With a phenomenal change taking place in the dynamics of the retail industry, almost every leading Retail company realizes how indispensable effective data management and advanced analytics are for their dynamic industry. They are always searching for the means to effectively exploit the delicate and significant opportunities in this ever-growing union of Big Data and Technology, which once converted into conclusive insights, can empower every resource within their organization to make smarter, faster and even more accurate decisions.
In today’s digitized world, Retail companies are constantly facing escalating operational costs, rapidly growing competition, slow growth, declining profit-margins and tech-savvy shoppers. The key to their survival and maintaining sustainable operational costs continuously requires innovative strategies, perspective and perseverance.
The key issues that the Retail industry needs to deal with in today’s digital world, for developing a competitive-edge are:
- With the customers swiftly accepting digital technology, they have become a crucial-factor affecting Retail industry. With the amount of available data growing exponentially and the ever-increasing customer expectation to have even more data around products, data management has become a priority. Progressive Retail companies are starting to embrace PIM and MDM solutions to supplement or even migrate their legacy data repositories.
- Deriving critical and actionable customer insights from the rapidly growing data silos has become imperative. But nowadays, leading Retail companies are actively engaging in Predictive Analysis to understand customer behavior and underlying futuristic trends.
- Immaculate Inventory Management is the way to go for the Retail industry. Leading Retail companies are always looking out for ways to maximize their inventory and ensure that its’ accessible across all their sales-channels and customer touch-points.
- Technology is being taken to the next-level with the rapid and constant innovation in the Retail industry. However many of the Retail companies are late-adopters and their IT-teams are struggling hard to accept this challenge. If a Retail company has to survive in this cut-throat competitive market scenario, not only just data-driven insights but also cutting-edge technology will be a key-weapon in its armory.
We at Annik, provide solutions that focus on addressing the key-issues across the complete gamut of value-chain, varying from suppliers till customers, so that our clients can effectively compete in this challenging environment. We collaborate with world’s leading Retail companies to enable change through insights and technology. Our teams of experts are able to create actionable insights for the most-critical business issues in this space. We help companies attract, manage and retain profitable customers by applying a wide-range of Advanced Analytics offerings, efficiently tailored for each business need.
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It was good to receive reports within the timeline suggested by us. The team was very responsive. We were provided with local insights which helped us understand the unique data patterns seen in some countries
- Research Director, Luxury Products
Appreciate the extra help to ensure the best information. Please thank the Annik DP team for the efforts they put in to get this data back to me
- Head, Consumer Insights
Annik took care of our requirements which were pretty complex since each respondent had to evaluate all 13 product feature concepts. Also, recruiting users who regularly cook food in microwave ovens, is not so common
- Marketing Manager
It would be a pleasure to work again with Annik. Insights provided helped in portfolio planning for the next fiscal
- Marketing Manager