BI#1 Analytics Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA is helpful If you want to maximize profits and gain customer loyalty then you must understand your customers better. One of the best ways to do this is using data analytics. Today, big retail businesses use data analytics at all stages of the retail process. They are using data analytics to forecast future demand and sales, track emerging popular products and optimize product placement. Considering what’s just been said, every retail business should consider using data analytics.

BI#1 Analytics Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA

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Role of Data Analytics in Retail Industry

Other key areas where data analytics play a key role are:

Discount Efficiency

Almost 95% of shoppers have admitted that they use a coupon code when they do shopping. For retailers to gain from offers, they need to first ask themselves how valuable such a deal would be to their business. Such promotional deals definitely with Analytics Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA will get customers rushed in but might not be an effective strategy to sustain long-term customer loyalty. Rather, retailers can run analysis on historical data and utilize it in predictive modeling for determining the impact such offers would have on a long-term basis. For instance, a team of data analysts and scientists can make a history of events that might have occurred if there was no discount. They then make a comparison of this with the real events when there were discounts to have a better understanding of the effectiveness of each discount. After getting this knowledge, the retailer will now readjust his discount strategy by increasing the number of discounts on various categories and removing less profitable deals. This would certainly boost the average monthly revenue.

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Churn Rate Reduction

The creation of customer loyalty is the main priority among all brands because the cost of attracting a new customer is more than six times expensive than retaining the existing ones. It is possible to represent churn rate in various things like percent of customers lost, the number of customers lost, percent of recurring value lost and value of recurring business lost. With the help of big data analytics with Analytics Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA, insights got like things customers are likely to churn, retailers can find it easy in determining the best way to alter their overall subscriptions to prevent such scenarios. For instance, a retailer takes an analysis of customer data after a monthly subscription box and can use it to get new subscribers who might likely end up as long term customers. This would result in the retailer decreasing the monthly churn significantly and would make brands be able to calculate lifetime value and make money back on marketing costs that are steep.

Product Sell-through rate

Products that are data related can be analyzed with Analytics Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA by retailers to find what pricing, visuals, and terminology will resonate with the potential and existing customers. An alteration of the product showcase depending on the data sets that are analyzed, retailers will obtain improved sales rate. Take, for instance, Uber’s whole business model depends on big analytics for sourcing crowds and sell-through of products. With customers’ personal data, Uber is able to match them with the most suitable drivers depending on the location and rating of their customers. Customers, therefore because of such personalized experience, would prefer to take advantage of Uber’s personalized offers against offers by competitors of Uber or even regular taxis.

Getting the right customers with Analytics Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA to stores is very important too, something a US department store giant recently discovered. Because of the way their analytics showed a dearth in vital “millennials” demographic groups, their One Below basement was opened at their New York flagship store. Promotions such as “selfie walls” and while-you-wait customized 3D-printed smartphone cases were offered. All these were just ideas for attracting young customers to their store with the aim of giving them an awesome experience.