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The retail industry has evolved a lot and has gone through dynamic changes over the last few years. With the projected market size to reach $22,000 billion in the next five years, the retail industry presents a sizeable opportunity. This opportunity comes with its own set of challenges including thin margins, increased competition and rapidly evolving customer needs. Add to this, the educated, well informed and digitally savvy customer who wants a more personalized shopping experience at all touch points including storefronts, mobile and email.
Earlier retailers had the simple problem of predicting customer demand with a bit of product innovation and timely delivery. Now they need to organize terabytes of data and derive meaning out of this data to understand customer needs more accurately. Some of the key questions they need to answer include:
What should be the best price for a product?
How to improve margins at product-level?
What promotions to offer in which area/store?
How to decide on category mix optimization?
How to analyze online behavior of customers and offer them relevant deals?
Which marketing strategy is working and how much is the ROI on each spend?
How to optimize space allocation and store layout for maximum customer visibility?
These include not all but just a few grappling issues which retailers need to work on. Retailers need to analyze customer interactions more precisely, use data analytics for store planning, merchandising and logistics to resolve the above mentioned issues.
The only way they can do this rightly is by using business analytics solution specially designed for the retail business environment. The idea is to collect, transform and analyze data from different business processes and use the insights to make better business decisions hence improving customer experiences and improved business operations.
We at InterraIT have an advanced Retail Analytics practice and our offerings include key business areas like Customer Analytics, Supply Chain Analytics and Merchandizing solutions. Some of our key offerings which make a remarkable difference to your business profitability are listed below:
Multi-channel campaign optimization
Store clustering Analysis
Shelf space optimization
Product pricing optimization
Supply Chain Analytics
Inventory planning analytics
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