LONDON--(BUSINESS WIRE)--Consumer analytics are helping to spur on the growth of the quickly-evolving retail sector, and can help retailers keep up with changes in consumer demands, preferences, and expectations.
This is according to global analytics and advisory firm Quantzig, in their blog titled Consumer Analytics: Online Retail’s Bread and Butter.
Quantzig says, “Analytics is way more than just about gathering information and monitoring. It can add value to a business in terms of new product development and service offerings to its customers, and improve the organization’s decision making process. The purpose of consumer analytics is to analyze historical as well as real-time data to predict trends beforehand and accordingly devise sound business strategies.”
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They identify pricing analytics as one of the most significant benefits that can be derived from customer analytics, explaining that “Analytics and big data help determine the pricing strategy, keeping in mind sales demand in order to maximize revenue and profits. Pricing analytics takes historical and real-time data from various sources such as competitor pricing, sales, and customer actions to give the organization a competitive advantage.”
Customer analytics are a must to remain competitive and successful in today’s market, especially considering consumers’ relatively high expectations about the experience that retailers should offer.
Read the entire blog here: https://www.quantzig.com/blog/consumer-analytics-online-retails-bread-and-butter
More information on how leading organizations are achieving 9-11% sales growth by adopting 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.