DATA | PREDICTION | INSIGHT.
Consumer durable goods attract customers from all the segments of society, thus the MNC’s are now considering retail as a new business venture and opening their stores in many cities of the country. Retail industry is very competitive and challenging in nature. In retail the brand value is created by providing prompt services and goods to meet customer demands.
As an analyst we assist retailers in understanding customer demands, seek potential markets, optimize resources and improve profit margins.
Today customers are aware and conscious about brands, styles, quality and after sale services. They know what to buy and what not to buy. They have their own choices and expectations, which keeps on changing with time.
We assist retailers to overcome these challenges through advanced analytical approaches for the following aspects
We interpret the data, to learn customer behaviour by considering geographic and demographic elements. This help in segregating the data according to customer demands for customer segmentation. The management team then categorizes product and services as per the need of a segment to attain customer satisfaction.
Customer AcquisitionWe use predictive analysis and customer segmentation to find potential market. This help retailers to run promotional activities like seasonal sales, discount offers and introduce new products , services and brands for customer acquisition.
The marketing strategies play an important role in retail industry for creating brand value and business expansion.
As an analyst we guide retailers in following aspects to strengthen market image
We use various forecasting methods, to study changing demands of the customers due to promotional activities and pricing strategies. This help in sales forecasting by targeting future markets and setting sales targets.
Competition AnalysisRetail industry is full of competitors and they know how to entertain customers. We assist our clients by analysing competitor’s strategies. This help in planning competitive prices, services and promotional activities.
In retail industry allocation of products and store location decide the future of business. In business, the retailers enjoy profits as well as bear monetary loses and customer dissatisfaction.
To handle such complications we use predictive analysis and automation to assist retailers in following ways
We provide services and softwares to perform demand based allocation of products. This help in inventory to meet customer’s demand which in turn boost sale and profit margins.
The automatic allocation of products prevent out of stock situation. The availability of goods meet customer demands and hence improve sales and profit margins. Apart from automation software we provide analytical solutions to prevent loses occur due to higher markdowns and lower margin caused by over stocking of products.
Employee optimizationWhen allocation of products in a retail store is abundant, the employees can utilize their knowledge and skills in decision making on product selection, pricing and promotional activities. As an analyst we provide various analytical services to assist retailers in optimizing their employees’ potential to seek better opportunities in future.
In retail industry the consumer goods should reach the right place at right time. The customers are aware about brands, quality, pricing tactics and marketing strategies. Therefore it is more important to seek customer expectations and fulfil their demands by stocking goods in abundance in all the channels of retail stores.
We assist retailers in merchandizing through following aspects
The colour, style, pattern, brand, design and comfort of the fabric is very important. Therefore we analyse these changing demands to learn customer expectations and use forecasting methods to forecast required product quantities. This helps in assortment planning, pricing strategies and allocation of consumer goods.
Price OptimizationIn retail industry pricing plays an important role to attract customers. The increase in sales helps retailers to earn remarkable profits. We assist retailers in planning pricing strategies by using advanced analytical methods and software. We analyse entire product lifecycle, right from its regular sale to stock clearance sale. This analysis help retailers to optimize the prices.
Markdown optimizationWe provide revenue optimization models to retailers. This model helps in price optimization and to identify the products that are low in demand. This help retailers to sell such non performing products at markdown prices, without hampering profit margins.
As an analyst we use various analytical methods and models to analyse competitor's strategies. This analysis help retailers to introduce competitive product lines, target based marketing campaigns and pricing policies.
