Product recommendations and suggestive selling have been used very effectively by Amazon and reported to increase sales by up to 30%. Surprised? Here is the impact to your business - Adding one more item to 10% of the orders can increase sales by 5%!
Companies today spend tons of money trying to get more customers. Very few companies have a finger on the pulse of the buying patterns and trends of their current customers. What is the point of getting more customers if you cannot serve the one that you already have? Is it just busy work? Or is it because with thousands of SKUs, they do not know how to keep up with customer buying patterns?
Analytics on corporate data will also become pervasive. Companies are demanding this. The analytics will be contextual, as this is required for analytics to automatically make sense out of data. The analytics will be agile and companies will be able to pour their data in, and watch the results take shape. Much like Google analytics on web traffic.
February 22, 2010 – 6:35 pm
Why do business users have ugly, clunky software that is expensive to implement and difficult to use? That is very unfortunate. When the new wave of kids who grew up with iPods and Facebook enter the work force, will they throw out all the clunky enterprise apps? Absolutely!! Replace with pretty, Facebook like apps. Business analytics needs to be that easy to use.
February 16, 2010 – 10:04 am
Emcien offers pattern-based analytics that easily takes sales data in any form to reveal customer buying patterns and trends. The technology has completely eliminated the need for data models, structures, mapping, etc. Emcien’s pattern based analytics technology was created explicitly to overcome the ‘old heavy weight model of technology’. Pour your sales data in, and watch the customer buying patterns. “Like Google analytics for sales data”, our customers told us.
February 4, 2010 – 4:05 pm
Just read a great article by Amanda Ferrante based on an interview of Leslie Hand, Research Director at IDC Retail Insights for Retail Touchpoints. The interview focused on providing new strategies to optimize the value of IT in 2010, as IDC Retail Insights unveiled its Top 10 Predictions for the retail industry. The IDC report explored [...]
By John Maller
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Posted in Uncategorized
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Also tagged adjust price, business analytics, buying patterns, consumer spending, cross sell, demand intelligence, fast implementation, IDC, margin, multichannel ecommerce, product affinity, retail, retailers, sell through, suggestive selling, upsell
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February 2, 2010 – 7:55 am
As you investigate analytics for your business, here are a few best practices:
- The analytics need to be focused by business function.
- The analytics needs to answer the question “What do I do with this result” and “what is the business value”.
- The analytics should make your job easier, and the recommendations should want you coming back to it over and over again.
By John Maller
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Posted in Uncategorized
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Also tagged affinity, business analytics, buying patterns, cross sell, merchandising, multichannel ecommerce, patterns, product affinity, retail, suggestive selling, upsell
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January 25, 2010 – 11:48 am
Gartner has launched a new focus area called “Pattern Based Strategy”, based on the need of businesses to capitalize on large amounts of data and the new rules for business process adaptation.
Here is a great verbatim quote from the Gartner web page.
The depth of the recent recession blindsided most businesses. As the economy starts [...]
By John Maller
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Posted in Uncategorized
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Also tagged buying patterns, cross sell, customer buying patterns, demand driven, demand shaping, marketing analytics, merchandising, multichannel ecommerce, online marketing analytics, POS data, product affinity, retail, sales history, suggestive selling, up-selling, upsell
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December 28, 2009 – 6:17 pm
The sales receipt is a neatly itemized list of purchases. Every purchase comes with a specific need, and hence the sales receipt is the true voice of the customer. As demand patterns change, the sales receipt data can reveal tremendous intelligence on what customers are buying, the changing trends and what the future purchases [...]
By John Maller
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Posted in Uncategorized
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Also tagged buying patterns, channels, cross sell, crosselling, customer buying patterns, margin, merchandising, product affinity, profit, retail, sales receipts, shopper, suggestive selling, up-selling, upsell
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December 14, 2009 – 3:08 pm
Cloud computing and analytics have jumped front and center. Gartner renamed Business Intelligence (BI) to Analytics.
On the analytics front, Gartner said in a presentation: “We have reached the point in the improvement of performance and costs that we can afford to perform analytics and simulation for each and every action taken in the business. Not [...]
