Data Preparation for Retail
Retailers must take advantage of the full universe of data available to them to stay competitive in a constantly changing battle for consumer disposable income. Access data from POS, CRM and inventory systems, eCommerce sites, and more to better understand customer sentiment, shopping patterns, supply chain opportunities and product pricing. Altair Knowledge Works offers a centralized data marketplace to access, clean and share all your data sources to speed collaboration and drive insights to stay competetive.
Deeper Customer Insights
The omnichannel strategy has changed the way customers interact with retailers and CPG brands. Smartphones have also made it impossibly easy to interact with and market to customers. In order for promotions to not come across as clumsy and tone-deaf, retailers need to better understand changing preferences, and shifting demand so they can personalize their interactions. With Knowledge Works retail analysts derive deeper customer insights, faster, by blending and analyzing data across all channels, without any coding or IT dependencies. Data is your biggest asset in the war for attention and loyalty.
Improve Profits with Data Analytics
Looking to improve profitability? Better insight can get you there. You have a wealth of data on sales trends, cart abandonment and revenue by products, stores and channels, but you’re probably struggling to derive insight from it. With Knowledge Works, you can manage your business dynamically with the ability build real-time reports on every angle of your retail operations. You can even enrich your reports with third-party information, like weather data and customer credit data to better optimize store staffing levels and create targeted, just-in-time promotions.
Consumer Insight and Behavior Analytics
In an era when new retail entrants exclusively sell their goods via digital channels, customers today have more choice where they purchase from, when they purchase, and at what price. Brand loyalty is often an afterthought as customers shop around for their best option. Retailers are challenged to find new ways to appeal to existing and potential buyers. Altair’s Data Intelligence solutions enables retail organizations to profile, segment and score innumerable individual consumers to better understand the propensity of one to select a product for purchase, and at what price consumers will most likely be willing to pay.
Retail Marketing Analytics
With so many options available, retail marketers struggle to understand which methods of communication should be used when pursuing a marketing campaign. Customers are looking for an experience that are relevant to their tastes and preferences; a successful marketing campaign is reliant on knowing how a segment of the consumer population will respond to different multi-channel campaigns. Altair helps retailers develop a clear strategy that ensures all channels are working together, instead of each other, which saves time and lowers costs. Retail analytic teams can measure customer sentiment, segment groups into various buying preferences, and determine the probabilities of purchase by creating sophisticated analytical models without needing to rely on complex coding. The results lead to developing impactful cross-sell / up-sell product and new acquisition strategies, and measure different distribution scenarios to find the right balance between maximizing revenue and minimizing expense as part of a unified omnichannel service their customers demand.
Consumers today have taken full advantage of online retail sites to compare product offerings, pricing, and purchasing. It is not uncommon for shoppers to visit a physical store, look over merchandise they are interested in purchasing, and then purchase it online. While this can be viewed by the consumer as a positive shopping experience, to the retailer this leads to inventory overstock, higher operating costs, and risks customer loyalty.
To address this, retailers are looking for new insights found in the voluminous data they generate every day from their websites, point of sale systems, supply chain systems, loyalty card information, in-store sensors and more. Data-driven insight can enable a personalized in-store experience that can drive deeper loyalty and increase revenue by optimizing sales across multiple channels.
Altair Knowledge Works allows omnichannel retailers to curate data and perform predictive analytics using machine learning to optimize marketing and sales efforts. For example:
Segment and profile consumers to understand their propensity to react to certain product marketing offers. Test various campaign scenarios by tweaking known constraints and variables to determine the most optimal approach to take
Trace in-store behavior to better understand how consumers will respond to in-store product placement, in-store purchase incentives, and in-store experiences that lead to impulse buying behavior
With Altair Knowledge Studio, retail organizations can gain better insight about consumer behavior and market trends, leading to greater market share, higher customer loyalty, and more efficient distribution of products and services.