Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their new article on the role of data analytics in the US retail industry. Retailers all over the globe are forced to cut costs to stay afloat during the recession period. Though a pain point, cost-cutting offers a good head start towards achieving the desired sales and profit margins. The recent advances in data analytics and technology have made data analysis much simpler, helping retailers to identify and capitalize on new opportunities in the US retail industry.
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At Quantzig, we believe that leveraging advanced retail data analytics solutions can help retailers to devise robust data analytics models to improve business processes. Moreover, as retailers compete to gain a front-liner advantage in the US retail industry, data analytics has turned out to be a key differentiator that helps retailers to make crucial business decisions with ease.
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Top Data Analytics Applications That Can Help Players in the US Retail Industry
1. Identify profitable customer segments
To succeed in today’s hyper-competitive retail industry, businesses must ensure they adopt suitable retail analytics solutions to maximize MROI by targeting the right customers. Once the profitable customer groups are identified it’s essential to analyze their needs and align offerings to meet their demands.
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2. Analyze customer behavior
Apart from offering new cross-selling and up-selling opportunities, retail data analytics empowers businesses to leverage hierarchical clustering techniques and decision trees to make crucial pricing decisions. This not only helps them analyze customer’s needs but also empowers businesses to use data analytics to target the most profitable customers with customized offerings.
3. Improve assortment planning and optimization
Data analytics can help businesses discover associations in purchase behavior and assortment plans. Based on these insights, retailers can devise suitable strategies to achieve their capacity requirements and optimize their assortments based on market demand.
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4. Leverage operational analytics
Data analytics can help retailers automate decisions based on certain criteria, thereby playing a major role in improving the efficiency of business operations. The use of operational analytics not only offers real-time visibility into shopping cart information but also helps businesses to develop targeted promotions to drive sales and profitability.
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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