There is a growing need among lot of our retail clients (and their customers) to improve business outcomes such as
Drivers for this include:
- Increase cross and up-sell of products and services
- Determine right “Next Best Offer” to right person and optimize marketing spend
- Promotion programs (what items to promote or not, with what other items)
- Improve loyalty and retention by increasing the “stickiness” of the customer
- Product placement (both in brick-and-mortar stores, as well as online)
- Product bundling (e.g. McDonald’s Happy Meal)
- Optimize supply chain (new item, not-so-selling items to determine bundling etc.)
Drivers for this include:
- Increased competitive pressures
- Need for Market differentiation
- Need for tighter coupling between strategic objectives and the outcomes achieved