Retail banking
Retail banking is the aim is to deliver top-tier technologically driven facilities to a wide range of industry sectors, including biotechnology, hospital equipment companies, and pharmaceuticals. Assess, forecast, and analyze individual products as well as overall sales at a retail banking outlet. Purchase stock products that are popular with customers. Based on the results of analytics, plan the product promotion activities in retail banking. Our products and services In retail banking, we use business analytics that helps organizations to monitor, evaluate and create appropriate reports that drive business, optimize costs, and achieve maximum ROI. Also, We offer additional solutions to the retail sector that provides them with actionable insights enabling them to anticipate future trends and forecast potential outcomes.
In a nutshell, we initiate and carry out
Products Analytics
By implementing product analytics, we enable retailers to monitor fast-moving commodities, allowing them to replenish their stock as soon as they are depleted. With the help of analytics, we can also identify slow-moving products and prevent retailers from overstocking them.
Analytics for Retail banking
- We examine, evaluate and provide detailed store progress reports by utilizing key performance indicators like overall income, profit margins, total sales, and many others.
- We incorporate sales data intending to analyze total sales and customer developments based on particular dates or occasions.
- The findings of such analyses are successfully used by retailers to improve their operations and overall efficiency.
Customer Intelligence
- To understand the behavior of customers and their preferences, we use enhanced analytic techniques.
- This allows us to create strategic reports for recognizing the types of products & the number of products purchased by clients, their brand preferences, and the impact of cost on their purchasing patterns.
- This type of analysis helps retailers to plan their promotions tactically, segregate customers and gain new clients while retaining the existing ones.
Targeting, segmentation, and positioning
Most marketers/businesses find it difficult to segment the market into distinct types of customers based on the client’s basic demographics, socio-economic factors, geographical region, and commodity-related behavioral characteristics such as payment, consumer behavior, and attitudes.
- Marketing Metrics-Segmentation and Sizing
- Product/customer classification & profile
- Prospecting
- RFM evaluation
- Purchase probability analysis
- Analysis of cross-sell/up-sell
- Modeling loyalty/customer lifetime value (CLTV)
- Offer enhancement
- Chum analysis/Modeling of retention
- Analyses of brand/customer justice
- Client satisfaction survey
- Modeling and optimization of the marketing mix
Measurement Instruments
- Brand Name Recognition Metrics
- The scale of product category involvement (PIS)
- Brand recognition, Memory, and Recall
Statistical Instruments Applied
- Conjoint Analysis [orthogonal array] and Principal Component Analysis were used to determine which product/service attributes are most crucial to the customer.
- Factorial Analysis of variance, One-Way Analysis of variance, and Hierarchical Analysis, SOBEL test.
- The Analytical Hierarchical Process (AHP) involves prioritizing all the possible criteria for examining IS outsourcing decisions.
- Analysis of Logistic Regression.
- Multiple regression analysis, neural nets, regression assessment, and discriminate analysis.
Retail Banking Analytics for Inventory
- Furthermore, we started detailed inventory evaluations to assist retailers in effectively managing their inventory.
- This is incredibly beneficial for retailers who need to track product sales and maintain a consistent supply.
Moreover, we analyze individual store personnel performance, which assists retailers in improving employee efficiency by providing specialized training to all or key personnel. Furthermore, we offer analytical assistance to evaluate the effectiveness of retailers’ advertising activities to grasp the impact of sales promotion on key business verticals.
