BUSINESS ANALYTICS AND INTELLIGENCE

DIGITAL ASSIGNMENT 2

HANDLED BY : DR. SUBHASHREE P

SLOT : B2

COURSE CODE : BMT6023

SUBMITTED BY

NARASIMMHAN K G
18MBA0027
BUSINESS ANALYTICS IN RETAIL:

1. Business analytics and profitabilty

2. Business analytics and customer experience
3. Business analytics and competition management

BUSINESS ANALYTICS IN RETAIL:

The most successful retailers today are increasing response rates to their offers and driving
profitability by using Big Data and predictive analytics to make relevant, personalized, and
precisely timed offers to customers. Predictive analytics provides a concrete means of
realizing the long-standing exhortation to “know your customer.” In the era of Big Data,
analytic tools have sufficient information to enable retailers to treat every customer as an
individual based on insights into their preferences and future behavior.

Retailers who know their customers are making smarter decisions that maximize consumer
loyalty without leaving money on the table by offering unnecessary or excessive rebates,
discounts and special offers. These retailers are able to hit the sweet spot where customer
behavior intersects with what the goals of retailers and their suppliers.

POSSIBLE ANALYTICS APPROACH:

• Collaborative filtering
• Clustering algorithms
• Propensity models
• Uplift models

COMPONENTS OF RETAIL ANALYTICS:

• Predictive modelling
• Big Data and hybrid architecture
• Cloud analytics
• Self-service analytics
• Real time in memory
• Advanced visualizations
AVAILABLE DATA IN CUSTOMER DATABASE:

• Customer ID
• Name
• Address
• Products Purchased
• Date of purchase
• Bill value
• Returns
 • Complaints
• Remarks

CRM STRATEGY FOR RETAIL:

1. Segment customers to improve marketing ROI

2. Identify and upsell your most profitable customers
3. Prevent leads from not being converted
4. Improve in-store experience for customers (CX)
5. Unify customer support across all the retail channels
6. Spot the weak links from the customer feedback
7. Improve profitablity with automation
8. Optimize marketing tactics with A/B testing
9. Retrieve lost leads with new engagement
10. Eliminate loss using predictive analytics
CUSTOMIZED CRM WITH SELECT FUNCTIONALITIES:

• Customer database allows to collect and store all available customer-related

information about current and prospective clients in one place. It helps identify
valuable customers and allows agents follow client interactions.
• Contact management system is a great tool for tracking all contacts and planning
customer interactions.
• Contact appointment scheduler records when, where and how your company
communicated with a customer and helps accurately schedule future meetings.
• Quote management system helps change and manage details related to quotes given
to customers.
• Sales lead tracking and management system records data about potential customers
and sales opportunities.
• Order management system makes it possible to manage customized pricing,
optimize lead-to-cash cycle time and accelerate revenue generation.
• Invoicing and billing system helps send invoices and manage billing.
• Analytics and reporting features generate sales forecasting with configurable
dashboards, tracking trends in purchasing and customer behavior.
• Document management and archiving allows to store and share all important
documents in a central location with an easy access from any location, at any time and
by using remote devices.
• Integration with other systems allows to exchange data with external applications,
email calendar notes, etc. It can also be integrated with sources of external industry
data.
 BENEFITS FROM CRM TO RETAIL:

Robust CRM technologies automate daily job activities of your marketing department
and mean much more than simply electronic information storage with basic client
data. With CRM system in your business you are able to:

• Keep up-to-date customer information

• Gain in-depth client interaction knowledge
• Use various analytic tools to collect marketing information
• Have access to all company data from anywhere using different devices
• Stay in touch with your customers
• Calculate the effectiveness of customer communication.