LONDON--(BUSINESS WIRE)--The retail industry has seen a great number of changes over the past two decades, including the widespread adoption of online retail services and the increasing availability of customer analytics and big data. To seize the new opportunities presented to them by these developments, properly utilize new technologies, and optimize their business practices, many companies are turning to analytics solutions to improve sales and achieve higher profits.
Global analytics and advisory firm Quantzig, recently completed three retail studies working with some of the largest companies in the industry:
Quantzig Provides Merchandising Analytics Solution to Leading American Retailer
Strategic planning is key to staying ahead of the competition in the retail industry today, especially when it comes to merchandising. As consumer demands increase and expectations evolve, retailers must re-evaluate, adapt, and optimize their merchandising plans in order to attract new customers and retain existing ones.
A leading lifestyle, apparel, and footwear retailer in the US with more than USD 6 billion in revenues approached Quantzig to carry out a merchandising analytics assessment of their business. The main objective of this assessment was to help the client improve sales and improve the customer experience at its retail locations. Quantzig identified suitable cross-sell and up-sell opportunities, and also provided insights on different combinations of products that customers frequently buy together, which helped in optimally placing, promoting, and pricing them accordingly. In just eight weeks, the client was able to analyze promotion efficiencies and design targeted promotion strategies.
Trade Promotion Optimization for CPG Manufacturing
Quantzig was recently approached by a leading consumer packaged goods (CPG) manufacturer to carry out trade promotion optimization. Due to the seasonal nature of the client’s products, promotion planning and execution had become difficult to effectively execute, and volume planning was not linked to realistic promotional outcomes.
The primary objective of this optimization was to help the client develop capabilities for precise promotion planning and increase customer loyalty for the client’s products. To achieve this, Quantzig’s retail analysis team developed a pricing simulations model that modeled sales volumes on the basis of different market scenarios. This solution helped the client to develop an optimized annual plan for strategic promotions based on volume, revenue, and profits.
Quantzig Assesses Customer Engagement for a Retail Market Leader
A leading US-based retailer approached Quantzig to perform a customer engagement analytics assessment in order to personalize the customer experience and expand their customer base, improve customer satisfaction, and keep pace with the changing demands of various customer segments. The client also wanted Quantzig to help them resolve issues resulting from high customer churn and inventory pileups.
Quantzig’s customer analytics team used the association between marketing response and the client’s marketing efforts to identify the proper campaigns and channels for each customer stage, and provided metrics and analysis for customer footfall by weekday and weekend. Quantzig’s solution was able to reduce customer churn by 15%, and doubled the client’s marketing response.
In addition to these three studies, Quantzig has recently released their ‘Top 5 Trends in Retail Analytics for 2017’. Retail analytics has emerged as a viable solution for improved operational insights and better customer intelligence. Quantzig has shared these trends to help companies ensure competitiveness and cope with emerging demands.
View the list of top 5 retail analytics trends for 2017 from Quantzig.
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.