LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest customer lifetime value engagement for an e-commerce company. This success story analyzes the factors that enabled the client to develop a customer lifetime value model and replace their existing customer acquisition and churn rate minimization strategy with a holistic framework to tackle the industry challenges.
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Today, customer-centricity is the key to measure the impact of marketing initiatives. It is one of the metrics that focuses on enhancing business value based on customer experience. By perceptively segmenting the customer base into granular, homogeneous segments, analyzing the segment migration patterns, and identifying the factors that significantly affect the variety and value of the products they purchase can help organizations develop unique methods for evaluating the customer lifetime value for each client across different industries.
The Business Challenge
For etailers, data collection and segregation are two major challenges owing to the number of variables and macro influences on the customer’s journey. The client- a leading e-commerce company faced challenges that spanned three core areas including:
- Lack of holistic framework to calculate customer lifetime value
- Inability to understand existing customer landscape
- Lack of ability to calculate and keep track of key metrics of success
“With the evolution of technology and the growth of insightful datasets, customer lifetime value prediction has become an increasing priority for e-tailers and retailers alike,” says a customer analytics expert from Quantzig.
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The Solution Offered & Value Delivered
The etailer collaborated with Quantzig to develop a new data model to replace their existing customer acquisition and churn rate minimization strategy with a holistic framework to tackle the industry challenges. Our customer lifetime value experts adopted a comprehensive approach to help the client understand their customer base so that customer groups with a high propensity of improved engagement could be targeted and the potential churners could be retained.
Quantzig’s customer lifetime value model empowered the client to:
- Devise customer engagement strategies
- Improve retention rate of potential churn customer segments by over 10%
- Gauge the influence of each variable on the behavior of the customers
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Quantzig's customer lifetime value engagement offered predictive insights on:
- Identifying potential churners using a customer lifetime value model
- Enhancing acquisition by identifying new cross-selling and up-selling opportunities
Customer lifetime value analysis can help to map the customer journey across all customer touchpoints to enable a complete view of each customer interaction. Learn more about the benefits of customer lifetime value model.
Recent Success Stories:
- Customer Lifetime Value Analysis Helped a Leading Finnish Retailer to Increase Revenue by 10%
- Accelerating Pharma Growth Through Geographic Customer Segmentation – a Case Study by Quantzig
- Retail Analytics Helped a Belgium Based Retail Company to Analyze Customer Behavior and Drive CX
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About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 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 our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
