Business intelligence and analytics solution provider IRIS-TEG has announced the release of a ‘Customer Segmentation’ model. Based on sound fundamentals of statistical sciences and econometrics, the model allows retailers to better understand the customer’s buying behavior over a period of time and their changing habits.
Such insights allow retailers to deliver highly targeted messages and much higher ROI on their marketing efforts. The insights are also used by merchandisers and store managers to better manage their purchasing decisions and product assortment at the store level.
The model takes into consideration loyalty card data, customer transactions over a period of time, catchment area data and several other factors to arrive at a set of recommendations.
Arvind Nagpal, founder, IRIS-TEG, says, “Your customers leave enough footprints in your store and other touch points. The ability to follow their footprints to better align with their next buying decision gives retailers an advantage which can be leveraged to make a better connection with their customers.”
“We bring the power of analytics for one of the most challenging problems of retail – reading into consumers’ minds,” Nagpal adds.
The model can be used in a self-service mode after the initial setup.
– IndiaRetailing Bureau