Today’s dynamic business environment requires that your enterprise reacts rapidly to the changing market demands. By utilizing the latest data mining techniques, you are able to extract previously unknown and potentially useful information from vast resources of data. EVIS can help you transform your data gathered in years into insightful valuable information—so you can make accurate forecasts, predict trends, and see patterns that help you make better, customer-based decisions.
Within the retail industry, the aquired data have skyrocketed. However, it has been hard to keep the same pace in analyzing data, so the ratio between useless data and useful data has worsened. By using advanced Data Mining algorithms, you can break this pattern, and enjoy the benefits of your accumulated knowledge. Typical areas where these algorithms could be applied are:
- Customer retention
- Buyer behavior
- Fraud detection
- Utilization in retail chains - can be increased by improving the retailer’s logistic decisions
- Retail inventory management: anticipating the customer demands for certain items will help you plan your inventory purchases so that sufficient stocks are on hand to accommodate sales volume without excessesBasket analysis - which items are being purchased together. This knowledge can improve stocking, store layout strategies, and promotion
- Sales forecasting - examining time-based patterns helps retailers make stocking decision
- Database marketing - developing profiles of customers with certain behaviors, for example, those who purchase designer labels clothing or those who attend sales. This information can be used to focus cost–effective promotions
- Merchandise planning and allocation – improving the merchandise planning and allocation of new by examining patterns in stores with similar demographic characteristics
But my Data Mining is already perfect!
If that's the case, congratulations, because you are one of the few that have reached that state. And it shouldn't be too hard for you to answer the following questions. But if you are scratching your head, it may be worthwile to give us a call.
For more information, please contact us.
- If a customer purchases an item today, when and if are they likely to purchase a complementary item?
- How can a business best analyze its Web site usage patterns (clickstream analysis)?
- How can an organization determine the success of a marketing campaign?
- Which promotions will work best?
- How is your organization doing compared to last year and with respect to your plan?
- Are you keeping your inventory levels in line with sales?
- How can you optimize your organization’s assortment selling in different regions of the country?
- Who are your top customers in the category or in a certain region?
- How can you identify top customers in terms of their likely future purchasing patterns?
- How are my catalog, internet, and physical store sales doing in comparison to each other? To plan?
- Can I understand my gross margin return on space?