Retail Evolution: From Raw Data to Strategic Insights

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Information about Retail Evolution: From Raw Data to Strategic Insights
Technology

Published on March 10, 2014

Author: wiprotechnologies

Source: slideshare.net

Retail Evolution: From Raw Data to Strategic Insights 1 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Agenda Introduction Analytics: Retailers’ Perspective Further Scope & Applications Wipro’s Expertise Conclusion 2 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Introduction: Inadequate Data Management 56.3 40 36.8 Retail and Consumer Goods Manufacturing 37.8 35.1 FinancialServices 21.9 13.3 15.8 Well-defined data management 12.5 Deep appreciation of data Data collected but usage suboptimal 8.7 8.8 8.3 Data severely underutilized 2.2 3.5 3.1 Data not prioritized % of respondents in each category EIU Survey : Organizations’ approach to Data Management  Very few (13.3%) retailers have comprehensive data policies  Their reports are packed with data but lack in strategic insights  Retailers use data to optimize shelf space and to design offers  Social media data not being capitalized to understand customers 3 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Analytics: Retailers’ Perspective What is the status of you predictive analytics solutions? Updating now 29.0% Will begin by end of year 25.8% No plans 22.6% Up-to-date tech in place Plan to update in 2012 16.1% 6.5%  Majority (77.4%) believes that analytics can improve margins, customer satisfaction and market share  Real-life examples:  Purchase patterns help tweak product placement  Lifetime profitability estimates help decide level of service  Need to shift from backward-looking (e.g., historical reporting) to a future-oriented perspective (e.g., predicting purchases) 4 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Further Scope & Applications Richer Customer Experience Enhanced Store Ops Analytics can help improve product recommendations, provide consistency across channels, etc. Use shrink analysis, demand sensing, etc., to manage inventory. Better coupon design and targeting can improve sales and profitability Improved Financials Accurate risk and profitability analysis can help boost margins Better Merchandize Planning Intuition based decisions can give way to analytics-led category assessment, product pricing, etc. 5 Optimized Spending Analytics in Retail Data driven forecasting reduces promotional spends and increases revenues Fine-tuned Supply Chain Network optimization, vendor analytics, shipping strategies, etc., can improve supply chain visibility. © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Wipro’s Expertise   We helped a retailer optimize assortment packs for apparels, reducing lost sales by 31% (~$14M per year)  Our analytical solutions show how coupon response rates can be bumped up by 12%  We delivered a 4% reduction in promotional spends during holidays  6 Wipro has helped clients improve workforce allocation accuracy by ~4% Our experience has shown that Bayesian forecasting can improve revenue by 2% © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Conclusion  Data proliferation  Data types, complexity and velocity have burgeoned  Better technology and competency  Cutting edge IT infrastructure and data scientists, sociologists and psychologists, have all gained prominence  An attitudinal change  Hardware and data are not sufficient to deliver strategic insights  Asking the rights questions, investing in the right people and right tools will take the retail industry forward 7 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

For more details please visit the link below: http://www.wipro.com/retail-big-data-revolution/docs/Wiproanalytics-leveraging-device-data-analytics.pdf 8 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

About Wipro Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology"; helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation and an organization wide commitment to sustainability; Wipro has over 140,000 employees and clients across 61 countries. For more information, please visit www.wipro.com 9 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

Thank You ©Wipro Limited, 2014. All rights reserved. For more information visit www.wipro.com No part of this document may be reproduced in whole or in part without the written permission of the authors. Wipro is not liable for any business outcome based on the views presented in this document. For specific implementation clients should take advise from their client engagement manager. 10 © 2014 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL

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