The pandemic has brought the global economy to a standstill and has left organizations scrambling to tackle supply chain disruptions and manage entirely unanticipated business continuity risks while keeping employees safe and managing cash flow. Quantzig, a premier provider of analytics and advanced data management solutions to Fortune 500 enterprises worldwide has gathered guidance from its retail industry clients adversely impacted by the crisis. As per the study, success in the Canadian grocery retail sector in 2020 will be defined by the retailer’s ability to analyze data and master the highly dynamic marketplace.
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Analytics in Retail : 5 Imperatives That’ll Help You Succeed (Graphic: Business Wire)
Grocery retailers are facing headwinds from supply chain disruptions and government-imposed restrictions. In such a scenario, analytics in retail holds immense potential in helping businesses get back to normalcy. Request a FREE proposal to learn how the retail industry in Canada is tackling the crisis.
According to Quantzig’s retail analytics experts, “Canadian grocery stores are challenged by the growing data volumes and are forced to make tough choices that can make or break their success.”
Based upon the current Canadian grocery retail scenario and the combined views of our retail data analytics experts, we believe that success in the Canadian grocery retail sector in 2020 will be defined by the retailer’s ability to analyze data and master the highly dynamic marketplace in which they operate. In 2020 the Canadian grocery retail sector is expected to manifest itself in a variety of ways based on the following trends that shed light on the role of analytics in retail industry.
How should retailers respond to such disruptions and the fallout from lockdowns and other restrictions, you ask? Book a FREE solution demo for detailed insights into the role of analytics in retail.
In this article, Quantzig’s analytics experts analyze macroeconomic forces and offer insights on 5 imperatives that will help Canadian grocery retailers to succeed in 2020:
- Focus on assortment optimization and shelf space allocation – The growing use cases of analytics in retail industry have shed light on assortment and shelf space optimization which impacts several business processes. Owing to its widespread impact on other business processes inventory and shelf space allocation play a huge role in helping businesses succeed in the long run.
- Improve your ability to detect and prevent fraud – As fraud prevention and detection gain prominence in the Canadian grocery retail sector, it becomes imperative for Canadian grocery stores to explore the true potential of analytics in retail industry to preserve customer trust and prevent losses.
- Localization and clustering gain prominence – Demand in the grocery retail sector varies by geography, demographics, and the behavioral attributes of customers. As such, it is crucial to customize the offerings and store formats for a wide variety of value proposition elements including assortments, store layout, and pricing.
- Analyze the importance of supply chain analytics in driving outcomes – Since the business benefits of supply chain analytics are widespread, it’s essential for retailers to analyze their use cases and adopt a comprehensive approach to drive maximum value from their investments in analytics.
- Offer personalized product recommendations – With the proliferation of the Canadian grocery retail sector and its wide array of offerings, there is a growing need for leveraging analytics in retail industry to drive product recommendations and personalized experiences.
Talk to our analytics experts to learn how we can help you devise suitable action plans to ensure business continuity amid the crisis.
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