11Ants Retail Insights Cloud for Department Stores
Department Store growth powered by your loyalty and transaction data
DID MY PROMOTION WORK?
The most frustrating challenge about promotions at Department Stores is that there is generally only a vague idea as to whether a promotion was successful or not. What is missing is a true understanding, which is what 11Ants Retail Insights Cloud delivers. Now you can understand the drivers of the promotion. More units to existing customers? Attracting new customers? Increased purchase occasions? All of this delivered with crystal clear clarity, and instantly with the 11Ants Retail Insights Cloud Promotion Impact Module.
WHICH CATEGORIES ARE EACH OF MY CUSTOMERS ENGAGED WITH? WHERE ARE THE OPPORTUNITIES?
What would be really nice to know is for each customer the categories they are engaged with, and those that they are not, and the opportunity that exists to increase their spend in various categories. This is how we truly grow our existing customer base. This is made easy with 11Ants Retail Insights Cloud's Behavioural Segmentation Module.
WHEN ARE PRODUCTS/SPECIFIC CATEGORIES SELLING?
11Ants Retail Insights Cloud Busy Times Module unlocks true value out of your raw data. What happens when you learn that you sell most of you medicine Sunday afternoons, but the suppliers merchandising reps visit your stores on Monday mornings? You take this information work with your suppliers and make things better for the customer, the supplier and yourself as the retailer. That is how you make money out of data. This module can also be used for scheduling staff and better understanding when peak times.
HOW IS MY BUSINESS TRACKING AGAINST LAST WEEK? LAST YEAR?
One of the simplest, yet most powerful uses of analytics is to find out what is going well, so that you can give it more oxygen; and find out what is going badly so you can mitigate against it, or eliminate it. 11Ants Retail Insights Cloud's Category Drill Down Module and Territory Drill Down Module allow rapid and complete insight into what is up and what is down, and what the drivers for that growth or decline are, to be able to find this information.
HOW MUCH PRICE SENSITIVITY DOES PRODUCT X EXHIBIT?
Pricing is an incredibly difficult thing to get right, and is much better approached as a science than an art. Broadly we want to reflect the fact that some products are less price sensitive than others and reinvest the extra margin in those products we know consumers to be more price sensitive on. As an example let's say that we observe that windscreen wiper fluid has been selling in one cluster of stores at $8.00 and at $11.00 in another cluster of stores, and yet the basket penetration is identical in both clusters - this helps inform that this is a price in-sensitive product. 11Ants Retail Insights Cloud pricing sensitivity module provides a completely new dimension for the category manager determining how to price their product.
WHICH STORES ARE OVER AND UNDER ACHIEVING IN TERMS OF LOYALTY PROGRAM PARTICPATION?
A fundamental of a good loyalty program is store participation. 11Ants Retail Analytics Platform's Loyalty Participation Module allows a crystal clear understanding of who is doing poorly and who is doing well and infographics and tools to help show the under-performers what their peers are achieving and what is possible.
WHICH STORES HAVE A CUSTOMER RETENTION PROBLEM? AND WHAT IS THIS COSTING OUR BUSINESS?
Losing existing customers is the single biggest failing that we can have as a retailer. 11Ants Retail Insights Cloud's Customer Retention Module rapidly identify the stores which are losing more than their fair share of customers, what it is costing the company, and what it is in it for the store manager if she can improve upon this.
HOW DO I GROW MY CUSTOMER BASKETS WITH INTELLIGENT CROSS-SELL?
There are several components to successful cross-sell. It starts with identifying relationships between products (often referred to as market basket analytics) and then goes onto execution. 11Ants Retail Insights Cloud's Basket Contents Module answers the question What other products are found in the same basket as Product X? While the Customer Related Purchases Module goes one step further and looks at customers longitudinally over time to see what items they buy, not relying on them being purchased in the same transaction. Then when we get to execution the Cross-Sell Opportunity Module analyse exactly how many cross-sell opportunities are being missed by stores, compared to what their peers are able to achieve, and exactly what that is costing the business.
WHICH STORES HAVE NOT YET ACTIVATED MY PROMOTION?
It is pretty difficult for a category manager to be at every Department Store at the same time to see what is going on. A common problem in execution is that not every store activates a promotion. With 11Ants Retail Insights Cloud's Promotion Activation Module category managers can see exactly which stores have activated promotions and which haven't, without leaving their desks.
FIND ME A NEEDLE IN A HAYSTACK...WHAT ARE THE GROWTH OPPORTUNITIES IN EACH OF MY STORES?
Department Stores are likely to be under-trading or over-trading relative to their peers in some category or another. 11Ants Retail Insights Cloud's Growth Opportunity Module assists in identifying the stores where interventions would yield the most sales growth to the business, and within those stores the categories and departments to focus on.
WHICH CUSTOMERS SHOULD I TARGET FOR MY OFFER?
Sound easy, but it never is. The ability to identify customers based on interactions with specific categories or products is traditionally super complicated and usually requires analysts pulling SQL queries out of databases. Not any more with 11Ants Retail Insights Cloud's Micro-Segment and Campaign Builder Module an entry level marketing assistant is able to identify customers with pinpoint accuracy, rapidly. Or take it a step further and identify customers similar to existing category/brand/product shoppers (lookalikes) with 11Ants Retail Insights Cloud's Discover Similar Customers Module.