Quantzig is one of the world’s leading providers of advanced data analytics solutions with business units spread globally. Our advanced analytics solutions and domain expertise empower us to look for insights in complex, unstructured data sets from disparate sources. With the new digital economy creating significant disruptions and new opportunities, our global team of over 550+ analytics experts and data science professionals work with leading companies to help master digital transformation, drawing on our deep domain expertise and understanding of factors impacting business growth. Our merchandising analytics solutions have helped leading Fortune 500 companies to achieve better success rates by adopting the right technology and digital solutions to drive innovation and competitiveness. Request a FREE one-on-one platform demo to learn how merchandising analytics can help drive change in your business processes.
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Engagement Overview
The need to analyze product performance prompted a leading retail chain to evaluate the ways to improve its profit levels. As such, they wanted us to conduct an analysis of their merchandise assortment plan and determine which products to keep, add, and drop. Since the client had several retail outlets spread across North America, collecting, integrating, and analyzing all the data from different retail units proved to be challenging. By collaborating with Quantzig, they were looking to implement advanced analytics methodologies to drive process improvements using assortment planning and optimization.
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“With troves of structured and unstructured datasets now available at every interaction-point, there is a dire need to change retail strategies and leverage merchandising analytics-driven insights,” says a merchandising analytics expert from Quantzig.
The Challenge
The client’s challenges spanned four key areas, including-
- A decline in profits that prompted them to determine which items should be stocked, substituted, and removed to maximize sales
- Increase in competitive pressures and the growing need to increase market share
- To know more about the client’s challenges, visit: https://bit.ly/2YcfjKX
For an in-depth analysis of your business processes and the role of merchandising analytics in driving process improvements, request for more info.
Quantzig’s Approach
Quantzig adopted a comprehensive three-phased approach that revolved around developing and implementing the most effective assortment plan. The collaboration helped the retailer analyze their existing product performance by gathering and analyzing customer behavior and perception insights. We also provided insights to determine the impact of listing or delisting of items and analyze switching frequency and demand transfer probability. The solutions offered also empowered the client to-
- Develop a robust assortment plan and drive sales across categories
- Enhance their simulation capability for assortment scenarios and the impact of change
- Reduce wastage of unused SKUs and enhance customer satisfaction
- Improve return on investment and achieve a 7-10% increase in sales and a 10% increase in gross margin gains
Over the past 15 years, Quantzig has helped Fortune 500 companies solve some of the toughest business problems using a unique combination of design thinking frameworks, plug-and-play innovation accelerators, and an army of agile decision scientists. Want to know more? Contact us for a free pilot.
About Quantzig
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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