Companies in the retail industry are faced with the challenge of adapting to the rise of the digital era, personalized offerings, and eCommerce options. As omnichannel marketing and personalized products become preferred and more effective, customer churn is increasing for brick-and-mortar stores. Retail companies need to adopt digitization and personalization to mitigate the risk of losses and supply-demand mismatch. This has caused many retail companies to leverage market intelligence solutions. With over 16 years of experience, we offer customer intelligence solutions to retail companies that enable them to provide targeted marketing and personalized offerings, and help them enhance customer experiences. To learn how to overcome the challenges of digitization in the retail industry, request a free proposal.
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Market Intelligence Solutions for a Specialty Retail Industry Client (Graphic: Business Wire)
"Although the rising disposable income and changing lifestyle of consumers have boosted demand throughout the retail sector, small specialty retail stores are facing increasing competition from top specialty retailers, e-commerce and department stores," says an industry expert at Infiniti Research.
The client is a specialty retail store based out of the United States. As consumers increasingly moved to online shopping, they sought to adopt an omnichannel approach to reduce customer churn. The specialty retail client also wanted to understand the cause for customer churn, gain detailed insights into their customers, devise new marketing strategies, and revamp their supply chain structure before investing heavily in the new business model. The client approached Infiniti Research to leverage our expertise in offering market intelligence solutions. In a span of 6 weeks, the specialty retail industry client also sought to focus on product and service personalization and enhance the customer experience both in-store and on digital platforms.
Infiniti’s market intelligence experts developed a comprehensive approach to assist the specialty retail industry client. This three-phased approach included the following:
- A customer intelligence study to analyze target customers’ needs, preferences, and satisfaction
- A market scanning and monitoring analysis to identify factors affecting product demand, and to identify cost-effective tools to map the customer journey
- An inventory management solution to plan supply chain activities following forecasted product demand
For more comprehensive insights into our recent successful market intelligence engagement, read the complete article here.
By leveraging Infiniti’s market intelligence solutions, the client was able to identify the root causes for customer attrition and identify best practices to reduce customer churn. The specialty retail industry client was also able to revamp marketing strategies according to customers’ needs and preferences. Further, the client was able to revamp their supply chain model and reduce inventory costs. The client implemented dynamic pricing strategies, and prevent loss of market share to competitors. Additionally, the new business model enabled the client to increase sales by 39% within eight months.
For detailed insights into our market scanning and monitoring solutions for the specialty retail industry, speak to our industry experts.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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