With the retail market getting more and more competitive by the day, there has never been anything more important than the ability for optimizing service business processes when trying to satisfy the expectations of customers. Channelizing and managing data with the aim of working in favor of the customer as well as generating profits is very significant for survival.
Ideally, a retailer’s customer data reflects the company’s success in reaching and nurturing its customers. Retailers built reports summarizing customer behavior using metrics such as conversion rate, average order value, recency of purchase and total amount spent in recent transactions. These measurements provided general insight into the behavioral tendencies of customers.
Customer intelligence is the practice of determining and delivering data-driven insights into past and predicted future customer behavior.To be effective, customer intelligence must combine raw transactional and behavioral data to generate derived measures. In a nutshell, for big retail players all over the world, data analytics is applied more these days at all stages of the retail process – taking track of popular products that are emerging, doing forecasts of sales and future demand via predictive simulation, optimizing placements of products and offers through heat-mapping of customers and many others.
A Retail store is required to analyze the day-to-day transactions and keep a track of its customers spread across various locations along with their purchases/returns across various categories.
Create a report and display the calculated metrics, reports and inferences.
Customer: Customer information including demographics
Transaction: Transaction of customers
Product Hierarchy: Product information