There was a time when my mother used to go to the grocery for her regular household items and I used to go to tailor for my best Christmas attire or carpenter for my cabinet.
But since last few years, things have changed drastically for the retail outlets around us. Tons and tons of retail outlets are mushrooming generating hundreds of choice even for a 10-year-old. You will now be surprised to find your kid using your handheld device to track his favorite toy car in the retail. And this credit goes to none but Internet Technologies.
With the boon of the retail technology, the prime focus of any retailer – giant, medium or even the one at the nest door is 100% Customer Satisfaction. And to earn this, a predictive Analytics is a must that helps …show more content…
Dynamic Pricing Model
As we know that every item on the market has a life time. The items that are perishable, this lifetime is an issue to be considered, for which sales strategies and infustrusture are being set up.
These are some cases when the retailers set up the dynamic pricing model that are used for controlling dynamic pricing. This is applicable for the products that are closed to the expiry date and definetly are not under "hot-selling" tagline. This also pocket the products that are trending for few months and will soon get expeired. (products that are weather dependent or event dependent etc.) However this gets the name of the dynamic pricing also due to its price rise in certain seasons or festivals or some events.
Customer Loyalty Cards – RFID based
Now with the increased customer satisfaction level more than 70 percent of the stores introduced Customer Loyalty Cards or Benefit Cards which are sonlely based on the predictive analysis and hence comes with several offers and discounts that increases the purchasing power of the shoppers and underpin them to shop happily more and more. This in turn rise the conversion rate, increasing the revenue of the …show more content…
The buying pattern fixed by the customer makes them buy more turning them into the loyal customer and in turn increasing their
But since last few years, things have changed drastically for the retail outlets around us. Tons and tons of retail outlets are mushrooming generating hundreds of choice even for a 10-year-old. You will now be surprised to find your kid using your handheld device to track his favorite toy car in the retail. And this credit goes to none but Internet Technologies.
With the boon of the retail technology, the prime focus of any retailer – giant, medium or even the one at the nest door is 100% Customer Satisfaction. And to earn this, a predictive Analytics is a must that helps …show more content…
Dynamic Pricing Model
As we know that every item on the market has a life time. The items that are perishable, this lifetime is an issue to be considered, for which sales strategies and infustrusture are being set up.
These are some cases when the retailers set up the dynamic pricing model that are used for controlling dynamic pricing. This is applicable for the products that are closed to the expiry date and definetly are not under "hot-selling" tagline. This also pocket the products that are trending for few months and will soon get expeired. (products that are weather dependent or event dependent etc.) However this gets the name of the dynamic pricing also due to its price rise in certain seasons or festivals or some events.
Customer Loyalty Cards – RFID based
Now with the increased customer satisfaction level more than 70 percent of the stores introduced Customer Loyalty Cards or Benefit Cards which are sonlely based on the predictive analysis and hence comes with several offers and discounts that increases the purchasing power of the shoppers and underpin them to shop happily more and more. This in turn rise the conversion rate, increasing the revenue of the …show more content…
The buying pattern fixed by the customer makes them buy more turning them into the loyal customer and in turn increasing their