Retailers have a growing need to seamlessly transition consumers from national brands to generic ones, without compromising on trust and loyalty shown by the consumer. Retailers have started rethinking the customer experience— they realize the need for providing seamless, simpler, and faster brand engagement switch to help customers in making better pricing decisions on every purchase. With the number of private label product lines increasing, the role of analytics is vital in understanding the impact on customer behavior loyalty and retention analytics for retail.
The main challenge faced by the retail industry lies in spotting the right candidates for private labels amidst millions of products. Also, inherent time-to-market delays require predicting product performance ahead of time. When performed rightly, private label brands offer well-segmented assortments and higher profits. However, without the right strategy, retailers can quickly lose competitive relevance leading to excessive markdowns.
With the power of store analytics driven by customer journey, DecisionMinesTM helps retailers gain a competitive advantage and assists them in making better pricing decisions. Through informed decisions surfaced by customer analytics, DecisionMinesTM recommends the products that are best suited for private labeling by predicting their sales for the next few months. With data-driven product recommendations, we also help retailers depict the overall weekly performance of all products identified by the system.