June 14, 2017 12:00 am

How Analytics is Fueling the Retail Industry

Small inaccuracies in market analysis can lead to major financial losses, and therefore to remain ahead in a competitive industry, shops are increasingly relying on retail analytics and predictive analytics solutions.

You will find a list of solutions below, which can be integrated or deployed independently, specifically designed by OLSPS Analytics to help retailers establish themselves as market leaders.

Churn Prediction Solution for Retail Industry

Retail companies operate in a competitive market, where attracting new clients and reducing customer churn is a high priority. OLSPS Analytics’ churn prediction solution identifies the sources of customer churn and yields accurate timely predictions, providing these companies sufficient time to take appropriate action and prevent the loss of customers.

Sentiment Analysis for Retail Industry

Furthermore, social media networks provide a lot of soft data, channelling and analysing this information can produce meaningful insights towards public opinion and preferences. OLSPS Analytics sentiment analysis solution is a tool designed exactly for this purpose and makes use of various media networks, such as Twitter and Facebook, and converts the data from these platforms into valuable information on current market sentiments.

Market Segmentation in Retail Industry

In addition, a market segmentation solution provides further valuable insights by analysing and segmenting markets into clusters of defining characteristics. Retail companies are subsequently able to design customised packages and more personalised market strategies targeting these market segmentations, thus attracting more customers to make use of their services.

Scorecard Solution in Retail Industry

Our scorecard solution can be used to help companies mitigate risks by ranking customers relative to a target. For example, in the retail industry, this solution is used to mitigate retail credit risk default by assigning accurate credit risk profiles to current and potential customers.

Market Basket Analytics in Retail Industry

Our market basket analysis solution determines associations between items. It answers the question: “What other items is a customer likely (or less likely) to buy based on their usual purchases?”. This insight helps increase sales through more intelligent promotions and optimising the location of store items.

Life-Event Prediction in the Retail Industry

Our life-event prediction solution identifies when customers are approaching a significant change in their lives, for instance purchasing a new house or having a baby. Retailers are then better able to target customers and provide them with personalised offers and experiences, differentiating the store in the mind of the consumer from its competitors.