LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their free supplement on the complete guide to retail analytics. The uncertainty lying around the economic landscape and changing customer preferences are some of the crucial factors that are compelling retailers to find effective ways to improve bottom-line results and retain customers. However, several retailers lack business-critical insights to drive profitability and growth just because they are either not aware of the benefits of analytics or have chosen the wrong approach to it. This downloadable supplement gives a comprehensive overview of how different applications of retail analytics can add value to the business and drive growth.
According to retail industry experts at Quantzig, “The more retail players make use of the customer data, greater are their chances to develop the right kind of customer segmentation and implement segment-specific sale.”
Wonder what would be the right retail analytics approach to use to gain extreme insights? Get in touch with our experts to know more about our retail analytics solutions.
Best retail analytics applications
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Store Layout Planning
Retail analytics can help business in store layout planning. Furthermore, this helps in improving sales and boosts customer experience. It includes determining the optimal size of each retail department with an aim to increase sales and customer footfall. But to do so, retail players need to leverage retail analytics solutions in order to answer crucial questions like:
Which department seeks maximum attention of the customers?
What should be the criteria to display the products on the store?
Identifying ready-to-buy customers can help companies to plan their marketing strategies efficiently. To know how pricing analytics solutions can empower your business with real-time decision making, request a free proposal.
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Inventory Optimization
Retail analytics can significantly boost inventory management by optimizing location, inventory replenishment, and a reduction in transportation expenses. Retailers have now realized the importance of analytics tools and are leveraging sophisticated analytics tools to forecast fluctuations in demand, improve supply chain efficiency, and identify stock-out conditions.
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Sales Forecasting
For optimizing the business decisions, retail chains should have the ability to accurately forecast sales. Sales forecasting can help retailers develop better pricing strategies, optimize their inventory, reduce out-of-stock situations, and offer better customer services to fulfill the dynamic needs of their customers.
- To read more, download this free supplement
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
