Looking back at the journey of humans since the first interaction with machines it’s obvious that we’ve come a long way. Tapes and punch cards have now been replaced with mouse clicks and touch screen displays. After analyzing the developments in today’s world, our experts believe that we’re back to the basics or the first principles of human interaction through human-like conversations, commonly known as ‘Conversational AI’. Though Conversational AI turned out to be a huge leap forward for businesses across industries, retailers all over the globe were the ones who achieved maximum success by leveraging conversational AI to improve customer experience.
Today, businesses from different verticals are fast catching up with this trend and are leveraging conversational AI to enhance all aspects of their business processes. Also, as the need for a coordinated business strategy gains prominence globally, conversational AI is increasingly becoming essential for enterprises looking to establish a strong market presence. From speech-enabled interfaces that improve customer experience, through intelligent virtual assistants and chatbots for customer service, to human-like digital assistants to drive online sales, conversational AI has transformed customer experience across channels and different business verticals.
Wonder why businesses across verticals are keen on strengthening their conversational AI and machine learning capabilities? We’ve got you covered. Request a FREE proposal for expert insights.
Key Challenges Facing Retail
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!
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.
Our analytics experts adopted a three-step approach to help the client tackle their core business challenges.
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.
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.
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.
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.
As product commoditization and standardization of services continue to fuel the radical shift towards a data-driven culture in retail— ‘marketing spend’ is poised to continue its unprecedented rise. Moreover, with leading retail organizations struggling to find the best-fit strategy to maximize benefits from their marketing investments its quite evident that a major retail challenge revolves around optimizing marketing spend.
In such a scenario, insights into marketing spend can not only help you drive bottom-line savings but can give you more control over your marketing strategies. Quantzig’s marketing analytics solutions for retail comprise of a comprehensive suite of advanced analytics solutions curated by considering the challenges faced by retailers today. Our marketing analytics solutions can help you uncover bottlenecks and new opportunities as well as streamline operations for greater efficiency and control.
Request a FREE Brochure of our analytics solutions to gain comprehensive insights into our marketing analytics capabilities.
WHAT IS IT?
Today there is a growing need for retailers to measure and optimize the impact of their marketing investments to improve the return on their marketing spend (MROI). Using advanced statistical models and machine learning techniques, Quanztig’s marketing analytics solutions aim to help retailers achieve their business objectives by offering actionable insights into past marketing activities and predicting the future effect of marketing tactics on sales. The intention is to drive business value by offering unprecedented visibility into marketing activities and factors that help drive sales.
How Can Quantzig’s Marketing Analytics Help Retailers? (more…)
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 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
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 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.
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.
For companies in the retail industry to succeed in the long run, it is important to have an in-depth understanding of the customer base. Customer analytics in retail can offer a 360-degree view of the global customer base and provide valuable insights into churn prediction, potential customer segments, geospatial analysis. Also, it can help to gauge customer engagement with the business in real-time. Furthermore, by leveraging customer analytics in the retail business, companies can identify the factors affecting the bottom line and are responsible for churn majorly.
Talk to our customer analytics experts to know how they can help you analyze buying preferences and future behaviors while taking into account their historical data.
The client, a renown electronics retailer, was unable to identify higher-value customers due to which they had to spend more time and resources in building loyalty programs to drive bottom-line results. Also, the electronics retailer wanted to improve its approach to customer churn analysis to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Also, the client was facing difficulties in approaching customers with tailored incentives or other contextual retention offers. This is when they approached Quantzig to leverage its expertise in offering customer analytics in the retail sector that would help them identify flight risk customers and factors driving their buying decisions.
Request a FREE Brochure of our analytics solutions to gain in-depth insights into our portfolio of customer analytics services that can help you enhance customer retention and maximize profitability.
Solution Offered and Value Delivered
To help the consumer electronics retailer analyze and tackle their core business challenges, Quantzig’s team of customer analytics experts adopted a comprehensive three-step approach. In the first phase of the engagement, they focused on analyzing the customer journey by applying techniques of customer analytics in the retail segment. This method of analysis involved the application of both hierarchical as well as non-hierarchical data clustering techniques that further helped them to identify potential customer segments. The second phase of this engagement revolved around developing a robust customer lifetime value model to analyze customers’ behavioral traits and their transactional histories. The third and final phase of the engagement focused on the creation of a customized customer analytics dashboard to analyze factors for churn in real-time and suggest measures to help the client retain customers and improve loyalty.
Gain limited time complimentary access to our analytics platform that can help you transform your retail business into analytics-driven enterprise by offering a 360-degree view of your customers.
Customer analytics in retail empowered the client to analyze clickstream data obtained from disparate sources. A comprehensive framework of customer analytics in retail also helped the client to examine customer journey from three viewpoints- customer churn, loyalty and customer retention. The solution offered by Quantzig helped the consumer electronics retailer to identify efficiencies in business operations and boost customer satisfaction. Furthermore, the client was successfully able to distinct characteristics of the different customer segment and create a robust go-to-market strategy.
By applying customer analytics in retail, the client was also able to:
- Reduce customer churn rate by 2X
- Witness an increment of about $12M in annual income
- Identify gaps in customer data analysis and improvement opportunities
- Measure KPIs to drive business growth
Benefits of Customer Analytics in Retail Sector
How Quantzig’s Customer Analytics Solutions in Retail Can Help?
By leveraging Quantzig’s customer analytics in retail, companies can harness the ever-expanding customer data generated from POS terminals, mobile transactions, social media, and various other cloud-based platforms. This can help them to gain insights more quickly and eventually improve business decisions. With the help of our customer analytics solutions, retail companies can increase the relevance of offers and interactions and improve customer retention. Furthermore, Quantzig’s advanced customer analytics solutions offer valuable insights into customer behavior, attitudes, and sentiments that can be leveraged to improve customer relationships and drive loyalty.
Learn More about how customer analytics in retail can help analyze customer life cycles in order to improve budgeting, customer segmentation, and prioritization.
The sporting goods manufacturing industry is one of the most dynamic sectors where retailers compete to get their significant share. Sporting goods retailers are facing a unique set of challenges due to factors such as changing models of sports equipment, increasing competition, extremely cost-sensitive consumer and the seasonality of sports. Also, there is an immense pressure due to the marked decrease in the profit margins caused by rising costs of materials, increasing labor costs and warehouse costs. To tackle such challenges, sporting goods retailers are now leveraging sentiment analysis approach to comprehend their customer sentiments and plan a long-term marketing strategy to boost revenue. Furthermore, sentiment analysis can help sporting goods retailers to understand the opinions and interests of their customers and react accordingly to the changing customer preferences.
Talk to our analytics experts to know how they can help you improve your customer experience through advanced sentiment analysis techniques.
The client, a leading sporting goods retailer, wanted to gauge customer sentiments and gain in-depth insights into the potential opportunities in the market to boost revenue. Also, with the help of sentiment analysis solution, the client wanted to answer strategic questions about their products and business performance. Furthermore, by leveraging sentiment analysis solutions, the sporting goods retailer was looking to analyze the opinion and attitude of the end-users and develop a proactive customer engagement strategy to monitor customer interaction at each touchpoint. That is why they approached Quantzig to leverage its expertise in offering sentiment analysis solutions to help them identify and extract useful information from their customer datasets and optimize their marketing campaigns.
Quantzig’s sentiment analysis solution help companies to develop an understanding of KPIs, select measurement tools and enhance performance in real-time. Request a FREE proposal to gain in-depth insights into our portfolio of analytics solutions.
Solution Offered and Value Delivered
The analytics experts at Quantzig adopted a holistic three-phase approach to address the client’s core business challenges and identify key metrics for customer sentiment analysis. In the first phase of the sentiment analysis engagement, the analytics experts focused on identifying data-driven metrics to help them gauge customer sentiments. The second phase of the sentiment analysis engagement revolved around leveraging social media analytics solutions to analyze unstructured customer datasets and categorize customer sentiments. The third and the final phase of the sentiment analysis engagement focused on accessing customer sentiments and reactions to the client’s offerings on different social media platforms in real-time. The solution offered helped the client to increase focus on customer feedback sources to define potential targets and identify promising opportunities. Also, the client was able to redesign their business models and modify marketing campaigns to suit customer needs. The sporting goods retailer could potentially tap into its customer’s preferences and determine their perceptions towards the brand.
We help organizations analyze the effectiveness of their communications and customer interactions on different digital marketing platforms with the help of customized analytics dashboard. Request a FREE demo below to know more.
Quantzig’s sentiment analysis engagement also helped the client to:
- Optimize their marketing campaigns and go-to-market strategy
- Boost sales revenue by 27%
- Improve customer experience and interaction significantly
To learn more about sentiment analysis and its benefits for your business, request for more information now!
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.
“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
#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.