IDEA and E-Tailers

Hi,

Traditional retail with the mannequins in the shop window are now making way for slick online retail shopping experiences - e-tailers.

The fast paced growth of smart-phones, plastic money and internet literacy has made way for a new generation of online shoppers.

E-tailers offer incredible shopping experiences with very competitive prices, discounts, loyalty schemes to the uber-cool internet savvy netizens.

IDEA can find innovative use in e-tailers. E-tailers can study their customer likes, dislikes, price points, preferred online shopping days/times and more.

Let us take a look at some of the features in IDEA which e-tailers can leverage to understand their customers better and compete on analytics.

 (a) Stratification - profiling online sales product wise, region wise, customer wise into price buckets can tell a lot into preferred price points for customers. Price parity can be determines for various products, regions, age groups, income levels and customers.

(b) Top Records Extraction / Bottom Records Extraction - extraction of your top buyers and micro buyers can help the e-tailers devise attractive loyalty schemes to woo the micro buyers and also incentivise the top buyers.

(c) Aging - reporting on last shopping dates of various registered customers to woo them over with discount schemes and special invites for product launch campaigns.

(d) Summarization - grouping of products customer wise to identify trends in customer product preferences. The e-tailers can then target new product launches to preferred customers and also determine optimum cross-selling products for their registered customers.

(e) Pivot Table - identify customers who frequently return their products after 'x' number of days. Contact such customers and understand their sentiments or grievances. Genuine returns can be segregated from casual buyers here.

(f) Correlation - time frame based correlation analysis between discounts offered and sales garnered product wise to identify laggard products where increasing discounts are not adding to improved sales. Such products can be delisted and taken off the site as the discounts are bleeding the e-tailer.

Kind Regards

Jairam