Data Science Helps Retailers Thrive
The retail industry has been experiencing some changes over the last few years. The rise of ecommerce and low barriers to entry have given the consumer a seemingly endless variety of options to choose from, and that has made the space crowded and extremely competitive. With several players, both large and small, having to resort to lay-offs in order to stay afloat, operating smart and lean is now more important than ever if you want to survive.
When the stakes are this high, making wrong decisions is costly, and you cannot afford to be wrong very often. We need to put behind us the days of gut decision-making. You need data and analytics to inform your decisions and successfully run your business. If you don't have the right analytics in place, or feel you lack the analytical capabilities to make effective data-driven decisions, we're here to help.
Retail Analytics Solutions
Track product attributes, pricing, inventory, sales, and returns. Apply customized logic to score and rank each product so that you know which products are truly performing best, where, and why.
Intelligently group products with similar attributes together and determine the customers most likely to need specific items based on past purchases and similarities to other customers.
Predict which products customers are most likely to buy, how many units of each product to stock at each location, and when to transfer inventory from under-performing locations to ones with higher potential.
Determine how many units are likely to sell at a given price point and identify the most profitable trade-offs between price and volume based on historical transactions across all products.