The retail industry is one of the most competitive sectors, it is very crucial for retailers to know and understand each of their customers well for better engagement. Digitization along with the evolvement of big data analytics has opened doors for driving the next generation of merchandising. Global retail players, spend millions to build effective knowledge from data and keep a track of daily transactions and customer interactions. As said by Jim Bergeson, “Data will talk if you’re willing to listen to it.” Therefore, it is very essential to leverage appropriate analytical methodologies on inventory, supply chain management, consumer demand, and sales data for having a sustainable business.
Algoscale aided a leading retail chain in Russia to make strategic decisions based on data-driven insights. Applying advanced analytics and utilizing the historical data of the client we optimized placements of new stores and attracted offers across countries through heat-mapping of the customer base. The client had huge chunks of the database in an unorganized manner from their multiple outlets. Also, with the expansion of their business, it was becoming very hectic to maintain detailed information about the sales process manually. Thereby, they wanted to utilize their huge database backed by a predictive approach for competitive analysis and targeted marketing strategies. My team began by leveraging advanced analysis on the cluttered silos of data. Then we categorized the historical data which included piles of information about the stores, products, and sales into various categories and subcategories in a proper format. We also gathered seasonal, demographics, occasions led data, and economic indicators to perform a detail-oriented, data-driven analysis so as to understand the purchasing behavior across the target market. We provided a breakdown of performance across catchment areas and a comparison to the competitor’s statistics. A comprehensive report of the individual store overview, customer analytics, customer retention, and competitor analysis was handed over to the client in separately customized dashboards with the help of BI tools.
Fig. 1: Analyzed report of the customer behavior
Fig. 2: A snapshot of the dashboard
This is how we leveraged advanced tools to have an understanding of the current retail market trend and assisted our clients to catch the attention of customers where their competitors lagged behind. Our analyzed reports optimized the placements of new stores and exciting offers through heat–mapping of customers for a better experience.
Algoscale’s goal is to turn data into valuable insights, and insights into our client’s measurable profits. We strongly believe that data is the key to any enterprise’s success and we help our clients attain it with our expertise.
Also Read: Uncovering the future of retail analytics in the age of AI