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Product Behavioral Analytics helps retail e-commerce businesses to sell the right products, to optimize inventory space and ROI, to know product demand, to know who wants to buy which product and to sell them in time.
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PRODUCT BEHAVIORAL ANALYTICS Importance of Products in Reviving E-commerce Business
TABLE OF CONTENT • Importance of Products in the retail landscape • Why Product Behavior is a must to analyze? • Important aspects of Product Behavioral Analytics • Advantages of Product and Predictive Analytics
Retail Entities Retail is comprised of two important entities Customers and Products Products are the primary items whose selling as per their true potential can generate maximum revenue and increased profits.
Power of Products It is a false belief that it is only customer that drives product purchases; it is equally true that products also have the power to drive customers.
Products Personality Every product has the ability to draw attention and get purchased for the worth it holds.
Product Behavioral aspects Behavioral aspects give a particular personality to each product and by their analysis
Product Potential Complete insight of products as an individual entity and even in a product cluster helps retail business to focus on products which have the potential to sell a lot
To sell right products To sell in Time Product Behavioral Analytics tells the retailer which products have the maximum selling potential. Products are susceptible to time and they are meant to be sold quickly.
Optimize Inventory Space & ROI To Know Products Well Predictive Analytics helps in clearing out the already existing products by knowing customers who are interested in them. Product Behavioral Analytics helps to know products well and also proposes interested and expected buyers for any product.
To know who wants to buy any product To Know Product Demand Behavioral Product Analytics helps in forming clusters of similar products. Potential of selling for any product or cluster is also an output of this analytics. Predictive analytics of behavioral product clusters identifies customers those who are most likely to buy them.
Which products were looked at by which customer on-site Onsite-Behaviour
What was the purchase history of every product Purchase Behaviour
Which product was promoted in which email and the corresponding open, click and purchase ratios of the product Email Behaviour
Each product has specific attributes of its own, which makes it belong to a particular cluster of products. These attributes may be characteristically or categorically similar. Product Specific Attributes
Important to know which products have a high tendency to sell in upcomingseason Accordingly Seasonality
Different products have different tendency to sell with discounting. Some products sell only with deep discount, while premium products sell irrespective of discount. Discount Sensitivity
Analysis of these important aspects results into complete understanding of products. Predictive analytics outcomes for products also include Customer Affinity or ability of a product to tell you which customer wants it.
To summarize for a product, even a new product not yet sold even once, the analytical engine provides: 3. Demand of existing customer base into the product 2. Profitability of the product 1. Revenue Potential of the product
RetailReco’s Analytical tool tells which products will sell, how much and in what period. Predictive Analytics coins uncountable opportunities for each product; to sell to its interested customer base. This results into the increased sales flow and results in generating larger revenue and bigger profits.
