Quantzig, a leading analytics and advisory firm that delivers customized market analytics solutions, has analyzed the retail industry challenges for 2019 and released a portfolio of solutions to address them effectively.
With the rising value of the retail industry, competition in the retail sector has increased substantially in the developed economies of Europe and North America. The recent increase in consumer spending and online shopping are a few major factors driving the growth of this industry. However, the growing smartphone penetration and the Internet of Things (IoT) has impacted the retail industry. Even major companies such as Walmart Inc., The Kroger Co., Amazon.Com Inc., The Home Depot Inc., Costco Wholesale Corporation in the U.S. retail sector are constantly enhancing their strategies to reduce costs and increase efficiency in operations. This is increasing the pressure for other retail companies, especially when it comes to improving their services and business operations.
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Know how Quantzig’s marketing analytics engagement can help you address business challenges in the retail sector:
Marketing ROI holds the highest priority for any organization in the global market. The need for increased speed, granularity, and holistic business reporting has compelled companies to leverage market mix modeling techniques to enhance their commercial effectiveness. It broadens the scope of the analysis to include marketing, operations, and external factors and also improves the speed-to-insight. Moreover, marketing analytics solutions help companies to analyze offline and online impact from traditional, digital media, and sales and forecast the ROI for each channel and campaign. They also determine the future impact of a change in the marketing strategy and the impact of brand equity, consumer sentiment, and customer satisfaction on sales. The marketing analytics solutions offered by Quantzig includes channel and campaign ROI analysis, synergy analysis, halo analysis, ROI simulations, and budget optimization.
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Companies often overlook campaign analysis and optimization and rely on intuition to make decisions regarding marketing spend. However, this can cost companies a huge amount of money. They need to leverage best practices and tools to efficiently collect the necessary data and analyze marketing campaigns. This will aid them in making informed data-driven business decisions and provide short-term fixes for their marketing campaigns apart from maximizing the lifetime value of a customer over time. Campaign analytics services basically involve planning and budgeting marketing campaigns, evaluating campaign success, allocating marketing budgets, and reducing customer acquisition costs. However, experts Quantzig track recent developments and innovations in the market through secondary journals and reach out to key stakeholders to provide accurate solutions such as campaign performance and ROI and halo analysis.
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At present, when buyers come through various touchpoints, companies in the retail industry needs to be proactive to meet their expectations. They need to assess the value or ROI of the channels that connect them to their potential customers. Although, companies in the retail sector have started using attribution on some or all campaigns, they lack the expertise required to analyze the results effectively. They spend their valuable time and money on creating content or running ads without measuring the effectiveness of their campaigns. Therefore, it is advisable for companies to leverage marketing analytics solutions to identify digital marketing channels that drive the most conversions and measure the success of each channel to allocate budgets accordingly. The solutions offered by Quantzig help companies in doing so by providing different solutions such as last interaction attribution modeling, last non-direct click attribution modeling, last AdWords click attribution modeling, first interaction attribution modeling, linear attribution modeling, time decay attribution modeling, position-based attribution modeling, and much more.
“Companies without a comprehensive view of customers find it difficult to personalize services and deliver optimized experiences. They lag behind companies who leverage tools that gather data from all sources and deliver insights in real-time,” says Aviral Sinha, Marketing Head at Quantzig.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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