Retailers today can capture a wealth of data—including detailed customer transaction histories—but most don’t have the analytics capabilities required to make the most of that information. Success requires sifting through data to discern what the numbers really mean, and then translating that understanding into tangible actions that improve the company’s financial and operational performance.
Across all retail segments, promotions are one of the most effective tools for driving traffic and improving margins. Collexe’s approach uses rigorous analytics to give a more granular picture of the performance of past events and then applies those insights to create more effective promotions for the future.
The emergence of big data and advanced analytical tools means that retailers can capture even greater value from such information, provided they know how to analyze and interpret it. Big data can explain the who, what, when, where, why, and how of retailing.
“Digital Transformation is Strategy & People”
Digital transformation brings disruption to the conventional business process. Technology advancement changed the shape of business in which people can get access faster and more convenient, in turn will increase the competition. Adapting to the new trend would enable us to not only compete but also to analyze and create new business model that transform the way conventional business run and increase its revenue.
Evolving the Art of Customer Engagement.
For sales organizations, customer engagement is about more than touch points. It’s about everything that happens in between personal and digital encounters. Customer engagement requires an organization-wide commitment to creating meaningful connections, building relationships, and nurturing those relationships to establish trust and keep your brand top of mind.
Create More Multi-Buyers.
One of the best ways to improve your retention is to turn your one-time-buyers into “multis”.
To do this, analyze the behavior of your current multi buyers. Get customer feedback. Customers follow standard purchase behavior. You may find that most multi-buyers execute their second purchase at a standard average time after their initial purchase. The technical term for this is the “second purchase latency”.
The more you know about your customers, the more you can tailor your approach to each individual.
We have the solution to let you view a customer’s purchase history so that you can determine what kind of offer will be most appealing to each individual and increase relevancy, which will keep your brand on your customers’ minds.
Let’s say you want to follow-up on the customers who showed their interest in your product, but haven’t bought anything from you. Identify ways to convert their interest into an actual purchase by offering them special discounts or some additional value to your product.
You can create a list of all open sales activities and compare that with a list of all contacts that are subscribed to your newsletter. The result is a list of contacts that are interested in your product but so far, have not initiated a sale.
We All Want to Grow, Faster.
It doesn’t matter if you’re selling tens of millions’ worth of product, or a small business just starting out.
Businesses need to take a proactive role in retaining clients.
Making the most of your existing customer base and capitalizing on every opportunity to maximize revenue are some of the best ways to make your business more profitable.
Fast Decision Made for Fast-Moving-Consumer-Goods
FMCG industry is primarily deals with the production, distribution and marketing of consumer packaged goods. The Fast Moving Consumer Goods (FMCG) are those consumables which are normally consumed by the consumers at a regular interval. The industry also engaged in operations, supply chain, production and general management.
We have been able to help FMCG business to make decision faster, help to consolidate report, performance, and business indication more accurate. This is done by utilizing business intelligence to evolve the manual work of data analysis from spreadsheet of different departments to a single dashboard.
An interactive business intelligence dashboard lay on complex database; therefore, not only does it provides overview of many aspects of FMCG businesses such as nationwide sales, merchandise performance, and business indicators, but also detail information such as product sales per branch within a given period. This would be impossible to be gathered manually, which usually takes weeks, while it can be done by syncing to database daily with Business Intelligence
“..making the right decision quickly is the different between huge profit and loss.”
Integrating business intelligence and customer retention management would not only enable businesses to understand detail information on market trend & customers behavior, but also to make prediction on the next milestone based on accurate data. There are three aspects that will have significant improvement with the implementation.
Inventory Turn Around Time
Correlational & Category Performance
Consolidate Reporting for all Operating Branches
New technologies are making it possible for traditional stores to give their clients the best of both worlds. Built on advances in digital information gathering and analytics, Salesforce retail CRM gives customers and retail employees a digital advantage that bridges the gap between retail and ecommerce.
With Salesforce retail CRM, shoppers can take advantage of in-store information kiosks or online resources (available via their own mobile smart devices), to get product information, compare prices, check customer reviews, and more. Additionally, by integrating client information from every touchpoint to develop detailed customer profiles, retail CRM can log purchase histories, provide special offers, and make intelligent product recommendations in a way that is personalized to each shopper.
Increased penetration of analytics in retail industry has made retail analytics very important. Retail market is fickle, and market trends change rapidly. Having the right product on the store shelves, at the right time for the right price is what retail is all about. If the customer cannot find your business, they cannot consider your products.
Retailers face numerous challenges including sustained profit margins in markets where profit margins have been traditionally low since inception. Retailers are required to choose the right blend of products to sell, select appropriate suppliers, and opt for shipping options while managing customer expectations, prize optimization, and inventory management for seasonal shifts in demand.
Business intelligence & analytics helps them keep pace with concurrent market dynamics and address aforesaid challenges, retailers are required to have comprehensive insights as to how actual results look when compared to planned numbers, revenue by product – store – location – region and various other factors. Retailers are also required to manage operational costs to ensure that product costs are optimized. And all these, while considering the impact on revenue of factors like hours of operations, adequate resource allocation, hiring, training etc.
Retailers will no more have to struggle to manage buying behavior, customer requirements, exact price points for products and ever changing trends.