Retail industry today is a highly competitive environment which impacts all size of companies with disruptive business models. The business success often depends not only on the existing market position but much more how well companies are contributing and paying attention to theirs customer needs. The key of success are data-driven insights which enables digital transformation of core business process.
The previous period shows that advanced analytics approach is the driving engine for a business and usage of insights enhance the customer experience, protect and enhance the client base. The cause effect is increase of productivity and sales, product / service improvements, overall business boost with great outlook. Simula can implement analytic solutions that help your company a success in achievement of the business goals which leads towards increased customer retention and higher market share.
Whether you are just getting started with analytics or growing in-house capabilities, Simula analytics platform and consulting services can help your sales organization to get the most value from available data.
Simula have a proven track record of helping companies in many different industries to attract and retain customers, increase a wallet share. Simula combines sound machine learning principles with sales analytics embedded as the industry standardized processes to provide compelling and competitive advantage with solutions in the following areas of retail business:
CROSS-SELLING AND UP-SELLING (Loyalty and advanced analytics)
The challenging task to understand the customers’ needs often is misinterpreted with vanilla loyalty programs with small or in the most of the cases not at all aspiration value from shopper. In order to increase the loyalty program profitability the corner stone of successful usage of loyalty cars are exciting data analysis with standardized approach to the customer base and full utilization of omni-channel approach. Increase sales by predicting which new product / service should be marketed to existing customers categories based on products / services they are already purchasing (cross-selling). Then offer improvements or upgrades on existing products or services a customer has already purchased (up-selling). In order to reach the wholly grail of retail business (cross-up selling) is mission impossible without taking care of all available data and reach the new data source by introducing mobile, IoT, gaming as part of the complete business offer toward shopper community
MOBILE (Paradigm of new shopper)
The mobile platform becomes the most important part of omni-channel approach for most of retail company in the world. The communication platform becomes much more than the simple channel, it is now the most valuable data source of customer segmentation analytics which improves the effectiveness of sales campaigns and decrease costs by grouping customers into segments (clusters) based on specific attributes, and then predicting which segments are most likely to purchase a particular product or service. In the same time the usage paradigm from Push is changing more and more into Pull models which enable full integration with advanced sales approaches such are IoT and gamification.
BUSINESS OPTIMIZATION (Store, assortment and my clients)
In early days for most of retailers More = Better, but those days are gone Merchandising becomes highly competitive discipline where most of companies in the world try to attract seniors in order to adopt assortment based upon category manager experience and with very little usage of tremendous data treasure within ERP and WMS systems. Merchandising as the process of having the right products in the right place at the right time for the right customers, simultaneously producing long-term growth and profitability for the retailer, its sounds almost as mission impossible the good thing is that evolution of machine learning, data management and predictive analytics all accumulated data can be for the first time put in right perspective with possibility for full throttle usage and boosting revenue with right assortment.
IoT features (Living the future)
The digital economy will not wait for no one, the market demands players which can adopt the business model fast and forward toward demanding customer’s needs. This approach implies implementation of technology which day2day usage just several years ago was unimaginable. The new IoT worlds opened the doors for bold market players which embrace the future in order to enable:
- Shop tracker – possibility to detect shoppers movement within store and accumulated data about shopping patterns (time, position, path,…)
- Geo fencing – possibility to detect shoppers visiting competition after certain promotions, loyalty levels, approaching to shop
- Loyalty on Demand – possibility to choose products from the product catalog (personalized from previous purchases and offered in suggestive model) and demand the different kind of personalized promotions, price levels and delivery methods.
- Assortment fencing – possibility to pin down buying pattern based upon IoT sensors in order to promote the buying patter with position and assortment within shop
GAMING & RETAIL (Evolution leap forward)
Gamification is must in retail industry! Gamification taps into the basic desires and needs of the consumers and impulses which revolve around the idea of status and achievement. Gamification helps make retail mobile apps “sticky,” getting consumers to spend longer periods of time with an app and encouraging them to return again and again. The full integration which Simula offers with your existing loyalty / ERP platforms opens the possibilities to re-use your existing technology with the feel and look. For the first time your company can create the new aspiration value of existing loyalty points within the digital world and by maximizing ROI effect of loyalty programs