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Trends and Outliers

TIBCO Spotfire's Business Intelligence Blog

Category Archives: Retail

04/23
2013

Predictive Analytics to Head Off Retail Disaster

Had ousted J.C. Penney CEO, Ron Johnson, figured out a way to give customers what they wanted – a stellar in-store experience – he might still be at the helm of the brick-and-mortar retail giant.

stores Predictive Analytics to Head Off Retail DisasterBut Johnson didn’t give customers what they wanted, he gave them what he thought they wanted, causing them to abandon the sinking retail ship in droves, and costing him his job.

The lesson to be learned from the J.C. Penney debacle is that to survive, brick-and-mortar retailers must create in-store customer experiences that set them apart from their online competitors – or face extinction, according to an article in Forbes.

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04/11
2013

Data Analysis Boosts CPG Companies’ Sales, Market Share

CPG Data Analysis Boosts CPG Companies Sales, Market ShareThe recent Spotfire on-demand webcast, “Data Science 2.0: Guided and In-line Analytics with Spotfire,” covers how Spotfire and data science are impacting global business across every market and industry.

 

For example, if you work in the consumer package goods (CPG) industry this may mean using analytics to understand which products are most relevant to consumers to help you better manage advertising campaigns to increase customer awareness.

 

 

Here’s a sample clip from the CPG segment of the webcast followed by a post on how CPG companies can benefit from data analysis.

 Data Analysis Boosts CPG Companies Sales, Market Share

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04/09
2013

6 Ways Online Retailers Can Use Big Data Analytics

Small retailers that think big data analysis is only important for larger retailers should think again. The fact is using big data analytics is key for small businesses that want to compete with the larger companies.

shopping 150x150 6 Ways Online Retailers Can Use Big Data AnalyticsAnd it’s even more critical to help online retailers interact with their customers in real time, according to an article in Practical eCommerce.

Practical eCommerce offers six ways online retailers can use big data and big data analytics to improve ROI.

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04/03
2013

Analytics: Enhancing the In-Store Shopping Experience

Analyzing the information that’s gathered from digitized in-store video cameras and other in-store technologies is important for retailers. It can help them gain valuable insights about wait times on checkout lines, abandon rates, and even shopper behaviors around the placement of specific items in strategic store locations.

the potential headline Analytics: Enhancing the In Store Shopping ExperienceRetailers can use analytics with in-store information that’s gathered to identify ways to improve the in-store shopper experience while helping to optimize marketing and operations.

For example, digital information that can be gleaned from in-store video cameras can be used by retailers to help shape strategies around the number of checkout lanes to have open during certain store hours. This data can also help them schedule checkout clerks to closely meet shopper demand.

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02/15
2013

Strengthening Customer Loyalty via Data Discovery

One of the strengths of analytics tools is their ability to reveal previously hidden insights about customers to help companies strengthen their relationships with those customers.

customer loyualty Strengthening Customer Loyalty via Data DiscoveryThis includes mining information that customers share in social media channels and contact center interactions that can uncover the types of things that matter most to customers (e.g., timely service, consistent experiences, private shopping opportunities).

Strategies for attracting and retaining customers are much simpler when efforts to drive repeat business are largely centered around segmenting customers and creating the right incentives and rewards to earn loyalty, as a recent article in Information Management highlights.

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02/11
2013

Treading Carefully with Social Analytics

Companies can learn a great deal about customer sentiments regarding their products or their reputations by using social analytics.

For instance, Pottery Barn does an effective job of using social analytics and listening to and reacting to customer concerns minutes after those concerns are posted to Facebook, Twitter, and other social media channels, according to an article in Business 2 Community.

treading carefully Treading Carefully with Social AnalyticsMonitoring customer sentiment on social channels can also help alert company executives to a brewing problem.

One of the more infamous examples involves Nestle. In 2010, the environmental watchdog group Greenpeace launched a social media attack against Nestle’s Kit Kat brand.

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01/07
2013

Data Analysis, Data Discovery Can Help ID, Attract Eager Customers

Some companies such as Velvet Palate, a web-based seller of hand-crafted wines, are using web and social analytics tools to customize offers for existing customers and prospects.

Customer Magnet 4 300x199 Data Analysis, Data Discovery Can Help ID, Attract Eager CustomersVelvet Palate uses data analysis to identify the websites that customers come from before visiting its website as well as the types of products they click on and abandon while on these sites, according to a recent New York Times article.

The company uses these insights to improve its offers and cater to customers’ tastes. This includes creating different offers for different types of customers, including regular customers; consumers who have purchased once but haven’t returned; and shoppers who have visited the company’s website but haven’t yet made any purchases.

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12/20
2012

Content is King: Using Data Discovery to Win the Crown

You know the old adage: content is king. This has never been truer than it is today.

Growing legions of marketers are focusing on developing effective content strategies via mobile and traditional online channels to increase customer and prospect engagement to drive higher conversion rates.

contentKING banner Content is King: Using Data Discovery to Win the CrownTo succeed, marketers “must increasingly think like publishers as they compete for consumers’ attention in today’s digital world,” Jabeen Yusuf points out in a recent Forbes article.

On the flip side, editors must also think like marketers in terms of using SEO and keywords in headlines to help make content easy to find, deliver the right content to the right audience, and help pump up page views.

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12/12
2012

Predictive Analytics to Listen for Customer ‘Signals’

In today’s competitive retail environment, companies must learn to “listen” and interpret the signals that their customers are giving them about their products and services or face being bested by a competitor who is monitoring customer feedback.

buying signals 300x225 Predictive Analytics to Listen for Customer SignalsThat’s according to a Harvard Business Review blog post that suggests that companies add more “signals” to their predictive analytics and data analysis efforts to better predict what products and services will resonate best with customers.

For example, signals may be how a customer pays for a transaction, the time of day she makes her purchase or if she buys more than one item.

“These are known as signals, because they may help predict some future target variable,” according to the HBR article. “It might be, for example, what else you might want to purchase, given a current purchase.”

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12/11
2012

Data Analysis Versus ‘Showrooming’

This holiday season Walmart is offering consumers a mobile app that lets them access information about inventory when they walk into a Walmart store. Customers can then seamlessly flip between product data in the physical store and product data in the online store.

AR 120729153.jpgq100maxh300 Data Analysis Versus ShowroomingBy its own admission, this is a big part of the big-box behemoth’s strategy to embrace showrooming, the growing trend of consumers visiting physical stores to check out merchandise and then using their smartphones to compare prices of the same product elsewhere.

The app is part of the company’s “blended channel” approach, Gibu Thomas, Walmart’s senior vice president of mobile and digital, tells Wired. Mobile is becoming a key part of how the store interacts with customers.

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