The Rise of Customer Data Platform and What it Means to Businesses

Marketing executives have always looked for a 360-degree view of their customers. Today, the nature of customer data analytics and developing customer experience has evolved dramatically. Even if the data is collected and stored by enterprises, it is often maintained in discrete systems, across organizational silos.  

  

According to a new poll of 400 leaders, we are still in the early stages of customer data analytics. Marketers are still taking time to study and draw conclusions about the success of a marketing effort. So, it is not surprising that the Customer Data Platform is gathering impetus faster than any most marketing technology.

Benefits of a Customer Data Platform

CDPs serve as the center of customer experience efforts and brings together customer data from the various ways people interact with each other such as social media, email, advertising, Internet of Things (IoT), loyalty programs, and more. Such communications offer companies a better understanding of customer behavior and their likes/dislikes, tendencies, and motivations. 

With such an extensive understanding of customer behaviour, a customer data marketing platform with connected martech platforms can aid real-time delivery of experiences and message to customers across various channels. It also offers marketers the ability to target consumers and personalize their experiences to improve acquisition and conversion.

How can Customer Data Platforms Impact Businesses?

CDPs are quite promising for companies looking for high-quality engagements with customers. Here are some of the benefits of CDPs:

• Enhanced customer loyalty: 

With better comprehension of customer requirements and the ability to predict future demands, there is a higher likelihood that you will get repeat customers. According to a survey conducted by Forbes, 44% of businesses report that a customer data system helped drive ROI and customer loyalty. 

• Be better equipped to compete in the global market: 

A majority of executives who participated in the Forbes survey, expect that using consumer data in campaigns and decisions will lead to a change in the capacity to fulfil disruptive challenges. Also, 53% say the transparency offered through these platforms empower teams to respond quickly to changes in customer taste.

• Enhanced customer visibility: 

CDPs can help marketers attain a 360-degree perspective of customers. CDPs draw data from a vast array of resources that were inaccessible earlier. For instance, product usage data from IoT detectors could be combined with customer data to offer details on where products are performing the best.

• Opportunities to measure:

 Since CDPs take everything to a single location, it offers metrics over various marketing initiatives such as campaign results, website visits, customer journey analysis, and content performance.

• A happy relationship with partners and vendors: 

 Business’ ecosystems consisting of partners and vendors can also be the beneficiaries of robust CDP implementations. A poll conducted by Forbes found more targeted and better-quality interactions with sellers and partners because of CDPs.

CDPs are expected to play a major role in the evolution of data management systems. They are an important component of martech stack if you intend to do customer-centric and data-driven marketing campaigns across various channels.

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Manthan Solutions - The Way We Do Business

Manthan is at the forefront of providing prescriptive analytics applications powered by artificial intelligence for customer-facing businesses. With the disruptive power of such technologies, today we can focus on reimagining analytics as human intelligence never could. 

Algorithmic Merchandising Solution

For instance, one of the most popular Manthan Solutions is the Algorithmic Merchandising Solution for retail. This solution helps retailers drive best results by offering the freedom to generate insights and get advice on actions that need to be taken across different phases of the business. 

In 2019 it is expected that algorithmic retailing together with algorithmic merchandising will encompass the combined power of artificial intelligence and advanced analytics. With smart data discovery, machine learning algorithms, and deep learning technologies, the retail decision-making process and the retailer mindset will drastically change.

Sales Planning and Forecasting: 

The Algorithmic Merchandising Solution also estimates product demand at a micro level such as fabric, style, pattern, size, colour, fit levels that impact customers decisions. The solution considers an appropriate business context, chooses the right algorithm, considers variables like demographic data, events, trend data to anticipate demand and help make accurate planning decisions around assortment, clustering, purchasing and distribution during pre-season.

Users simulate other circumstances once they get recommendations. For example, if the machine recommends a discount of 15% on a product to attain a sales lift of 5%, the user can simulate sales lift that can be accomplished at other discount percentages.

Users have complete control to supersede recommendations or allow faster decision making via approval workflows. Users can get answers to questions through a conversational engine using text or voice commands.

Target One

With Target One, which is another Manthan solution that manages cross-channel campaigns, retailers can achieve more with an ideal marketing journey and mobile application marketing capabilities that power contextual and real-time customer interactions.

With enhancements to the journey marketers potentially can:

• Generate and respond to customer inactivity and composite cross-channel events.
• Design distinct journeys for predictive customer segments.
• Experiment with different timings, channel combinations, and responses in a journey with A/B testing.

Retailers try to form a relationship with customers by striving for a meaningful engagement. To add more value, retail marketers need a smart mechanism to gauge surface insights, customer intent, recommend actions and incessantly improve targeting. With the augmented features, Manthan’s marketing suite offers contextual intelligence for both customer event-based marketing and scheduled campaigns.

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Manthan Solutions

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Manthan Systems, Inc.

5201 Great America Parkway,

Suite 320

Santa Clara, CA 95054

t: +1 800 746 9370

e: usa.enquiries@manthan.com

Marketing Ideas and Strategies to Promote your Grocery Store

Most people residing in small towns and cities rely on grocery stores for household items and food. Whether you are setting up your own shop or managing a store for decades, obtaining new customers is always important to sustain a grocery store business. Today, technology is also making an impact on nearly every function of running a business including promotions. For instance, through grocery store analytics, store owners get insights on how to go about promoting their stores. The good news is that there are enough ways to promote your business.

Before choosing a promotional strategy, it is important that you define your Key Performance Indicators, for instance, your goals, your current baseline, and the kind of growth that you are looking for. Once you have laid out these foundational pieces you can start adopting a marketing strategy. 

Here is a list of some must-try grocery marketing strategies for store owners:

Leverage Social Media

If you wish to promote your store online, you must leverage the power of social media. The three most consumer-centric platforms today are Pinterest, Instagram, Facebook, and Twitter. To make your brand more visible, you can run ads on these platforms as they have robust targeting capabilities that let you target your specific audience.

On Instagram, which has more than 800 million active users, building a clear brand aesthetic will help you attract eyeballs and people will get a good idea of what your brand is and what it represents.

Offer Delivery Service

Today many people think of grocery shopping as a nuisance and are opting to go online as they get it all delivered to their home. So, to survive in this dynamic space, you must offer customers the option of delivery. This will not only be a convenient option but also one where customers will gladly pay extra for the delivery.

Strengthen Your Email Marketing

Email marketing is one of the most effective strategies for grocery store owners. To get new customers, you can segment your subscribers into various lists and send them targeted campaigns with first-time purchase offers or freebies. You can also send valuable and engaging content without being too salesy. This will help build trust and position your brand as an authority. Finally, make sure that your email marketing strategy is a mix of promotional and engaging content.

Digitize Coupons

People still love great promotional deals, even if they have stopped going through newspaper inserts. Grocery stores can digitize coupons that can easily be found and retrieved with just a swipe on a mobile device. Digital coupons offer people the incentive to shop for their groceries at a store. 

Organize In-Store Events

To get more footfalls, organize events such as a cooking demo or a grouping of samples that coincide with an approaching holiday. When you draw more people into your store, you will also be able to capture unintended sales. If you have limited space in-store, you can partner with a local event space and get double the exposure in promotions.

Getting new customers can be challenging for small grocery store owners, but with the above grocery store marketing tactics you will be able to figure out what works well for your brand.

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Manthan Systems, Inc.

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Retail Analytics - Manthan Solutions

Retail Analytics - Manthan Solutions

Retail analytics is the way toward giving
expository information on stock dimensions, production network development,
purchaser request, deals, and so on that are pivotal for making promoting, and
acquirement decisions. Manthan - Retail analytics centres around giving
experiences identified with deals, stock, clients, and other significant
viewpoints vital for traders' basic leadership process.

Customer Analytics for Restaurants

Customer Analytics for Restaurants

Manthan Maya - World’s first AI powered conversational agent

AI Powered Analytics Solutions

Customer Analytics for Restaurants | Manthan

Enhancing the Revenue of Your Restaurant with Mobile App Marketing

For any restaurant, customer satisfaction is as important as marketing and branding. Today, diners across the world are very smart and they will think carefully before even sparing a penny. They will visit an eatery only after they go through their website online and compare it with other restaurants. Today they are coming up with their own mobile applications to attract customers. They can look out for any restaurant and the services they offer, go through their menu, order the food before leaving home and book a table through the application.

Mobile App Marketing

Here are some ways by which you can enhance the revenue of your restaurant through mobile app marketing:

1. Be creative with your food menu: In almost every food app, you will find the food menu to be categorized based on the type of cuisine. However, if you wish to go overboard, you can create a drop-down menu or scroll through. By highlighting the food images, your customers will get to know what they are ordering. You should also add a feature that lets your customer customize their orders, with the choice of toppings and add-ons.
2. Easily locate a restaurant: With a mobile app, customers can easily track the location of your restaurant. This will attract more customers. They are also urging the mobile app developers to integrate Google maps and GPS into the restaurant applications.
3. Have an active social media presence: Marketing agencies can help you get more traffic and leads, but it is better to do something that you can do on your own. With an active social media presence, you will be able to connect with local chefs and food bloggers and ask them to share their experiences. So, it is critical to integrate your social media with your app. Such steps will help you engage your audience and there are high chances to convert these leads.
4. Enhance customer engagement through referrals: Another way to increase customer engagement is by giving them reward points with every referral. Almost all restaurant apps provide such incentives, especially to the first-time visitor and it is a sure shot way to boost customer retention.
5. Introduce push notifications: Whether you choose to have personalized notifications or location-based notifications, push notifications are quite effective if you wish to engage customers. You can make use of your restaurant analytics to figure out user preferences and tailor your notifications accordingly.

1. Develop a brand identity for your restaurant: One of the effective revenue strategies for a restaurant app is its brand identity. Today, it is imperative for every restaurant to have a mobile app developed. The level of competition is growing and so, it is crucial to have a great visual appeal about the online presence to stand out from the rest.

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With the introduction of advanced analytics in the restaurant industry, the customer is having the best experience. Manthan is offering a comprehensive AI-powered solution that caters to the needs of restaurant chains in the form of customer analytics for personalization, targeting, and marketing, operational analytics for the day-to-day management and demand analytics to identify opportunities.

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Manthan Solutions

Contact us

Manthan Systems, Inc.

5201 Great America Parkway,

Suite 320

Santa Clara, CA 95054

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e: usa.enquiries@manthan.com

Artificial Intelligence - Manthan Solutions

Looking at the Future Through Predictive Analytics Techniques

Predictive analytics is a type of data analytics technique that makes predictions about events in the future based on historical data and methods such as machine learning and statistical modeling. Often, companies use historical data to build a mathematical model that captures significant trends. This model is subsequently used on current data to forecast what will happen next.

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Predictive analytics can produce future insights with a substantial degree of precision. With predictive analytics tools, any business can use past and current data to consistently forecast behaviors and trends, days, or years into the future.

Benefits of Predictive Analytics

Predictive analytics does not change the motives of people who wish to know what may happen tomorrow, next month or next year, it makes looking into the future more reliable than tools available earlier.

Here is a list of benefits of predictive analytics:

• Offers the power to stop any criminal behavior: With predictive analytics, companies can study user behaviors and actions and spot abnormal activities ranging from corporate spying to cyberattacks to credit card fraud.

• Offers companies more visibility among their customers: By optimizing their marketing campaigns using predictive analytics, companies can generate new customer purchases and encourage cross-sell prospects. With predictive models, companies can attract, hold and nurture their valued customers.

• Offers an opportunity to save money: With the introduction of predictive analytics in retail, companies can estimate inventory requirements, configure store layouts and handle shipping schedules to enhance sales. Airlines use it to fix ticket prices based on past travel trends. The hospitality industry can predict the number of guests who might visit on any given day and take steps to increase revenue and occupancy.

Challenges Associated with Implementing Predictive Analytics

All company executives want faster, smarter decisions, but there is some effort needed to balance data, technology, and people when it comes to changing a business to a predictive analytics model. Executing this technology entails an ideological shift, staff training, and capital investment.

Here are some major challenges that companies face today when implementing AI-driven predictive analytics:

• Recruiting and training people for the right skills: Predictive analytics technology is quite complex, but the knowledge within the industry is not up to the standards. In fact, about 77% of the companies say that the biggest obstacle to successful digital transformation is the lack of skills among people.

• Data quality: Data is the chief inhibitor of extensive adoption of predictive analytics in companies. The most advanced technologies in the world can only use the data we provide. Therefore, it is important that companies are aware of the pitfalls and know how to evade them. More data often means better results from predictive analytics, but it needs to be the right data to solve the problem you wish to solve.
• Data Management: Each company has a source of third-party data and proprietary at their fingertips. Cloud-based solutions that store data remotely in large numbers is an answer to the question of where data should be kept. AI predictive models assess the historical data presented to them and, should a company notice that inaccurate data was fed into their predictive analytics platform, any conclusions reached will be ruled invalid.

Companies that have implemented predictive analytics techniques successfully see prescriptive analytics as the next step. Prescriptive analytics tells how companies must react in the best possible way given the prediction. Manthan offers ways to align different forms of analytics to generate prospects for businesses.

Visit website……………

Manthan Solutions

Contact us

Manthan Systems, Inc.

5201 Great America Parkway,

Suite 320

Santa Clara, CA 95054

t: +1 800 746 9370

e: usa.enquiries@manthan.com

Automation and Merchandising Analytics Transforming Retail Merchandising

Retail merchandising is the procedure that guides retail stores sell their items. On the off chance that you wish to make this procedure fruitful, you should pick items that will draw in clients, while advancing and evaluating them in manners that will help deals. In any case, since the soaring of internet business sites, physical stores are attempting to use the one of a kind advantages of out-dated, face to face shopping through examination.

With the coordination of examination and other advanced arrangements, merchandising in retail is continually developing. Be that as it may, traders need to accomplish more to satisfy client needs. Against this setting, merchandising is ending up at a basic articulation point the same number of are attempting to meet client desires.

What is the Role of Automation in Retail Merchandising?

A portion of the centre merchandising duties at driving retailers can be completely computerized. The time spent making manual reports can be balanced through mechanized prescient examination. Undertakings, for example, sourcing and arrangements will require a human touch, however they can be enough bolstered with institutionalized instruments upheld by bits of knowledge dependent on outer and inside information focuses and ongoing examination to settle on better choices.

The Impact of Merchandising Analytics on Retail Merchandising?

With merchandising investigation, retailers will almost certainly settle on educated choices, at strategic and vital dimensions. The arrangements offered by worldwide examination firms help retailers improve customer facing facade format and product grouping, upgrade advancements and markdowns, track new item execution, and improve edges. You will get appropriate data to improve store execution and set up a key arrangement.

For what reason Should Merchandising Companies Adopt a Customer-cantered Approach?

To connect with clients crosswise over different configurations, it is essential to receive a brought together, omnichannel, and client driven methodology. Today customers are not adhering to a solitary channel, therefore, retailers need to discover approaches to ensure distinctive specialty units and capacities cooperate towards a progressively brought together client experience.

Clients today expect consistency crosswise over channels yet acknowledge variety when there is a support.

Why is it Important to Integrate Analytics to Restaurant Management?

Today, restaurant data comes in from various sources. They often struggle to identify issues that will have a major impact on their food chains. Additionally, many individual restaurants that are part of countrywide chains, often end up being managed as standalone entities. As a result, it has become inevitable for restaurants to pre-empt what consumers will purchase, know their likings, predict what will work to run a restaurant effectively and this is where a wide-ranging restaurant analytics platform helps.

There are various predictive modeling tools and restaurant data analytics techniques that can help restaurant managers recognize key trends and sales opportunities to stay ahead of the competition. The whole process of restaurant analytics can be broken down into the following steps:

• Defining the objectives: The first step involves listing out the key problems for your business and finalizing the objectives for a given timeframe.
• Defining the metrics: In the second step, you will have to define the metrics that you will need to track the response you are getting for your restaurant. Some of the metrics include Staff Turnover Rate, Average Customer Wait Time, Channel ROI, and Social Engagement.
• Data collection: Data gets collected when orders are placed by customers when they share reviews on different platforms after purchase, feedback, and comments on social media, and more.
• Metric evaluation: After you have a set of well-defined objectives and a good stream of data from different platforms, you will be able to track your performance consistently. This will in turn help in studying trends and making decisions accordingly.

Here is a list of some of the major advantages of integrating analytics to restaurant management:

• It drives and controls position and visibility across all major regional restaurants.
• Restaurant managers will be able to plan and control promotions and sales campaigns in a more effective way.
• Generate actionable reports that identify problems within the restaurant service or chain.
• Restaurant analytics offers the planning and analysis needed to get total control of composite restaurant networks.
• Enhance operations by evaluating seating efficiencies and guest traffic.
• Simulate the influence of restaurant profitability and price changes.
• Reduce waste by predicting product usage.
• Augment suppliers’ relationships by issuing demand forecasts down to material level.
• Generate standardized records to benchmark specific restaurant/location performance against others and assess the global network.
• Recognize missed-revenue daily to check and subsequently protect the health of each restaurant.

Once a good stream of incoming data and metrics are in place, you will be able to start using this data for strategic purposes. The decisions you make will now be backed by solid insights and a strong analytics platform. The insights that restaurant analytics offers, support considerable sales growth without augmented advertising cost. Manthan offers newer ways to align analytics and customer to generate prospects for businesses.

AI-Driven Grocery Data Analytics

The grocery business is among the various retail categories that handle large volumes and require an efficient way to manage and track items across different categories. With Predictive Analytics that forecast trends based on looking at past and present-day data, grocery stores are getting an upper hand over the competition.

However, with many non-grocery players such as Amazon entering the grocery sector, it has become inevitable for the retail sector to adopt data-driven innovations such as AI-driven grocery store marketing tactics and grocery store analytics to stay on top of the competition. They can do so by leveraging their hard-earned data and gather insights from shopping preferences and consumer behavior.

What is the Artificial Intelligence (AI) Driven Approach?

With the AI-driven approach, all the available data will be processed and evaluated, and a decision will be made based on the connections between every single product that sheds light on aspects such as promotional and price elasticities.

For many, AI solutions will make the difference by discovering the best solutions to complex situations that need analyzing huge data sets. With the cost of AI technologies coming down and with rising computing capacity, grocers can make the most of the latest best practices when it comes to pricing, forecasting, and promotion.

Here is a list of business segments where AI-based analytics and predictive analytics can be used to help grocery store chains increase profitability:

Shopper Targeting

Customers are central to shopping and over time they form a pattern with granular data such as customer demographics. This can subsequently be utilised to the grocer’s advantage, for instance, to produce customized offers targeted explicitly at specific shoppers.

Pricing

Pricing has often been used as a tool to pull in customers. Predictive analytics can help retailers get answers to critical questions such as:

·         What is the right price point to enhance sales?

·         How would the sales increase with competitive pricing?

·         How frequently to introduce price-based promotional deals?

Many experts are certain that the use of Predictive Analytics starts showing results in just six months thus helping grocers make revenue gains.

AI analytics on the other hand can be used to sense buyer intent. Here is a list of sources of intent:

·         A favourite source of the intent signal is from knowing what a customer has searched for online. For instance, if a person has searched for gym shoes, there’s a good chance he/she is going to buy.

·         Other sources of buyer intent include what a customer is currently reading. For example, when someone starts reading about specific food brands, he/she is almost ready to purchase.

·         Lastly, the type of ads that individuals are clicking on can tell you what they are looking for.

The insights that AI offers, support substantial sales growth without amplified advertising cost. In the high-volume, low-margin grocery industry, it can prove to be very impactful. Manthan, offers newer ways to seamlessly align technology and customer to create opportunities for customer-obsessed businesses.

5 Reasons Why The Retail Industry Needs Merchandise Analytics

Retailers today are operating in an exceedingly competitive atmosphere. Apart from their brick-and-mortar rivals, they are also facing tough competition from ecommerce ventures that tech-savvy customers seem to prefer these days. The main challenge before them is meeting the exacting standards of their new-age customers while generating a healthy profit. With so many players in the market, achieving this is not a breeze. However, by utilizing the insights provided by merchandising analytics tools, retail establishments can devise various strategies to drive sales.

Here’s how merchandising analytics helps the retail industry : 

1. Analyzes Customer Behavior

 In order to cater to their customers’ needs, retailers must first find out what they want. Merchandising analytics tools collect and analyze customer data to provide insights into their behavior. They help retailers identify who are their loyal customers, what are their preferences, what motivates them to buy a particular product, and how and what is the best way to reach out to them. Equipped with these insights, retailers can create customer engagement plans like personalized promotions and special offers in certain categories, etc., to attract customers. 


2. Provides Demand Prediction

 Predictive merchandising analytics tools look into the different factors that influence the buying decision of customers like the latest trends, social media reviews, and weather etc., to provide a demand forecast of various items. This helps in optimizing inventory management. Based on these predictions, retailers could stock their inventory with those products that have the best chance of flying off the shelves, plan a store layout that highlights the in-demand products, and create targeted promotion campaigns to draw customers to their stores. 

3. Helps In Price Optimization

The pricing of products is directly related to the success of any business. Merchandising analytics can help retailers fix the right price for their goods by analyzing different factors such as demand, inventory levels, and competitor’s pricing, and the like. It is particularly helpful in determining the mark-down price of products during seasonal and flash sales. 

4. Tracks Product Performance

 By using data analytics tools, retailers can discover which products are selling fast and which are not performing well. This helps them in planning their inventory better and create strategies to boost the sale of under-performing products. Such insights also help in deciding which products should be offered at a discounted price during clearance sales.  5. Enables Faster Decision Making Retailers constantly need to think on their feet and take quick yet effective decisions to stay ahead of the game. By providing accurate information on customer preferences and market trends, retail analytics tools help them take prompt decisions regarding tracking, stocking, and restocking their products and crafting strategies to attract customers regularly. 

Retail Merchandising Analytics  are changing the way retailers do business. Global retail giants like Walmart are already using these tools to curb competition and accelerate growth. Do you also want to give your retail business a boost? Manthan, a leading merchandising analytics solutions provider, could help you achieve your goals. Visit their website for more information.