The global retail sector is adopting advanced analytics into its decision making process at the fastest rate. With intense competition, the spread of omnichannel and the increasingly diversified customer needs, winning retailers are looking to advanced analytics as a source of growth and competitiveness.
It is all about the customer.
Winning means having full visibility over the needs of shoppers, forecasting their habits and knowing how to influence their behavior. The right use of advanced analytics provides retailers with the insights to obtain just that.
Latest methods in analytics enable retailers to achieve objectives with limited investment and fast returns. Typical roadmap of objectives start with a robust customer segmentation and builds towards fully personalized marketing, customer lifecycle management and omnichannel standardization
Consumer goods companies are benefiting from Advanced Analytical capabilities through obtaining visibility and control over their marketing mix. Better portfolio, smarter investments in new products, effective pricing architecture and efficient promotions are implemented using analytical capabilities.
The right use of market data reveals insights into how the end customers are interacting with brands and how product features and price points are driving sales. These insights empower consumer goods companies to negotiate profitable terms with retailers, to invest in better products and to allocate marketing spend efficiently.
The rise of eCommerce is also increasing the pressure of manufacturers to control their channels and develop a systematic approach to marketing mix management. A typical roadmap for building advanced analytical capabilities starts with optimizing the assortment and aims to unify all channels on a platform of actionable insights.
Business to Business
Organizations deploying extensive sales force in various locations to a wide range of customers face increasing complexity in managing their accounts, prices and leads. A systematic approach to aligning offers with customers contributes to improved pricing, better retention and higher conversions.
Using advanced analytics customers are classified based on their profile, needs and price acceptance. Sales teams are then guided to customize their quotes and offers for optimal outcome.
The journey towards best in class analytics therefore starts with the customers. A robust segmentation of known customers is the first step towards improving pricing, retaining accounts and optimizing lead conversion.