Customer Insight and Behavior Analytics
In an era when new retail entrants exclusively sell their goods via digital channels, customers today have more choice where they purchase from, when they purchase, and at what price. Brand loyalty is often an afterthought as customers shop around for their best option. Retailers are challenged to find new ways to appeal to existing and potential buyers. Altair’s Data Intelligence solutions enables retail organizations to profile, segment and score innumerable individual consumers to better understand the propensity of one to select a product for purchase, and at what price consumers will most likely be willing to pay
Retail Marketing Analytics
With so many options available, retail marketers struggle to understand which methods of communication should be used when pursuing a marketing campaign. Customers are looking for an experience that are relevant to their tastes and preferences; a successful marketing campaign is reliant on knowing how a segment of the consumer population will respond to different multi-channel campaigns. Altair helps retailers develop a clear strategy that ensures all channels are working together, instead of each other, which saves time and lowers costs. Retail analytic teams can measure customer sentiment, segment groups into various buying preferences, and determine the probabilities of purchase by creating sophisticated analytical models without needing to rely on complex coding. The results lead to developing impactful cross-sell / up-sell product and new acquisition strategies, and measure different distribution scenarios to find the right balance between maximizing revenue and minimizing expense as part of a unified omnichannel service their customers demand.
Consumers today have taken full advantage of online retail sites to compare product offerings, pricing, and purchasing. It is not uncommon for shoppers to visit a physical store, look over merchandise they are interested in purchasing, and then purchase it online. While this can be viewed by the consumer as a positive shopping experience, to the retailer this leads to inventory overstock, higher operating costs, and risks customer loyalty.
To address this, retailers are looking for new insights found in the voluminous data they generate every day from their websites, point of sale systems, supply chain systems, loyalty card information, in-store sensors and more. Data-driven insight can enable a personalized in-store experience that can drive deeper loyalty and increase revenue by optimizing sales across multiple channels.
Altair Knowledge Works allows omni-channel retailers to curate data and perform predictive analytics using machine to optimize marketing and sales efforts. For example:
- Segment and profile consumers to understand their propensity to react to certain product marketing offers. Test various campaign scenarios by tweaking known constraints and variables to determine the most optimal approach to take
- Trace in-store behavior to better understand how consumers will respond to in-store product placement, in-store purchase incentives, and in-store experiences that lead to impulse buying behavior
With Altair Knowledge Studio, retail organizations can gain better insight about consumer behavior and market trends, leading to greater market share, higher customer loyalty, and more efficient distribution of products and services.