Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home1/haradeep/articleside.com/configdb.php on line 8

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home1/haradeep/articleside.com/article.php on line 88
Significance of incorporating Advanced Analytics Techniques in Consumer Industry

Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Significance of incorporating Advanced Analytics Techniques in Consumer Industry

By Sandeep Agarwal Subscribe to RSS | January 7th 2012 | Views:
loading
 
  



In present world where every aspect of the business is so dynamic that you need to be Bang on Target to sustain in the industry. This verdict is very much true for the Consumer industry. Let me elaborate a bit on as to what is consumer industry. Consumer industry is part of secondary sector and it involves selling of products and services directly to the “CONSUMERS”. The most important word of the previous line is Consumers. As consumer industry is directly selling the product or service to end consumers, they need to be continuously evolving in terms of products or services. They need to keep up with the changing interests and habits of the consumers. Increasing competition, Consumer preferences, increasing number of product offerings, increasing number of players are few of the key aspects which make this industry dynamic thus constantly evolving with time.

In order to keep up with all the aspects, the consumer industry has significantly incorporated “Analytics” in their business decisions. Analytical techniques not only help the officials in understanding the past behaviour of customers but also help in predicting the future. Business officials needs to completely understand the key questions which are very much important to increase buzz, brand equity, brand loyalty and sales thus revenue. As they deal with transactional level the data size is huge as well as the number of parameters are also very high. The data has many features such as consumer information, purchase information, product information, time information, economic indicators etc. Each and every piece of data contains a huge amount of insights for the officials.

The officials requires analytical techniques to understand the changing preferences of customers, to understand the probability of a particular customer to buy a particular product, what products consumers tends to buy together, predicting sales for future periods so that you can plan supply, inventory and other aspects of business accordingly. Few of the analysis which is being used are churn analysis, forecasting using time series, causal effect, impact of advertising on sales, market mix modelling, market basket analysis, market campaign effectiveness using multivariate techniques, consumer segmentation using cluster analysis and other techniques. The stated techniques are just few of them which are being used in this industry but there are numerous amounts of analytic techniques which are being done.

These analytics techniques helps business officials to plan advertising expenditure evaluate campaign effectiveness; understand the marketing channels performance, pricing strategies, optimal pricing of the product, evaluating future sales thus adjusting decisions accordingly, and understanding seasonal impact on sales. Today analytics has become backbone of this industry, as almost all the major players have started incorporating analytics in business decisions significantly. These statistical analyses help significantly in better understanding the business and taking proper business decisions. These analytical techniques help to dive deeper into the data and pinpoint specific reasons to every business query.

Now officials have even started to understand the impact of placement of products on sales. They significantly understand it through the analytical techniques and incorporate the same in big outlets, malls etc. Here I will quote a case in which the officials have significantly increased sales by altering the placement of products. They have shifted the position of female undergarments and other accessories close to the food products which boosted the sales close to 3 times. The primary reason as stated was that data revealed that female’s frequency of visiting food and beverages section is very high as compared to the other one.

Sandeep Agarwal - About Author:
Meltdata Business Solutions is a result oriented, technology-driven full service Market Research and Marketing Solutions provider. Our specialized range of services comprise of extensive end-to-end data collection services, data processing, data analysis and reporting services.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/marketing-articles/significance-of-incorporating-advanced-analytics-techniques-in-consumer-industry.htm

Related Marketing Articles Subscribe to RSS

Digital Printing Brisbane – the services
Published by Ben Bradshaw on June 26th 2012 | Business
Digital printing involves conversion of images with the help of printers into different media types....
 
Are you in need of reliable Pest Control Luton services?
Published by on July 25th 2012 | Business
We understand that clients in need of pest control Luton are often constricted by time and this is w...
 
Different types of expert services Locksmith Atlanta presents
Published by Cheap Local Locksmith on November 30th 2011 | Business
Atlanta locksmiths round the clock, we're also listed here to support these folks gain to your home ...
 
Contact Auctioneers and Valuers for proven liquidation services
Published by Mary Porter on June 26th 2012 | Business
If you wanted to recuperate a few assets from a business that had sadly withered during a financial ...
 
Perfect Guidance of Florida PEO services to grow your organization
Published by Morgan002 on March 23rd 2012 | Business
Have ever thought of the criteria to take your business to high peaks? Some strategies which can mak...
 
Get Help from PEOs Avail the benefits of the services offered by PEO companies
Published by James Blee on May 16th 2012 | Business
It is not without reasons that more and more organizations are resorting to seek help of PEOs or Pro...
 
Cloud services for backup restoration
Published by Roger White on May 25th 2012 | Business
A fair number of organizations use traditional file recovery utility in combination with cloud servi...
 
Environmental Testing is just one of the services that Climate Services can offer you
Published by Julia Roger on January 6th 2012 | Business
From our premises at Glenrothes in Fife we are ideally placed to service customers throughout the no...
 
CHAS accreditation & CHAS services> Please base article around this
Published by Julia Roger on June 18th 2012 | Business
The HSE also have their own risk assessment and policy templates that you can download to either use...
 
Top Accounting and Auditing Firms with reliable services
Published by Auditingfirms Jca on December 1st 2011 | Business
JCA International is a reliable network of accounting, auditing and consulting firm. It is an Indepe...
 
Using London Airport Taxi services
Published by Mary Porter on June 28th 2012 | Business
Many London airport taxi companies will have a wide range of vehicles to accommodate varying numbers...
 
Experience Dedicated services of Personal injury attorney Nebraska
Published by Mchenry1 on March 21st 2012 | Business
In such busy life, if you experience any physical injury in some sort of mishappening like accident ...
 
Insight information on web development services
Published by Maya Gupta on June 12th 2012 | Business
In today’s modern world, it is extremely important to boast to online presence along with high ran...
 
Are you interested in using Engine Remapping services?
Published by Mary Porter on June 22nd 2012 | Business
Those with a passion for their car will want to make sure that they get the most out of their motor ...
 
Enjoy great services from best pool removal company
Published by Ashish Pandey on May 5th 2012 | Business
Getting the landscaping services from a reliable company is a must. You can hire the best profession...
 
How to avail good taxi services in Oakland for a better travelling experience
Published by Mithun on March 29th 2012 | Business
We are providing Airport Taxi Cabs, Yellow Airport Taxi Cabs, Limousine Services, Yellow Taxi Cabs, ...
 
The services provided by Essex Solicitors
Published by James Blee on July 19th 2012 | Business
Essex solicitors will provide a wide range of services and many offer their services to both individ...
 
Bookkeeping services What to expect from them
Published by Amitaabh Saboo on January 9th 2012 | Business
It’s vital for you to be familiar with what to be expecting from bookkeeper services ahead of appo...
 
The Ultimate websolution services by CITC.
Published by Anoopcitc on August 14th 2012 | Business
CITC is highly experienced India web designing & web Development Company with the proven record for ...
 
Moderation services - Website Moderator Responsibilities
Published by Darren Serio on March 2nd 2012 | Business
The Internet has broadened the business field of every business regardless of size. It is one of the...