Understanding the product affinities is core to assortment planning, merchandising, product availability and customer service. Every item in the store is linked to other items. “It is quite an amazing web of connectivity”, quoting Roy Marsten. Emcien’s analytics unlocks that product affinity web, and presents the entire list of affinities so it’s easy to understand and drive business decisions.
As SKU management is getting a lot of attention, there is need for robust solutions based on real customer buying behavior, to help companies maintain their SKUs on an continuous basis. The value is high sales, higher margins and improved customer service
By John Maller
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Posted in Uncategorized
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Also tagged affinity, Amazon, assortment planning, basket analysis, basket size, cross sell, merchandizing, product affinity, retail analytics, sku rationalization, upsell
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Understanding the product relationships in the market basket is key to driving up the order size or basket size. The results from this case study showed that adding one more item to 10% of the baskets can increase sales by 5%.
An fast emerging area of business analytics is Pattern Based Analytics (PBA). This has been launched due to the very large amounts of data and need for analytics that can reveal meaningful patterns that businesses can act on. A typical reaction to the large amount of data is “If I had seen this coming sooner, I could have acted faster, decreased my risk and enhanced my opportunities for growth. Pattern Based Analytics typically requires focus on a business areas, e.g. Sales, Marketing, Finance, etc. The key to Pattern Based Analytics is automatically revealing intelligence that is hidden in the data/information.
By John Maller
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Posted in Uncategorized
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Also tagged business analytics, buying patterns, cross sell, customer buying pattern analytics, multichannel ecommerce, pattern based analytics, product affinity, retail, suggestive selling, unstructured data, upsell
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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 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 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, analytics, business analytics, buying patterns, cross sell, 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 analytics, buying patterns, cross sell, customer buying patterns, demand driven, demand shaping, marketing analytics, 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 analytics, buying patterns, channels, cross sell, crosselling, customer buying patterns, margin, product affinity, profit, retail, sales receipts, shopper, suggestive selling, up-selling, upsell
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