers and their behavior. Based on our analytics solution businesses can obtain profound insights into the buying process of customers and their journey. The results, in turn, can help businesses to drive customer traffic, monitor customer journeys, and translate prospects into loyal customers. Request a FREE proposal to know more about our portfolio of services.

#3: Understand customer behavior

In-store analytics helps in understanding the behavior of customers. This can further help businesses to send targeted offers and content depending on the response of a customer towards the brand. Marketing operations become more efficient if marketing is done through a targeted approach. This has high chances of inducing sales and thereby, converting a prospective buyer to a loyal customer. 

Our retail analytics guide is here to help you improve sales and achieve higher profits. Download the free supplement now.

Benefits of In-Store Analytics

Benefit #1: Improves the shopping experience

Today customers are well informed, and they research a lot before making any purchase. A retail business if incorporate in-store analytics to their marketing operations, can identify buying patterns of customers and their buying preferences. Consequently, this can help in enhancing the marketing strategy and improving the shopping experience of customers.

Benefit #2: Enhances customer support service

If you are into retail business and want to improve your customer service, the most important way to do that is gaining insights into customer’s response towards your brand. Conducting surveys help but it is not the proper solution because sometimes the customer’s response is not genuine. Therefore, tracking and analyzing customer data can help more in improving customer service and in-store analytics makes this very easy.

Our in-store analytics solutions can help you see how the customer flow translates into conversion. Request a FREE demo to gain better insights.

Benefit #3: Prevents theft and burglary

For retail stores, shoplifting is one of the most regular problems that they face. In-store analytics can come to the rescue here. By leveraging in-store analytics, retail stores can identify the spots that are highly vulnerable to shoplifting. Also, the data from the in-store analytics dashboard can help retail stores to strategize their marketing operations and take key decisions in improving security at the store. Consequently, this can help in dealing with theft and burglary.

Benefit #4: Optimizes store performance through real-time dashboards

In-store analytics dashboards offer specific insights to examine the product placement in the store and the optimal floor layout. Also, it helps in identifying frequented and non-frequented areas in the store. The in-store analytics dashboard also offers actionable insights into conversion by section and traffic by section. Furthermore, it helps in identifying profit maximizing patterns and paths. 

Want to know more about the benefits of in-store analytics and how it can enhance your retail store performance? Request for more info below.

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