One of the most difficult problems facing modern consumer goods businesses is stocking brick and mortar operations effectively to maximize profitability. Inventory management is becoming increasingly important, and Neal Analytics can help. Our SmartStock methodology analyzes the external influences of a business to effectively explain demand patterns and allows managers to better understand the internal controls they have. Implementation of more effective inventory management forecasts can reduce inventory on hand and stockouts, which directly impact the bottom line.
One of the growing trends within online retail operations is the use of product recommendation engines. At a basic level, these take into account previous purchases and make customers similar offers. In more complex implementations, external data sources are integrated within a customer data platform layer to make more advanced, personalized recommendations based on previous browsing patterns or other personal data. Typically, product recommendation solutions can increase sales from a website by as much as 5%.
Many consumer goods companies are unaware of the direct impact that their promotions and merchandising activities have on sales. By using modern machine learning algorithms, companies can improve promotion plans, optimize sales, and increase profitability. Retail analytics can drive improved ROI for consumer goods companies.
Customer Churn & Loyalty Management
Effectively managing an established customer-base is the key to building profits in many consumer goods companies. Keeping a database of loyal customers and re-marketing to these customers allows companies to effectively engage their target markets. Implementing customer churn identification and management strategies can increase customer life- cycle by 20% and can add value to your business.