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customer analytics in retail

Customer Analytics in Retail Helped a Consumer Electronics Retailer to Witness a 2x Reduction in Customer Churn Rate – A Quantzig’s Success Story

The client is a leading consumer electronics retailer based out of Germany who is known for photographic and audio equipment. The company’s annual turnover is more than $ 23 million and business is spread across 17 different countries in Eastern and Western Europe.

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.

Business Challenge

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.

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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

CUSTOMER ANALYTICS IN RETAILHow 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.

sentiment analysis

Sentiment Analysis Engagement Helped A Sports Brand to Optimize Marketing Campaigns and Boost Sales Revenue By 27%

The client is a leading sporting goods retailer based out of the U.S who is known for its quality products in different categories such as athletic footwear and athletic apparel.

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.

Business Challenge

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.

sentiment analysisSolution 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!

fashion retail analytics

Steps to Jump Start Your Transformational Journey with Fashion Retail Analytics

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

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

How to leverage fashion retail analytics to reap maximum benefit?

Step #1: Prioritize the areas to win

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

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

Step #2: Extract actionable insights

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

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

Step #3: Use an agile operation model

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

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

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.

IR26

4 Ways Retail Analytics Will Help Your Business Grow in 2019

The retail industry has grown steadily over the past few years owing to the popularity of online shopping. But with the rapid growth, the retail businesses face serious challenges such as improving customer experiences, maintaining an online presence, keeping pace with consumer demands, staying ahead of rivals in the competitive landscape, and integrating technologies to drive marketing and profit. Even top retail businesses face hurdles such as staying up-to-date with social media trends.

If customers are not served with a seamless experience that can be one of the most critical factors behind the unsuccessful retail business. Therefore, companies in the retail sector must analyze retail market trends and leverage  retail data analysis to improve their pricing strategies and sales and demand forecasting methods. This is where retail analytics comes into the picture. Retail analytics solutions can help companies in devising the most profitable sales strategies and optimizing sales force for creating maximum business value.

At Quantzig, we understand the impact that retail analytics can have on your business. And to help companies excel in the fiercely competitive environment, our team of experts has highlighted five key ways in which retail analytics solutions can help businesses in developing successful cross-channel and multi-channel retail strategies and obtain actionable insights into customer demands and preferences. But before putting down the benefits of retail analytics solutions, let’s understand a bit more about retail analytics first.

What is Retail Analytics?

Retail analytics is the process that provides detailed insights into inventory, sales, customers buying pattern, and other crucial aspects that retail companies need to watch in the decision making process.  It takes into account several granular fields to create a broad picture of the health of a retail business.

Furthermore, retail analysis goes beyond superficial data analysis by utilizing techniques like data discovery and data mining and sanitizes datasets to provide actionable insights that can be applied in the short term.

Moreover, retail companies can use retail analytics to create better snapshots of their target demographics. By harnessing retail data analysis, retailers can easily identify their potential customers according to diverse categories such as buying patterns, age, preferences, location, and more.

Benefits of Retail Analytics

Benefit #1: Enhances store performance

Retail analytics can help retailers understand and analyze in-store customer behaviors. Additionally, retail analytics help retail businesses in tracing their dwelling times and shopping patterns. Furthermore, this unveils immense opportunities for all kinds of retail operations, right from individual stores to shopping malls. Also, by analyzing retail sales trends, retailers can analyze the most appealing design techniques, the best staffing options, and the most effective selling tactics.

Ready to empower your business with analytics?

Are you facing difficulties in devising pricing strategies for your business? Request a free proposal to check out our portfolio of retail analytics services.

Benefit #2: Improves business decision making

Retail analytics become a source that can help in optimizing AI models. These models enable retailers to feed the knowledge to any transactional application including POS, e-commerce, CRM, workforce management, buying and planning and prevention of loss. Additionally, retail analytics help retail companies to dive deeper into the customer data to make informed decisions. Furthermore, by utilizing retail analytics solutions, retailers can make smarter pricing decisions through alerting and price monitoring. This enables them to sell the right product at the right price. Thus, retail analytics offers easy-to-understand retail business insights at the most granular level possible which in turn help retail professionals to gain the best outcome and improved ROI from their retail business.

Benefit #3: Optimizes customer experience

The recent research data shows that 65% of marketers have found that improving their data analysis plays a very crucial role in delivering a better customer experience. Retail analytics can be used to improve the shopping experience by solving customer problems in real time. Also, it can enable companies to avoid out-of-stock situations. Furthermore, this can ensure the availability of enough merchandise to meet the customers’ demand. Moreover, by analyzing the purchasing behavior of the customers, retailers can fulfill their needs by offering the products in demand at the most appropriate time.

Benefit #4: Provides better insights into customer behavior

This is one of the most essential benefits of leveraging retail analytics that they offer actionable and tangible insights into the behavior of customers. It is quite easy to apprehend that managing any aspect of business becomes a lot easier if one knows to estimate the return on investment. From analyzing the social responses to gauging the impact of a campaign on the store’s conversion rates to a product, retail analytics offer the most accurate picture to retailers of what works for them and what doesn’t. This leads to better sales effectiveness and improved ROI.

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