Predictive analytics give retailers the deep market insights to foresee the future and make data-driven decisions. 

Right Product, Right Message, Right Person, Right Time

Imagine a customer receives an email advertising a sale on washing machines. “Just my luck” they think, “I’ve been wanting a new washing machine, and this is exactly the kind I was interested in.”  This is predictive analytics.

Let’s back up.

Now imagine a large home appliance retailer running a nationwide network of stores with a strong online presence, introducing high-margin, high-costs products multiple times per year. Using aggregated data and predictive methodology, they’ve identified which of their customers have the highest propensity to buy which product in the next 12 months. More than that, using the deep market insights they have gained, this home appliance retailer has been able to forecast which brands and features will have the highest traction in the market, and deployed a marketing strategy to deliver targeted email messages to target customers. 

Fueled by predictive analytics, these kinds of data-driven decisions help retailers:

  • Increased marketing productivity and efficiency through insight-driven precision marketing.
  • Improved customer retention/relationships.
  • Increased inventory turns on high-value goods through precise demand planning.
  • Increased sales and reduced discounting by capturing high-margin sales through localized, targeted marketing.
  • Increased business value and ROI from existing data and infrastructure.
  • Accelerated time to value and reduced risk/capital through cloud-based, pre-integrated analytics platforms.

 

Analytics in the Real World

Predictive Analytics solutions help retailers identify customer trends and market new products. They delight customers with thoughtful communication that connects with them. The key is harnessing the power if your data. When you have more data available to process, you will generate more accurate predictions. By collecting new data streams, you build a comprehensive view of the business, and a stronger starting point for the analytics journey.

Explore how predictive analytics from a Cloudera and Intel helped a French white goods company ingest and process large amounts of raw customer data to predict buying trends among those customers.

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