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“BUY”OLOGY IN RETAIL ANALYSIS

  • By admin
  • March 13, 2015
  • 28 Views

The retail industry is one of the largest industries globally. Customers’ past, present and future buying behaviour is ventured through either with big data or data mining. But the best to understand the buy-ology of the customer, in retail market we have to look after its product, understanding the market, demand, price, the patent trend, promotion modelling, and the category management.

Retail marketing is completely depended on the buying behaviour of the consumer. So it has to know its customers, and their preferences- to be advantageous from its competitor. Nowadays, the online retailers use the big data analysis in order to track the consumers. You see that sofa chasing you around, popping up every time because you didn’t “cart” it and just visited it. Thus online tracking has feature market research to help retail analysis.

The secondary market research provides data and information which can give the new born company an idea about the product positioning. Apart from a new born company, an existing company can analyse the positioning of the new product through the past and present buying behaviour of consumer. This brings a clear idea about the market and the demand of the product to consumers, enhancing the competitiveness, increasing sales and thus building more revenue.

There is not much lack of data. The primary and secondary data can enrich you with data and information. But the problem lies over customers. Customers in today’s world are confused. It is essential to know how to analyse the data and implement it to make it productive. Consolidating the piles of data, we require some special tool to give a healthy analysis, so as to make it equivalent to the consumer’s decision.

This is an open ended coding that starts with the research of raw materials and end with the analysis process. This tedious process can provide your company with maximum revenue. Market Quotient is such company who provides end to end service with customised research development and analysis. To know more about us, please feel free to drop in at contact@marketquotient.com.