Retail Analytics

Retail Analytics

Retail analytics focuses on providing insights related to sales, inventory, customers, and other important aspects crucial for merchants’ decision-making process.

ITC Infotech
TCG Digital

Retail analytics focuses on providing insights related to sales, inventory, customers, and other important aspects crucial for merchants’ decision-making process. Essentially, retail analytics is used to help make better choices, run businesses more efficiently, and deliver improved customer experience.

Customers have all the information they need to make informed decisions and extract the maximum value, necessitating that retailers change their business models to keep pace and improvise as digital merchandizers. Our Retail analytics service drives the much-needed Digital Transformation required to capitalize on the market opportunity.

  • Value: Improve conversions through contextualized and targeted marketing programs

    Customer driven organizations strive to deliver a higher return on investment from their marketing spend. They are concerned about the impact of proliferation of channels, through which customers interface with an organization, on their marketing effectiveness.

    Predictive techniques in Retail Analytics can enable more precise segmentation of potential buyers and facilitate a deeper understanding of their needs and motivations. By optimizing the marketing offer and the messaging directed at these buyers, predictive analytics provides an effective path to better marketing ROI

    Orchestrate individualized, contextual interactions that your customers will find relevant, satisfying and valuable.

    Our experts can help:

    • Leverage sophisticated retail analytics to win, serve and retain the best and most profitable customers.
    • Achieve better targeting and higher response rates per marketing campaign.
    • Create precise retention, cross-selling and upselling models, identify ideal product mixes and next-best offers that can be target delivered, leading to higher response rates and an improved ROI.

  • Value: Improve conversions and in store sales

    The shopper in your store does not particularly want to see shelves loaded with a dozen brands of chocolate sauce or an overdoze of cereals. The need of the hour is effective merchandise planning through smart, lean assortments with the styles that work for her and the colours she is looking for.

    Predictive Analytics is the torch bearer for retailers looking to address the critical questions in assortment planning, such as how a retailer may know what will work and what will not while performing the routine merchandise planning.

    A shopper leaves behind a wealth of personal information about herself each time she browses your website, makes a call to you, downloads an app, uses a loyalty card, redeems an offer or orders a product via her smartphone
    These should form the basis for in-depth assortment planning and merchandise planning, leveraging data mining, analytics, demand planning and forecasts – the foundation for predictive analytics.

    Our experts can help:

    • Identify the hot sellers next season?
    • Figure out the SKUs that’ll need replenishment mid-way through the season?
    • Plan how the spacing and layout should work based on Predictive Models.
    • Understanding key supply and demand signals to align stocks with exactly what the customers need and keep them coming back for more.
    • Sharpen merchandise planning by simulating future demand scenarios, simulating the values for price, sales promotions, marketing events and other related factors.
    • Increase sales by ensuring that each store has the appropriate merchandize at the right time.
    • Reduce inventory, leading to a more efficient supply chain and increased annual profitability by millions of dollars
    • Effective assortment planning that aims to reduce markdowns and scale support across multiple business divisions.
    • Improve customers’ shopping experience.

  • Value: Improve price realizations by optimizing discounts

    In the world of intense competition, blurring channels and changing consumer behavior, attaining the golden supply-demand balance is not always so simple in practice. Retailers are caught between the dual objectives of maximizing margins while clearing their merchandise.

    As a result it has become imperative for them to get more precise with their markdown strategy, and control the depth and timing of markdown to react better to store-level inventory.

    For leading retailers, dynamic pricing could lead the way in optimizing markdowns that are tailored to local buyer behavior. Dynamic pricing offers an opportunity to maximize margin, sell-through, and inventory value while addressing the common fallacies of “Too much Too soon” causing stock outs & margin loss or “Too little Too late” causing excess stock & impacting new product sales

    Our experts can help:

    • Increase sales and gross margins with a proactive approach to optimizing price, promotion and markdown strategies.
    • Increase promotion profit­ability.
    • Set the right price for every product in every store.
    • Identify opportunities to adjust prices to boost the profitability of individual products
    • Encourage customers to shift from purchasing low-margin products to high-margin products.
    • Tailor promotions and prices to increase customer loyalty and profits.
    • Maximize in-stock positions by supporting replenishment systems with store-level demand forecasts.