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, and then purchase it online. While seen 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
Altair Knowledge Works allows retailers to curate data from multiple sources including legacy databases, appliances such as Point-of-Sale machines and mobile devices, e-commerce websites and third-party sources including credit scoring, weather, and demographic information services. Trusted, consistent, and secured data sets from these data sources can be leveraged by data scientists and business analysts alike to find insight and data patterns about consumer preferences and market trends. Using Altair’s market leading predictive analytics platform, retailers can find insight about consumer behavior and market trends, leading to greater market share, higher customer loyalty, and more efficient distribution of products and services.