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 its latest article that outlines three success stories from the front lines and sheds lights on how leading retailers are using big data analytics in retail to drive improvements in business operations.
Big data analytics in retail industry encompasses the use of sophisticated BI technologies and analytics tools that are packaged to address complex business requirements. Retailers that have successfully incorporated big data analytics into their core business operations have achieved higher success rates and better profits when compared to their peers. Quantzig’s big data analytics solutions extend beyond the capabilities of BI tools used for dashboarding and reporting to include other analytics capabilities such as ad hoc querying, data mining, predictive modeling, and data modeling approaches.
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According to Quantzig’s big data analytics experts, “Capturing the potential of big data analytics in retail requires the basic building blocks of a good strategic transformation which includes a plan, an experienced team that focuses on data analysis, and a robust strategy.”
Read the complete article for comprehensive insights on the use case of big data analytics in retail industry: https://bit.ly/31H7gq2
Big Data Analytics in Retail Industry: 3 Use Cases
1. Optimizing spend and improving the end-user experience
In one of our recent engagements, we collaborated with a Fortune 500 fashion retailer and helped them improve brand recognition and profitability across channels while cutting down on the costs involved in acquiring new customers. This, in turn, helped them reallocate spend and identify key areas where improvements in customer experience could make a bigger impact.
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2. Enhancing customer loyalty by taking the right action
Advanced data analytics models not just offer detailed insights on opportunities and risks but also help retailers to identify the root cause of issues. Our recent success story is a classic example of one such use case of big data analytics in retail industry where we helped a consumer food retailer to solve a longstanding dilemma that is most commonly witnessed by players in this sector - How to leverage big data analytics in retail to drive improvements in key areas that would make a huge impact to the overall business.
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3. Monitoring pricing and discount strategies
Smart business decisions require you to know your numbers and analyze how your business is performing in comparison to your competitors. A leading specialty goods retailer, for example, realized that their big data strategy was inefficient when a large portion of their profits was acquired from a relatively small customer base. They approached Quantzig looking to leverage big data analytics solutions. Our solutions helped them integrate data and build robust predictive data analytics models to identify customer segments with the highest sales potential.
Request more information to gain comprehensive insights into the role of big data analytics in retail industry.
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