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| Home » Industries » Retail |
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| Industries |
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| Retail |
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| The world of Retail Marketing is characterized by fierce competition. There is a need to minimize the time goods are stocked, increase turnover and ensure customer loyalty. In many developing countries malls are slowly beginning to replace the traditional mom-and-pop stores. The world of Retail is characterized by offers, discounts, festival sales and special events. |
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| While shelf display and in-store marketing plays a great role in ensuring sales, the usage and referral value comes from the existing customer. |
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| Almost every retail store has its own membership card. Data is available on purchase behaviour, purchase frequency, purchase methodology etc. All these can be analyzed to provide invaluable Business Intelligence. |
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| While this data is numeric and largely stored in a standardized format, the unstructured information in various fields such as name, address, hobbies, or any other data captured on the membership form will not be available for analysis unless cleansed, standardized and augmented. |
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| This information combined with the transactional information can provide further insights on user behaviour based on demographic, geographic and psychographic attributes. |
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| Householding will further help in understanding the usage levels based on individual or household consumption. Offers can be tailor-made based on understanding these aspects of customer behaviour. |
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| Customer loyalty programs can be focused and work better with such prior knowledge derived through data that has been cleansed and matched. |
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