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Owing to the developments in technology and digital media, customers today have become more aware, intelligent, and demanding in the retail industry. As the retail industry continues to grow at a rapid pace, companies are working hard on customer retention by focusing on core aspects like customer satisfaction and customer loyalty because it is key to developing a long-term business model.
However, the need of the hour is to retain only the most profitable customers and not all of them. In such a scenario, retailers need to proactively use analytical tools to better understand their customers and anticipate their demands accurately so that they can build a stronger relationship with their dedicated customers.
Our Retail Analytics Services
We have been providing retail analytics services for over a decade and are well-versed with the necessary statistical tools required to perform tasks related to retail analytics like R, MS Excel, SPSS, SAS, etc., to process retail and customer-centric data. We offer a wide range of retail analytics services to help you get actionable and easy to understand insights. Some of our solutions are as follows -
Customer Analytics - We analyze your customers' data and try to provide a single view of customers spanning various channels so that you get rich insights into their behavior and thought process. This helps you work on areas like customer delight by creating wonderful experiences for them. Some of the solutions that we recommend using are - churn analytics, recommendation engine, response analysis, and loyalty analysis.
Measuring and Analyzing Profitability - Based on your customer behavior insights, we help you understand the products that they would be interested in buying. Hence, we help you improve the overall profitability of your retail chain by assisting you to invest in products which will most likely prove to be profitable.
Forecasting Demand and Analyzing Your Supply Chain Operations - With analyzed retail and customer data at your disposal and supply chain visibility, we use predictive models to help you forecast customer demands better, accordingly plan your inventory, and take accurate decisions. This further helps you in selecting the right vendors and shipping strategies. operations accordingly to suit the demands of your customers.
Analyzing Operations - With our retail analytics services, you get to know what kind of products your customers are interested in. This enables your store operations team to optimize available labor, manage supply of products and reduce shrinkage, rationalize product assortment, enhance the in-store experience of your customers and optimize store inventory.
Optimizing Merchandizing, Pricing, and Promotion Strategies - We help you optimize your purchase plan, product assortments, track the performance of new products, optimize markdowns, enhance price realization, understand competitive pricing, optimize the allocation of space, and maximize product availability.
We leverage our experience to help you develop appropriate pricing models to meet the required performance demands. When you decide to go ahead with a price markdown, we help you optimize product markdowns based on the predictive models that we have generated using statistical tools to process your retail data. Our experts analyze the industry dynamics and formulate correct promotion strategies to determine the right pricing for your products and services so that you attract profitable customers.
Analyzing Competitors - It is important to keep a track of the retail strategies adopted by your customers. We process all the data related to your customers to determine the most efficient approach that you must take to launch your product or service in the market.
Data Mining - Our experts provide data mining services to help you address group commonalities and affinities in the retail industry.
Product Category Sorting - For success in retail, you must make sure that your products are sorted into appropriate categories. This helps in determining the right price for each category. To enable this, we provide product assortment selection services, which aid in better product clustering and product display optimization.
Identify Profitable Customers with Retail Analytics
It's a known fact that, a handful of profitable customers help to generate the maximum revenue for your business. This is where retail analytics comes into the picture - helping you identify those handful profitable customers.
Retail analytics is a complex domain that plays a key role in providing key insights about your customers. With retail analytics, you can develop strategies to attract and retain customers and boost sales to get a competitive edge over your peers in the industry.
However, very few companies have in-house expertise to perform tasks related to retail analytics or aspects related to it such as customer analytics, profitability analytics, supply chain analytics, sales analytics, and operational analytics. In such a scenario, it is best to outsource retail analytics services to an experienced service provider like Flatworld Solutions.
Our Retail Analytics Process
We make use of the following tools and processes to help you make the most of your retail venture.
01. Preparing Data
All the data that you share with us is first checked for accuracy, before being processed. We also collate, clean and validate data that can then be used in the process of analysis.
02. Recognizing Patterns
For making crucial business decisions, you need to understand the patterns that are derived from the raw data you have. We help develop data models to present the hidden patterns.
03. Segmenting Data into Groups
We create multiple data groups in which your data can be segmented, such as, product segment data, customer segment data or competitor segment data.
04. Analyzing Your Customers
We follow key indicators prevalent in the retail industry, based on which we analyze the behavior of your customers. Our analysis helps determine the right approach to reach out to your customers in the store.
05. Analyzing Trends
Your marketing team needs to stay on top of the trends in the market. We provide you with customer intelligence by analyzing the top trends so that you can easily determine what your next move should be.
Outsource Retail Analytics Services to Flatworld Solutions
Get ahead of your peers by outsourcing your retail analytics service requirements to Flatworld Solutions. Our retail analysis services are known for robust infrastructure, pocket-friendly pricing models, short TAT. and you can be assured that your retail and customer data remains secure with us at the time of processing. Leverage our experience of over a decade to make accurate decisions in your retail business.
Enhanced customer relationships, precision marketing, a better sense of customer demands, efficient uses of retail analytics, improved profitability, efficient operations, targeted promotions, etc. are just some of the many benefits that you experience when you outsource retail analytics services to us. Contact us to outsource retail analytics services. We will be happy to partner with you.