Talk of data and its growing importance in retailing is everywhere. However, we see a significant gap between existing opportunities for the use of data and current usage by retailers.
Feedback from retailers confirms that many recognise the value to be had, but are often only dabbling in analytics and are not equipped to identify and action these valuable insights.
We can help you. As specialists in online retailing we’ve been using data to drive decision making and performance for years. Each year the amount of data available to us and the opportunities to analyse it have increased. Shoppers leave more ‘fingerprints’ behind than ever before.
Our Data Insights
In order to drive the greatest performance for our clients, we now place data analytics and insights at the very heart of everything we do. We have a specialist insights team of world class data scientists and statisticians who analyse our clients’ data each day. Our work has led us to develop an insights framework that uses your widely available data to improve business performance.
Our data insights programme is categorised into 4 key areas of analysis. Our insights team will run projects and analytics in each area providing answers to important questions, examples of which are listed below:
- Who are my most valuable customers?
- How do my customers behave?
- How do my customers like to shop?
- What is the true impact of seasonality on customer behavior?
- How should I attribute value across my marketing activities?
- What’s the impact of digital on above the line advertising and visa versa?
- What’s the most effective way to split my marketing budget?
- How much should my marketing budget be?
- What contribution does my digital marketing budget make to sales in store?
- Which products attract which type of customer?
- When should I promote products?
- Are my promotions working effectively?
- How can I maximize the sell through rate of my products?
- What is the impact of my pricing strategy on sales?
- What’s the impact of television on my marketing and sales?
- How is the weather likely to affect my sales and stock performance?
- What geographical factors could affect my sales performance?
An example: Product promotion and marketing
When is the best time to promote a set of specific products to maximise sales during the Christmas peak?
In this case, the demand for this product cluster builds steadily from September and actually peaks well before Christmas. By analysing the seasonal behaviour of these products we are able to accurately understand the timing of demand and therefore when best to promote and how much to spend on marketing activity.