Are you need IT Support Engineer? Free Consultant

How to make your Retail Analytics Project a success?

  • By admin
  • October 14, 2012
  • 53 Views

Until recently, it was believed that the consumers, who spend more hours in a retail counter and pay out quite sumptuous sum in purchasing products, are the right target groups every entity can bank upon and thus develop their marketing and sales strategies on these consumer behaviors.

But the recent statistics and research findings have produced a picture that is totally contrary to this present notion.  It revealed that the customers, who were previously considered as ‘treasures’ by the retail firms due to their high spending attributes, are not at all loyal to any particular brand!  They buy a lot, but buy from a lot of retailers at the same time!

This finding has prompted the need of a strategic planning that would help in retaining the loyalty of customers towards a particular brand.  Hence, you can identify a retail analytic strategy as the most professional one when you find that it provides a clear insight into customer behavior, help in establishment of a relevant project that assists in securing executive funding and enhancement of profitability.

Thus, in nutshell we can remark that retail analytics pinpoints towards a set of practices that give rewarding results. Take a look at the ones we have talked about:

Correlate objectives with business strategies

If you take a look at the prevailing trend followed by quite a number of retail firms then you will find that those who have implemented a strategy without taking into consideration their own basic requirement have got very nominal gains.

On the contrary, all the leading entities follow a specific trend. They map the customer attributes and analyze what they wish from the project. It is only after then that they implement a tailor-made business strategy.

Understand the specific needs

Each retail entity has a specific objective. Thus, an analytic project gives the best impetus when it is focused towards that specific objective.  Some pointers can help in identifying the specific objectives of a business.

  • The basic aim of your concern
  • The types of customers you wish to focus upon
  • The offers you wish to give to expand your target market

Some entities are interested towards creation of new markets while others are keen on developing a tier of loyal customers. Thus, analytic strategies vary accordingly. Offers must be tailor made according to this, or else it will lead to erroneous effects!

Taking note of customer’s perspectives

Fluttering offers, improvising products and doing similar such things can only be termed as ‘lucrative’ when they are accepted by customers. So, retail firms must look at things placing themselves in the footholds of their target consumers. One of the convenient methods of doing this is by giving emphasis on transaction history.

Taking smaller but surer steps

It is agreed that starting off with few data in hand can make you to face more challenges and resisting factors. But this is equally true that you will find the product unmanageable and extremely massive if you wait longer for gathering all the data before making your industry presence prominent.  So, shorter but confident steps are always rewarding.

Creating a good team of experts

Who does not know that a good team of experts work as a capital investment for a firm? But what most of the retailers overlook is that it is not a statistician who will be an asset for a concern but a technical expert who can be trained in retail analytics.  They will not hatch analytic strategies but implement the ones that are needed at a given point of time by a particular entity.

Gaining executive support

Instead of forming any committee, emphasis must be given on one that comprises of executive members. They have a better understanding of the obstacles and keys to problems that emerge in the organizational and middle management level.  Hence, the issues get sorted out conveniently.

At Market Quotient, we have a clear understanding of retail analytics sector and its various aspects. It is time that you should explore our extra ordinary analytics services. Write to us at contact@marketquotient.com and take your business decision making to the next level.