Innovation for Multi-Outlet Retail Chains
In the age of social sharing, businesses are awash with more data than they once dreamed possible. This gives birth to the need for hyper-personalization, where campaigns are focused on data related to consumers’ behavior, rather than just their demographic and psychographic data. Those who continue to drive decisions through intuition or rudimentary data-driven approach are expected to fall behind the revenue curve.
One of the ways to edge past competition and do better is to use Alternative Data. The data from non-traditional sources such as customer profiles, location, satellite imageries, social media, transactions, etc., could assist the businesses to make data-driven business decisions. In the post-COVID world, businesses need to adopt innovative ways to grow in the “new normal”.
These third-party data have proven invaluable in recent years with successful implementation. A Bain & Company Survey reports that companies using data well are twice as likely to be in the top quartile of financial performance within their industries. The global alternative data market itself stands at $1.7 billion in 2020 and is expected to grow at a compound annual growth rate of 40.1% from 2020 to 2027 to reach $17.4 billion. The graph below shows the growing adaptation and trustworthiness in the third-party data.
These are very good signs for the offline retail industry in India, given the expected growth of retail, pent-up demand and growing population. Businesses can depend on these third-party data to recover from this tough phase globally.
To get the on-ground pulse, unMazer.ai team conducted 90 interviews of outlet chain corporate/owners. Some of the common issues and wishlist that came up in our interviews were:
- Use of technology to identify the best place for expansion.
- Data-driven interventions to increase store-level revenue and performance.
- Deep understanding of customers’ behaviors and needs.
- Competition benchmarking and performance
- Performance-driven hyper-targeting of sales and marketing.
Solutions
The majority of the above-mentioned list could be addressed using Alternative Data. unMazer.ai helps businesses bypass these issues and provide meaningful signals from all the noise.
- Optimal Location Identification
- Capture Insights Across Locations
- Enrich Footfall
- Identify Trends and Customer Preferences
- Understand Your Competitors
Value Proposition
Retailers can create better, more rewarding experiences for customers by adopting our product. Using unique information that we are able to provide, retailers can meet their customers where they know the customers will be receptive to their decisions. Some of the impacts that we promise to our clients are around customer engagement, offline-online advertising, consumer behavior/preferences, etc.
To know more, you could access the retail innovation primer that we have put together.
For businesses, these are times of exponential change. Customers connected by smartphones, high-speed mobile networks and social media platforms are forcing them to engage and react in real-time. The explosion of data means that new technology has to be acquired to integrate multiple data sets and derive insights from them. Having the ability to understand the useful signals from the trove of data is a major advantage that can make a huge difference in today’s hyper-competitive landscape and helps leaders make well-informed decisions and strategize for the future.
This is where unMazer.ai comes into the picture. We are a SaaS-based data intelligence platform that enables key decisions for businesses. Our AI technology provides businesses with the most comprehensive and economical insights from multiple sources such as social media, news/articles, locations, transactions and private proprietary data which are anonymized and meet high privacy standards.
Access the full report here. To know more, please visit unmazer.ai or write to us at sales@unmazer.ai or leave a comment.
