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Retail Analytics Services
Analytics in Retail
Many organizations in various industries have realized the value of analytics and are incorporating it into every area of their operations to improve efficiency. Retail is full of inevitable changes and challenges. The industry faces numerous issues, including an unstable economic condition, digital competition, a growing number of new product releases, technology changes, and well-informed and demanding consumers. The retailer should explore using an increasing amount of data available to address these questions that can help them improve performance in these challenging times.
Retail scenarios: the power of data and its application
Retailers need in-depth insights to properly manage and predict future performance as the issues get more complex to answer. Retail analytics opens up various new avenues for business expansion. Retailers can receive in-depth insights on the following topics by working with the right retail analytics service providers and using the correct retail analytics tools:
- Understanding customer buying patterns and preferences
- Targeting customers with customized messages based on purchasing pattern
- Demand forecasting and inventory management
- Store layouts and market-basket analysis
- Price optimization
Applications of Retail Analytics
Leading retail industry players have had tremendous success applying retail analytics to many business areas.
Store Layout Planning
Retail store layout planning (whether physical or digital) is the strategic utilization of the space influencing the customer experience. Retail Layout affects how customers interact with the merchandize, and their buying behavior. It improves sales and customer satisfaction. With the help of analytics, retailers can find answers to questions such as:
- How customers browse through various aisles in the store?
- Which aisles and segments attract maximum customers?
- How to improve the merchandize display?
Market Basket Analysis
It is a data mining technique used by retailers to understand customer purchasing patterns. Market Basket Analysis uses historical data, and it helps to find the products that are likely to be purchased together. It can help to increase sales and customer delight. Using data to determine the cross-sell patterns, retailers can optimize the product placement, offers, product bundling, and optimize store layout.
Supply Chain Efficiency
Supply chains are also growing in complexity, with an influx of data and a demand for more – responsive relationships with customers who can choose to interact with the business across multiple sales channels. The use of analytics in the supply chain is also expanding to include collaborative systems that assimilated marketing and merchandising, and more closely connect retailers to their suppliers and distribution partners. This collaboration facilitates required product development, work-in-process, supply and demand synchronization, and enables opportunities to improve speed to market.
Our Retail Analytics Services also include
Sales Forecasting
By using analytics retailers can examine cross-effects between products, forecasts new product sales, and account for lost sales to determine the net effect of promotion and pricing adjustments on whole categories.
Customer Intelligence
Customer Analytics is more focused on better targeting marketing messages to specific groups, real opportunity lies in using customer insights to find sales and margin levels.
Inventory Optimization
All retailer wishes to have the right product at the right place at the right time. Analytics can help in Inventory replenishment, location optimization, and transportation cost reduction.
Price Optimization
Price optimization techniques can help retailers to identify the price elasticity of their products and analyze their optimal price points. It helps retailers to make effective price decisions, forecast and gauge the impact of the change in price, and decide on pricing strategies like markdown or skimming.
Risk & Fraud Detection
Fraud is another major challenge faced by retailers. Some instances of fraud include stolen credit card information or fraudulent returns, damaged goods, inventory inaccuracies, and a number of other issues. Retail companies can lose fortunes if service provider contracts are not monitored.
RFM Analysis
RFM Analysis is used to quantitatively rank and group customers based on the recency, frequency and monetary total of their recent transactions to identify the best customers and perform targeted marketing campaigns.
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