Challenges faced by Companies in Retail Sector

Retail/corner stores are trying to compete with big players in market and thanks to the evolution of technology and smartphones along with new age smart apps, E-commerce has captured a huge chunk of market share. In fact, these online giants are venturing into brick and mortar business by setting up in-store facilities to put the extra burden on these corner stores. They want to attract the much-informed customer to provide the firsthand experience about different products, which of course, is not possible via e-commerce. There are various challenges that retailers are facing in the current age, here are few examples:

  • How to effectively engage with customers to develop a lasting relationship?
  • What offers/discounts, will attract customers to the stores?
  • How to increase brand value in the market?
  • How to retain customers?
  • How to optimally use the store space?
  • How to efficiently manage the staff? etc.

How will Retail analytics help addressing these problems

The solution for SME’s is to apply retail analytics on big data. 360-degree view of customers will help retailers effectively engage with customers. In-store analytics will help identify and sell prominent shelves to manufacturers. Big data analytics aids owners to run day to day business operations in staff management, proactively address customers’ concerns, manage inventory, manage supply-chain, come up with interesting strategies based on marketing analytics etc.

Of Course, to increase the business and maintain customer relation, along with advanced analytics, a personal touch is always required.

Why Innodatatics?

Our team members have the unique blend of passion, the enthusiasm of a startup company, excellent educational background from premier institutes and prior experience, doing research on futuristic products & solutions. Customer analytics, sentiment analytics, Word Clouds, Sentiment Analysis, Latent Dirichlet Allocation, Topic Extraction, Semantic Analysis, Network Analysis, NLP tools, Speech & Natural Processing, etc., are the text mining techniques in which Innodatatics has a strong control on, and with the usage of open source tools, the price of implementing retail analytics on big data would be extremely low.

Case Study 1:   How to view your customers in 360 Degrees View full Case study
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Case Study 2 :   How to identify procurement fraud (Inventory purchases for retail)
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Case Study 4 :   How to place products effectively through Association Rules
Case Study 5 :   Targeted marketing using coupons through location-based analytics