The retail landscape is evolving rapidly, with mobile and website applications taking center stage. From contactless shopping experiences to customized products and AI-driven innovations, retailers are using technology to enhance customer engagement and create immersive shopping experiences.
Topic: Data Science Consulting
How Are Digital Twins Heralding a New Era for Smart Manufacturing
Since conceptualization in 1777, digital twins have evolved to provide acute business insights and planning capabilities through dynamic simulations. Today, smart manufacturing or Industry 4.0 leverages a combination of technology-driven approaches, including Industrial Internet of Things (IIoT), Artificial Intelligence (AI), Machine Learning, analytics, as well as Digital Twins to optimize the production process and streamline… Continue reading How Are Digital Twins Heralding a New Era for Smart Manufacturing
Augmented Analytics for HR: Six Use Cases Transforming People Management
HR + AI = Exploring the new possibilities of data. Augmented analytics—an AI-driven technology enabling automated data preparation and insight generation—has recently seen increased adoption across industries such as BFSI, telecom, retail, and IT, providing actionable insights on demand planning, inventory levels, investments, and customer experience strategies, among others. However, in addition to aiding high-level… Continue reading Augmented Analytics for HR: Six Use Cases Transforming People Management
Out of Stock No More: Ensuring Effective Stocking for Retail
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.
Knowing Your Customers – Part 2: Deep Diving into Customer Personas
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
Knowing Your Customers – Part 1: Tackling Customer Churn
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
Dashboards to Decision Boards: Heralding in NextGen Analytics Consumption
A Gartner study revealed that by 2025, data stories are likely to be the most widespread method of consuming analytics, and 75% of data stories will be automatically generated through augmented analytics. Experts in the industry opine that while there is no dearth of data in the world today (in fact, by 2025, the amount… Continue reading Dashboards to Decision Boards: Heralding in NextGen Analytics Consumption
The Rise of Consumer Data Privacy: Next Steps for Retail
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
Six Ways to Leverage Data Analytics in HR
Employee retention: According to recent studies, the cost to replace an employee could be over 200% of their annual salary [1]. By analyzing and relying on historical data, trends & patterns, managers can identify employees at risk of leaving and the impending reason, with a degree of certainty [2]. A recent survey showed that ML can be… Continue reading Six Ways to Leverage Data Analytics in HR
Signs That Your Retailing Business is in Dire Need of a Customer Data Platform
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