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Analytics for Retail services - Statswork

Analytics for Retail services

Our objective is to provide top-notch techno-driven clinical research services to diverse industry sectors including biotechnology, medical equipment organizations, and pharmaceutical companies.
 

  • Assess, predict and evaluate individual products and overall sales at a retail unit
  • Acquire and stock products that are preferred by customers
  • Plan their product promotional activities based on the results of our analytics

Our offerings

We deploy business analytics in retail which helps organizations to monitor, analyze and generate appropriate reports that help to drive business, optimize costs and maximize their ROI. Services extended by us to the retail sector empower them with actionable insights that help them to foresee future trends and forecast prospective outcomes. In short, we initiate and execute: -

Product Analytics

By initiating product analytics we facilitate retailers to track fast moving products which help them to replenish their supply of such products as soon as they are off the shelves. Through analytics, we also identify products that are slow moving and prevent retailers from excessively stocking such products.

Store Analytics

We analyze, evaluate and provide comprehensive store performance reports by deploying key performance indicators such as total income, profit margins, and overall sales, etc. We incorporate data derived from sales counters with an objective to analyze overall sales and customer trends based on specific time frames or occasions. The results of such analysis are effectively utilized by retailers to enhance their operations and improve their overall efficiency.

Customer Analytics

We employ advanced analytic techniques to understand customer behavior and preferences. This enables us to generate strategic reports to understand the kind of products bought by customers, the quantity of products, brand preference, buying frequency and the impact of cost on their buying patterns. This kind of analysis enables retailers to tactically plan their promotions, segregate customers and also to acquire new customers while retaining existing ones.

Segmentation, Targeting, and Positioning

Most of the marketers/ business find difficult to the division the market into distinct groups of customers based on the customers’ basic characteristics regarding demographics, socioeconomic factors, geographic, location and their product-related behavioral characteristics, such as purchase, consumption behavior & attitudes.

  • Marketing Measurement-segmentation, sizing
  • Product/customer segmentation & Profiling
  • Prospecting
  • RFM analysis
  • Purchase likelihood analysis
  • Cross-sell/Up-sell analysis
  • Loyalty /customer lifetime (CLTV) Modeling
  • Offer optimization
  • Chum analysis /Retention modeling
  • Brand/customer equity analytics
  • Customer satisfaction analysis
  • Marketing mix modeling & optimization

Tools Used To Measure

  • Measure for Brand Name Recognitions
  • Product category involvement Scale (PIS)
  • Brand familiarity, Memory, Recall,

Statistical Tools Applied

  • Conjoint Analysis [orthogonal array], Principal Component Analysis [PCA] to determine which of the products/service qualities are important to the consumer
  • Hierarchical Analysis, Factorial ANOVA, One-Way ANOVA [Post-hoc, Bonferroni test], SOBEL test
  • Analytical Hierarchical Process (AHP): Ranking all possible criteria for analyzing IS outsourcing decision
  • Logistic regression Analysis
  • Neural Networks, regression analysis, discriminate analysis, Multiple regression analysis (MRA)

Inventory Analytics

We also initiate detailed inventory analysis with a view to enabling retailers to effectively manage their inventory. This is particularly useful to retailers to track product sales and maintain a steady supply.

In addition, we also analyze the individual performance of store personnel which helps retailers to improve employee efficiency by imparting requisite advanced training for all or key personnel. Moreover, we also provide analytical services to assess the effectiveness of retailers marketing activities to understand the impact of marketing on key business verticals

Service Required
Methodology consultationQuestionnaire designData collectionData cleaning Analysis of dataInterpretation of analysisOthers

Preferred Software

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