A form of advanced data analytics, Predictive Analytics makes predictions about future retail outcomes & performances by extrapolating historical data. It uses machine learning and statistical data interpretation to recognize purchase patterns and potential sales. FMCG companies deploy predictive analytics to recognize patterns and foretell risks and opportunities.
The entirety of Predictive Analytics is based on data. Data that is relevant, clean, segmented, and accurate. While the use of predictive analytics in the retail industry can score a home run but establishing an efficient predictive analytics model might feel like a catch-22.
The contemporary FMCG space is inundated with data spread across various formats. Predictive Analytics bets on the purity of data, an impurity of which leads to grave consequences. Below are the biggest hurdles that jam the road to accurate predictive analytics.
Improve visibility into the end-to-end operations of the retail supply chain and make better decisions.
AI-based sales recommendation engines are driven by predictive analytics. With smart historical data interpretation, anticipate customers’ wants and needs.
Make optimum use of the resources in hand with precise prognosis, predictive analytics, and quality assurance and support.
With accurate predictive analytics, you get a rearview mirror that reflects business risks lurking in the sideline, that might have been missed otherwise.
Get visibility in front of the right set of audiences and enhance conversion rates by tapping into the power of predictive analytics for retail.
Predictive analytics help FMCG businesses craft an optimal pricing model by reading various facets affecting sales. This includes the supply-to-demand ratio, competitor pricing, response to discounts, etc.
Predictive analytics help you prevent churn and increase retention by reading how customers perceive the products, thereby, providing a cheat code on areas to improvise to better the customer experience.
Foresee your business’s revenue generation by leveraging the understanding of past & present sales to make an informed and educated prediction.
84% of business leaders believe that Artificial Intelligence will give them a competitive edge in the future.
75% of business leaders advocate that AI will help them make better decisions.
64% believe that it would be critical to the overall efficacy and productivity of the organization.
A comprehensive visual intelligence platform for the most accurate, real-time in-store execution insights.
Capturing of high quality in-store images by on-field merchandisers.
Accurately identifies SKUs and display promotions from the images captured from every store.
Critical and actionable execution insights are made available on the InfiViz Dashboard and shared using trackers directly into stakeholder inbox.
Execution insights and targeted action plans are available to on-field merchandisers within 60 seconds.