Topic: Business Intelligence

This article discusses the significant impact of out-of-stock (OOS) products on the retail industry, resulting in substantial losses and customer dissatisfaction. It highlights various strategies to improve inventory management, including automating inventory management through shelf scanning, analyzing market trends with data mining, building predictive capabilities with ML, and tracking stock with barcodes and RFID.

In the previous article, we explored the fundamentals of customer churn and why addressing it is critical. Analyzing customer personas is the next important step in this process: getting a better understanding of what drives your customers’ behaviors is critical to proactively prevent churn – and a golden rule to remember is that it is… Continue reading Knowing Your Customers – Part 2: Deep Diving into Customer Personas

  It is a well-known fact that customer acquisition costs about 5 times more than customer retention.[1] According to the inventor of the Net Promoter Score, Frederick Reichheld, a 5% increase in customer retention could result in an increase of profit by 25–95%.[2] Existing customers are likely to spend more money than new customers.[3] What… Continue reading Knowing Your Customers – Part 1: Tackling Customer Churn

With consumers’ preferences for online shopping encouraged further by the pandemic, and everyday interactions and transactions going online, the sheer volume of data generated has doubled as a gold mine for retail businesses to tap into. In fact, according to a 2021 study, 72% of consumers mentioned that they browsed and shopped for apparel online,… Continue reading The Rise of Consumer Data Privacy: Next Steps for Retail

What is a Customer Data Platform? A Customer Data Platform (CDP) is a single unified platform containing customer data collated from multiple sources. It can be integrated with existing data systems and helps map customer data with contextual data to deliver personalized customer experiences. CDPs are different from customer relationship management software which typically use… Continue reading Signs That Your Retailing Business is in Dire Need of a Customer Data Platform

‘Subscription’ has steadily become a buzzword across industries and verticals in the past few years, with players in sectors such as technology, music, CPG goods, fashion, automobiles, and news innovating to offer unique subscription services. As consumer preferences across the globe see a monumental shift in favor of affordable, flexible, and convenient shopping experiences, the… Continue reading How Analytics Can Boost Subscription Retail

In 2019, the 3D printing market was valued at USD 13.7 billion, and in 2025, it is expected to be valued at USD 63.46 billion, growing at a CAGR of 29.48%. [1] Reports suggest that systems manufacturers make up a major part of the additive manufacturing (AM) market, at 38%. Aerospace, medical, automotive and industrial goods… Continue reading The Growing Significance of 3D Printing & Big Data in the Retail Sector

Retail shopping in a post-COVID-19 world is undergoing a sweeping transformation. Prior to the pandemic, supply chains were highly stressed as they were prioritizing cost competitiveness and relying on lower-cost labor locations, often compromising on pivotal supply chain determinants like flexibility and agility. In the aftermath of COVID-19, challenges to supply chain continuity and cost… Continue reading Will the Impact of COVID-19, Usher in the Reign of Frictionless Retail?