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Retail Analytics – A lucrative approach of retail industry

  • By admin
  • October 8, 2014
  • 6 Views

The retail industry is currently the lifeline of each market across the globe. The industry has widened its influence at a phenomenal intensity. Along with the development, the competition steps in. It grows the need for customer analysis, customized product lines, consumer responses, product strategy and such like. This is where the retail analytics comes into play. With the growth of the industry, there is a vast flow of data. With the improvisation in the Information Technology industry, this data can be effectively captured and structured. The retail analytics then helps in the meaningful representation of the same.

The retail industry growth had brought in stiff competition, leaving the retailers with no room for errors regarding strategy or decision making. Thus the data collected from the responses and other sources are structured and analyzed to study patterns, focus and trends. There are various services related to retail analytics like Demand Forecasting and Modelling, Price and Promotion Modelling, Product Analysis, Patent Trend Analysis and such like. The retail analytics influences strategies and decisions in a countless ways. Based on the consumer response, which product line is more popular, target consumer section identification for a particular product, sale influencing factors, demand projection, devising marketing strategies based on trend data, new product feature listing based on the consumer needs and much more. Hence, the retail analytics is increasingly popular among the retailers.

At Market Quotient, the clients are provided with in-depth analytic reports on the retail sector which encompasses areas like performance of sales, effectiveness of the marketing strategies, customer behaviors and changing dynamics of their preferences, and probabilities of unpremeditated shift of customer loyalties. The company integrates areas like performance of the promotional activities undertaken by the clients and assortment of the range of products in demand and those being supplied by the competitors. The years of experience and professional expertise of the professionals also help in the management of all-embracing datasets and analysis of transactional and product oriented data. These eventually help in discovering the core trends of the retail market. Market Quotient is also efficient in devising a profitable business model which is highly modernized and completely research based. A series of models are provided by the company, among which the major ones are Store Transaction Model, Consumer Scrutiny Model and Promotion Favorable Business Models.

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