The rapid rise of social media and mobile have radically transformed the Omni Channel Retail experience. Effective use of analytics can significantly improve performance across the whole value chain including, allocation, promotions, campaigns, assortment, vendor compliance, replenishment, hiring, employee development, store planning and shrinkage. For more than two decades, Presidion has been enabling our clients to obtain and action insights from data, to obtain this competitive edge.
Utilise the power of analytics to increase Average Customer Lifetime Value:
- Combine Social Media and Enterprise data, to present the right offers to your customers, in the right channel, at the right time for them
- Increase customer satisfaction by anticipating issues, resolving them more effectively and building lasting relationships with valued customers
Create More Effective Assortment Plans
As an industry, Assortment Plan Optimisation continues to be far too much of an art, rather than a science. The huge volume of lost sales and profit that this results in, flies under the radar, but high profile failures, like Walmart’s Project Impact provide a powerful reminder of the difficulty of getting it right and the high costs of getting it wrong:
- Across a large and complex range of internal and external data, predict how Assortment Plans will perform, to move beyond linear plans and select the optimum plans at Macro, Cluster and Store level.
- Don’t just achieve optimum depth and diversity, but identify hidden combinations and avoid product cannibalization.
Optimise Pricing, Promotions & Markdown
Even today, many top brands continue to rely on intuition when pricing and planning promotions and markdowns. Those who are prepared to explore an analytics driven approach and compare results, are often surprised at not just how consistently analytics out competes intuition, but by how much.
- Take into account elasticity, competitor pricing, customer expectation, weather, supply lead time, etc, to make optimum short term pricing decisions, as well as long term pricing strategy.
- Ensure these choices are effective and consistent across all channels.
Improving marketing strategies and customer satisfaction in a measurable way. In a matter of minutes they can now pull out key issues and bring to the fore customer issues and opportunities.
Getting the right stock to the right location only continues to become more challenging. Today, it’s not just a problem of having the right number of a product available in the high street and taking into account campaigns, promotions and markdowns, but the ability to fullfil orders across online and mobile.
- Minimise costs, increase customer satisfaction and out sell the competition by moving away from ‘min-max’ models to predictive models , sophisticated enough to take into account the reliability of suppliers.
- Manage stock effectively across channels, taking into account when customers research in multiple channels in parallel, where the sale will finally occur.
Right Stores, Format & Configuration Every Time
Recent high profile sea changes such as Tesco’s cutbacks on out of town stores, remind us that despite the evolution of channels, for most retailers, even though the High Street presence continues to be critical, it’s role and shape will continue to change:
- Plan not just long term stores effectively, ensuring existing sales are not cannibalised and new potential outside the existing network is maximised, but do the same for newer, more flexible formats such as pop up stores required to deliver against individual campaigns.
Recruit, Retain & Grow the Right Talent For Your Brand & Values
As the store evolves, so too does the role of the Store Partner. They continue though to be front and centre in representing your brand and maximising top and bottom line growth. To that end, choosing, developing and having a lasting relationship with them has never been more important:
- Identify the Store Partners who are the optimum match to your brand values and culture, to start lasting relationships, beneficial to both parties.
- Identify rising stars, the support they need and the most effective stage for that, to grow your management team of the future.
Get the strategies you need to attract new customers, keep the customers you have, and grow your profits.
Cut Fraud & Grow Margins
Whether internal or external, finding fraud in the Retail environment, can feel like the proverbial ‘needle in the haystack’. At the same time, the ‘arms race’ against fraudsters continues, with organised crime continuing to be a major issue:
- Go beyond historical techniques focused on the POS, to look at the fullest range of fraud including vendor collaboration, employee fraud, returns fraud, bar code forgery, gift card fraud, etc..
- Predict fraud effectively in all environments from the warehouse, to the aisle and online.
- Prioritise prevention and investigation efforts effectively, to maximise the impact of the scare resources for following up on fraud.
Would you like to see how Predictive Analytics can help you achieve your goals?
Request a Consultation with a member of our insight team!