LONDON--(BUSINESS WIRE)--Retail industries are often very unpredictable and are subjected to disturbances. The proponents of the retail industry face countable challenges like intense competition, meeting customer expectations, and managing a wide variety of products to attract customers and retain their position in the market. To overcome these challenges, retailers are devising strategies based on insights and analytics to better anticipate customer behavior and stay ahead of the competition.
In a blog titled retail supply chain and marketing analytics – connecting the dots, driving growth, global analytics and advisory firm Quantzig evaluates how marketing analytics provide insights into the challenges faced and solutions to overcome them.
Quantzig notes that marketing analytics can “help to understand customer wants and demands and enhance customer’s expectations by providing them with the goods according to their requirement. This is done by gaining insight into the buying pattern of the customer. The insights derived from previous purchases and point-of-sale terminals includes the type of products brought by them, the price of the product, and the frequency at which the product is brought. This in turn leads to building customer loyalty.”
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In terms of risk management, “This analysis helps to identify and diminish potential risks leading to increase in savings of the retail supply chain. By the help of external and internal data, the firms formulate strategies, that helps in supplier management, assessing store performance, and bringing out the effectiveness of marketing campaigns and marketing channels.”
Read the entire blog here: https://www.quantzig.com/blog/retail-supply-chain-marketing-analytics-connecting-dots-driving-growth
More information on how analytics is being adopted in the retail and CPG industry and how leading retail chains are using these tools to improve profitability by 12%, 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.