4 Reasons Why the Retail Industry Needs A Good Data Analytics Consulting Company

1. 4 Reasons Why the Retail Industry Needs A Good Data Analytics Consulting Company The recent few decades have seen a seismic change in how Indian consumers are buying, both online and offline. Hence if you are in the retail industry, you need to keep in touch with this changing shopping pattern of Indian consumers, or you will lag behind your competitors. This is where a good data analytics consulting company can help you out. The market value of the retail industry in India just last year was pegged at a staggering USD 900 billion and the CAGR (Compound annual growth rate) is going to be 10 to 12% for the next five years! If you haven’t yet engaged a top-notch consulting firm for data analysis, here are five compelling reasons why you should consider doing so now. 1.In-Depth Consumer Behaviour Analysis The consumer is king no matter what kind of retail business it is. Hence, to better your business, you need to know your consumers. This is the first reason for hiring a good data analytics consulting company. With them at the helm, you can understand what your consumers like to buy, what is the demography of your locality, what the most important purchase is and what is not selling. The consumer behaviour analysis can help you: Create personalised suggestions for your consumers Entice them with better offers and deals based on their loyalty and purchasing patterns Make informed decisions on what needs to be improved in your store, whether a physical store or a digital store for the best customer experience and sales performance.

2. 2.Optimising Merchandizing In All Sales Channels Today, most retailers, especially big ones, have both retail stores and digital stores. Even smaller companies are catching up with many small retailers offering their products through Amazon and other such apps. So, there is a big need to make sure that your merchandising is the same and effective across all sales channels. A good data analytics consulting firm can help you with this. First, data analytics helps you to have a bird’s eye view of all your processes, be it marketing, production or supply. Then it can give you consolidated data across your different customer touchpoints so that you can create a better marketing strategy that is agile and flexible. So, with their help, you can: Meet the demands of both online and offline stores Streamline your supply chain Streamline your pricing Create better marketing promotions Understand and make full use of upcoming trends 3.Finding the Right Pricing Strategy Your business success or failure will depend very much on how you price your item. An incorrect pricing approach can not only result in lost revenue but, in some cases, can also damage your reputation if prices are set too high or too low. Many factors will contribute to how you fix your price, namely, demand, seasonal sales, the price of your competitors, and inventory level. With a data analytics consulting company at the helm, you can easily find and consolidate these different factors to create very scientific and predictive pricing for yourself. So, with the consulting firm’s help, you can: Create dynamic pricing for your online store Find the optimal price point for each product in your store Find the best price point that will attract customers while maintaining good revenue for yourself 4.Streamline Supply Chain To stay in a profitable business, you need to make sure your supply chain is running smoothly. The demand from consumers will very much influence this supply chain. Predictive analysis is

3. part of the services offered by any good data analysis consulting company. In this, the consulting company will look into various data gleaned from different sources and offer predictive reports on what will be in demand and how you should streamline your supply to meet those demands. So, with the help of predictive analytics, you can: Optimise your inventory by understanding what is going to be in demand Reduce stocking of products that are low in demand or not stock items that are going to be not in demand in coming days Know what seasonal items are going to be sold in upcoming months and change your inventory accordingly Conclusion A data analytics consulting company is a must if you want to gain a foothold in the increasingly competitive Indian retail industry. With their help, you can not only improve your customer’s experience but better your pricing, better your inventory and be ready to meet any market demand. Website - https://arptech.io/data-analytics