LONDON--(BUSINESS WIRE)--Supermarkets face many challenges, such as maintaining optimal inventory levels and obtaining customer loyalty in an industry where price competition is fierce and profit margins are razor thin. Because of this, many stores are taking advantage of big data analytics to gain an edge over the competition.
In a blog titled What Big Data Can do for Supermarkets, global analytics and advisory firm Quantzig evaluates some of the ways supermarkets are using big data to manage their inventory and customers.
Quantzig notes that analytics can “determine how quickly promoted products leave the shelf and predict when they will need to be restocked, resulting in fewer empty shelves and dissatisfied customers. This analysis can even be done while a sale is currently in progress: by analyzing the first several hours of sales, it is possible to get a stronger idea of how those items are moving, allowing you to more accurately predict necessary stock levels.”
In terms of customer loyalty, “If a customer buys a long-lasting product like peanut butter or bathroom cleaner, sending them a promotion for that item next week will be useless. Analytics makes it possible to determine how frequently a customer buys a particular product, and then offer them a deal for it around the time they will be wanting to purchase it again.”
For more insights, get in touch with Quantzig’s analytics solutions experts
There are many ways in which big data can improve supermarket operations. Many companies are already using it for loyalty programs, advertising, and more. As the amount of data available from consumers continues to increase, analytics is becoming an essential part of operating successfully in the market.
Read the entire blog here: https://www.quantzig.com/blog/big-data-can-supermarkets
More information on how analytics is being adopted in the food and beverage industry and how leading supermarkets are achieving more than 10% sales growth using pricing analytics, can be found using Quantzig’s resources. These resources are compiled from Quantzig’s team of over 500 analysts with industry expertise.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.