Tag: retail analytics solutions

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 and CPG

Quantzig’s Campaign Analytics Engagement Helped a Canadian Retail and CPG Firm to Witness a 38% Rise in ROAS

“Quantzig’s campaign analytics solutions helped us refine our target audience and increase the efficiency of our marketing campaigns.”

About the Client

The client is a leading player in the retail and CPG industry based out of Canada. The firm sells from 700+ retail outlets operating in 80 sales markets across the globe.

The Business Challenge

In today’s highly competitive retail and CPG market space, many factors affect sales revenue.  Campaign analytics solutions help companies to examine the major factors which are responsible for explaining the sales variation in a given period by categorizing them into- base factors, macroeconomic factors, and promotions.

A Canadian retail and CPG industry firm was finding it difficult to evaluate the effectiveness of their digital marketing initiatives. Constant sales variations prompted the retail and CPG industry player to leverage campaign analytics solutions to examine the major factors affecting sales. The client wanted to assess various touch points in order to identify the effectiveness of each channel. By leveraging campaign analytics solutions, the client wanted to collect and analyze data about customer intentions and gain insights on how they could update their specific campaign strategies and tweak their marketing campaign criteria.

Looking to drive incremental sales through personalized campaigns? Our campaign analytics solutions can help. Request a free brochure of our analytics solutions right away!

Based on the business requirements, the client collaborated with Quantzig  to leverage its expertise in offering campaign analytics solutions to help them collect and analyze data about customer intentions and gain insights on how they could update their specific campaign strategies and tweak their marketing campaign criteria.

Solution Offered and Value Delivered

Quantzig’s campaign analytics solutions helped the retail and CPG industry player gauge and understand the effectiveness of their marketing initiatives by assessing the strategies adopted by the key competitors in the market. Our analytics experts adopted a three-step approach to help the client tackle their core business challenges.

Talk to our analytics experts to know how we can help you identify important metrics that can increase your ROI and determine campaign effectiveness in real-time. 

Our analytics experts adopted a three-step approach to help the client tackle their core business challenges.

Phase 1

The first phase of campaign analytics engagement focused on campaign planning and scheduling optimization. This helped the retail and CPG industry client to optimize their campaigns to drive growth and maximize campaign effectiveness.

Phase 2

In the second phase of the campaign analytics engagement, Quantzig’s analytics experts leveraged machine learning algorithms and predictive modeling techniques to help the retail and CPG client optimize marketing campaigns and improve campaign response rates.

Phase 3

The third phase of the campaign analytics engagement revolved around creating customized dashboards to integrate real-time data sources with historical data sets to analyze and optimize campaigns.

Our campaign performance dashboard helps retail and CPG firms to monitor and track campaigns success factors and boost sales. Gain limited-time complimentary access to our analytics platform today.

Business Outcome

By analyzing campaign data and by gleaning insights into the frequency and strategy behind successful campaigns, the retail and CPG industry player was able to:

  • Witness an improvement of 38% in return-on-ad-spend (ROAS).
  • Quantify marketing effectiveness of different channels
  • Improve sales by 3X

Learn more about how our analytics solutions can help you improve business outcomes in the retail and CPG industry.

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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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.

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

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.

retail analytics

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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