The DataWeave Blog

Tag: Data Analytics

From Raw Data to Retail Pricing Intelligence: Transforming Competitive Data into Strategic Assets
Poor retail data is the bane of Chief Commercial Officers and VPs of Pricing. If you don’t have the correct inputs or enough of them in real time, you can’t make data-driven business decisions regarding pricing.

Retail data isn’t limited to your product assortment. Price data from your competition is as important as understanding your brand hierarchies and value size progressions. However, the vast and expanding nature of e-commerce means new competitors are around every corner, creating more raw data for your teams.

Think of competitive price data like crude oil. Crude or unrefined oil is an extremely valuable and sought-after commodity. But in its raw form, crude oil is relatively useless. Simply having it doesn’t benefit the owner. It must be transformed into refined oil before it can be used as fuel. This is the same for competitive data that hasn’t been transformed. Your competitive data needs to be refined into an accurate, consistent, and actionable form to power strategic insights.

So, how can retailers transform vast amounts of competitive pricing data into actionable business intelligence? Read this article to find out.

Poor Data Refinement vs. Good Refinement

Let’s consider a new product launch as an example of poor price data refinement vs. good data refinement, which affects most sellers across industries.

Retailer A

Imagine you’re launching a limited-edition sneaker. Sneakerheads online have highly anticipated the launch, and you know your competitors are watching you closely as go-live looms.

Now, imagine that your pricing data is outdated and unrefined when you go to price your new sneakers. You base your pricing assumptions on last year’s historical data and don’t have a way to account for real-time competitor movements. You price your new product the same as last year’s limited-edition sneaker.

Your competitor, having learned from last year, anticipates your new product’s price and has a sale lined up to go live mid-launch that undercuts you. Your team discovers this a week later and reacts with a markdown on the new product, fearing demand will lessen without action.

Customers who have already bought the much-anticipated sneakers feel like they’ve been overcharged now, and backlash on social media is swift. New buyers see the price reduction as proof that your sneakers aren’t popular, and demand decreases. This hurts your brand’s reputation, and the product launch is not deemed a success.

Retailer B

Imagine your company had refined competitive data to work with before launch. Your team can see trends in competitors’ promotional activity and can see that a line of sneakers at a major competitor is overdue for sale based on trends. Your team can anticipate that the competitor is planning to lower prices during your launch week in the hope of undercutting you.

Instead of needing to react retroactively with a markdown, your team comes up with clever ways to bundle accessories with a ‘deal’ during launch week to create value beyond just the price. During launch week, your competitor’s sneakers look like the lesser option while your new sneakers look like the premium choice while still being a good value. Customer loyalty improves, and buzz on social media is positive.

Here, we can see that refined data drives better decision-making and competitive advantage. It is the missing link in retail price intelligence and can set you ahead of the competition. However, turning raw competitive data into strategic insights is easier said than done. To achieve intelligence from truly refined competitive pricing data, pricing teams need to rely on technology.

The Hidden Cost of Unrefined Data

Technology is advancing rapidly, and more sellers are leveraging competitive pricing intelligence tools to make strategic pricing decisions. Retailers that continue to rely on old, manual pricing methods will soon be left behind.

You might consider your competitive data process to be quite extensive. Perhaps you are successfully gathering vast data about your competitors. But simply having the raw data is just as ineffective as having access to crude oil and making no plan to refine it. Collection alone isn’t enough—you need to transform it into a usable state.

Attempting to harmonize data using spreadsheets will waste time and give you only limited insights, which are often out of date by the time they’re discovered. Trying to crunch inflexible data will set your team up for failure and impact business decision quality.

The Two Pillars of Data Refinement

There are two foundational pillars in data refinement. Neither can truly be achieved manually, even with great effort.

Competitive Matches

There are always new sellers and new products being launched in the market. Competitive matching is the process of finding all these equivalent products across the web and tying them together with your products. It goes beyond matching UPCs to link identical products together. Instead, it involves matching products with similar features and characteristics, just as a shopper might decide to compare two similar products on the shelf. For instance private label brands are compared to legacy brands when consumers shop to discern value.

A retailer using refined competitive matches can quickly and confidently adjust its prices during a promotional event, know where to increase prices in response to demand and availability and stay attractive to sensitive shoppers without undercutting margins.

Internal Portfolio Matches

Product matching is a combination of algorithmic and manual techniques that work to recognize and link identical products. This can even be done internally across your product portfolio. Retailers selling thousands or even hundreds of thousands of products know the challenge of consistently pricing items with varying levels of similarity or uniformity. If you must sell a 12oz bottle of shampoo for $3.00 based on its costs, then a 16oz bottle of the same product should not sell for $2.75, even if that aligns with the competition.

Establishing a process for internal portfolio matching helps to eliminate inefficiencies caused by duplicated or misaligned product data. Instead of discovering discrepancies and having to fire-fight them one by one, an internal portfolio matching feature can help teams preempt this issue.

Leveraging AI for Enhanced Match Rates

As product SKUs proliferate and new sellers seem to enter the market at lightning speed, scaling is essential without hiring dozens more pricing experts. That’s where AI comes in. Not only can AI do the job of dozens of experts, but it also does it in a fraction of the time and at an improved match accuracy rate.

DataWeave’s AI-powered pricing intelligence and price monitoring offerings help retailers uncover gaps and opportunities to stay competitive in the dynamic world of e-commerce. It can gather competitive data from across the market and accurately match competitor products with internal catalogs. It can also internally match your product portfolio, identifying product family trees and setting tolerances to avoid pricing mismatches. The AI synthesizes all this data and links products into a usable format. Teams can easily access reports and dashboards to get their questions answered without manually attempting to refine the data first.

From Refinement to Business Value

Refined competitive price data is your team’s foundation to execute these essential pricing functions: price management, price reporting, and competitive intelligence.

Price Management

Refined data is the core of accurate price management and product portfolio optimization. Imagine you’re an electronics seller offering a range of laptops and personal computing devices marketed toward college students. Without refined competitive data, you might fail to account for pricing differences based on regionality for similar products. Demand might be greater in one city than in another. By monitoring your competition, you can match your forecasted demand assumptions with competitor pricing trends to better manage your prices and even offer a greater assortment where there is more demand.

Price Reporting

Leadership is always looking for new and better market positioning opportunities. This often revolves around how products are priced, whether you’re making a profit, and where. To effectively communicate across departments and with leadership, pricing teams need a convenient way to report on pricing and make changes or updates as new ad hoc requests come through. Spending hours constructing a report on static data will feel like a waste when the C-Suite asks for it again next week but with current metrics. Refined, constantly updated price data nips this problem in the bud.

Competitive Intelligence

Unrefined data can’t be used to discover competitive intelligence accurately. You might miss a new player, fail to account for a new competitive product line, or be unable to extract insights quickly enough to be helpful. This can lead to missed opportunities and misinformed strategies. As a seller, your competitive intelligence should be able to fuel predictive scenario modeling. For example, you should be able to anticipate competitor price changes based on seasonal trends. Your outputs will be wrong without the correct inputs.

Implementation Framework

As a pricing leader, you can take these steps to begin evaluating your current process and improve your strategy.
- Assess your current data quality: Determine whether your team is aggregating data across the entire competitive landscape. Ask yourself if all attributes, features, regionality, and other metrics are captured in a single usable format for your analysts to leverage.
- Setting refinement objectives: If your competitive data isn’t refined, what are your objectives? Do you want to be able to match similar products or product families within your product portfolio?
- Measuring success through KPIs: Establish a set of KPIs to keep you on track. Measure things like match rate accuracy, how quickly you can react to price changes, assortment overlaps, and price parity.
- Building cross-functional alignment: Create dashboards and establish methods to build ad hoc reports for external departments. Start the conversation with data to build trust across teams and improve the business.
What’s Next?

The time is now to start evaluating your current data refinement process to improve your ability to capture and leverage competitive intelligence. Work with a specialized partner like DataWeave to refine your competitive pricing data using AI and dedicated human-in-the-loop support.

Want help getting started refining your data fast? Talk to us to get a demo today!
January 30, 2025
Augmenting AI-powered Product Matching with Human Expertise to Achieve Unparalleled Accuracy
In today’s expansive omnichannel commerce landscape, pricing intelligence has become indispensable for retailers seeking to stay competitive and refine their pricing strategies. The sheer magnitude of eCommerce, spanning thousands of websites, billions of SKUs, and various form factors, adds layers of complexity. Consequently, ensuring the accuracy and reliability of competitive insights presents a formidable challenge for retailers aiming to leverage pricing data effectively.

At the core of any robust pricing intelligence system lies product matching. This process enables retailers to recognize identical or similar products across competitors. Once these matches are identified, tracking prices is a relatively more straightforward task, facilitating ongoing analysis and informed decision-making.

Accurate matching is crucial for meaningful price comparisons and tailoring product assortments. The challenge is matching products is often complicated, especially for non-local brands, niche categories, or items lacking consistent global identifiers. It becomes even trickier when trying to match very similar but not identical products. A comprehensive approach that compares and analyzes multiple attributes like product titles, descriptions, images and more is essential.

Artificial intelligence algorithms are commonly used to automate product matching, leveraging machine learning techniques to analyze patterns in images and text data. While AI can adapt and improve over time, the question remains: Can it fully address the complexities of product matching on its own?

The reality is that many retailers still struggle with incomplete, inaccurate, or outdated product data, despite these AI-powered product matching solutions. This can lead to suboptimal pricing decisions, missed opportunities, and reduced competitiveness.

Challenges in an ‘AI-only’ Approach to Product Matching

While AI plays a vital role in automated product matching solutions, there are complexities that AI alone cannot fully address:

Subjectivity in Matching Criteria

Some product categories have subjective or hard-to-quantify criteria for determining similarity. AI learns from historical data, so it may struggle with nuanced aspects like:

Aesthetics, style, and design: In the Fashion and Jewellery vertical, for example, products are matched according to attributes like style, aesthetics, design – all of which have some subjectivity involved.

Quantity/packaging variations: In the grocery sector, variations in product packaging and quantities can introduce complexities that require subjective decision-making. For example, apples may be sold in different packaging like a 0.5 kg bag or a pack of 4 individual apples. Determining if these different packaging options should be considered equivalent often involves making a qualitative judgment call, rather than a clear-cut objective decision.

Matching product sets: For categories like home furnishings, the focus is often on matching coordinated sets rather than individual items. For example, in the bedroom category, matching may involve grouping together an entire set of complementary furniture like a bed frame, dresser, and wardrobe based on their cohesive design and style. This goes beyond simply making one-to-one product associations, requiring more nuanced judgments about aesthetic coordination.

Contextual Factor

Products can have regional preferences, cultural differences, or evolving trends that impact how they are matched. AI may miss important context like Local/regional product names or distinct brand names across countries.

For instance, in the image we see Sprite (in the US) is branded Xubei in China. Continuous human curation is needed to help AI adapt to this context.

High Accuracy & Coverage Expectations

Retailers rely on AI powered and automated pricing adjustments based on product matching for insight. To ensure that pricing recommendations and updates are accurate, accurate product matching is crucial. For this, simply identifying similar top results is not enough – the process must comprehensively capture all relevant matches. While AI excels at finding the top groupings with around 80% accuracy, even small matching errors can have significant consequences.

As AI matching improves, customer expectations may rise even higher. If AI achieves 90% accuracy, for instance, SLAs may demand over 95%. Reaching such a high level of accuracy is very challenging for AI alone, especially when faced with incomplete data, contextual nuances, evolving trends, and subjective matching criteria across products and categories.

The solution is to combine the power of AI with human expertise. This is the key to achieving true data veracity – the accuracy, freshness, and comprehensive coverage required for precise and reliable product matching.

Human-in-the-Loop Approach for Elevated Product Matching

Human intelligence and quality testing can elevate the AI powered product matching process by addressing key challenges:
- Matching Validation: AI algorithms may identify product matches with 80-90% accuracy initially. Having humans validate these AI-suggested matches allows for correcting errors and pushing the accuracy close to 100%. As humans flag issues, provide context, and re-label incorrect predictions, it allows the AI model to learn and enhance its reliability for complex, high-stakes decisions.
- Applying Contextual Judgment: For subjective matching criteria like aesthetics, design, and categorizing product sets, human discernment is needed. Humans can make nuanced judgments beyond just quantitative rules, ensuring meaningful apples-to-apples product comparisons. Their contextual understanding augments AI’s capabilities.
- Continuous Learning Via Feedback Loop: Product experts possess rich category knowledge across markets. Integrating this human insight through an iterative feedback loop helps AI models quickly learn and adapt to changing trends, preferences, and context. As humans explain their match assessments, the AI continuously enhances its precision over time.
By combining AI’s automation and scale with human validation, judgment, and knowledge curation, pricing intelligence solutions can achieve the accuracy and coverage demanded for actionable competitive pricing insights.

DataWeave’s Data Veracity Framework: A Scalable Workflow Combining AI and Human Expertise

Given the vast number of products, retailers, and brands that exist today, any product matching solution must be highly scalable. At DataWeave, we bring you such a scalable workflow to address these complexities by integrating human expertise with AI-driven automation. The image below outlines our approach for combining AI with human intelligence in a seamless, scalable workflow for accurate product matching:

Retailers and brands can benefit in several ways with this workflow, as listed below.

Several Rounds of Data Verification Due to Hierarchical Validation Teams

The workflow employs a hierarchical validation team of Leads and Executives to efficiently integrate human expertise without creating bottlenecks. Verification Leads play a pivotal role in managing the distribution of product matches identified by DataWeave’s AI model to the Verification Executives.

The Executives then meticulously validate these AI-suggested matches, adding any missing product associations and removing inaccurate matches. After validation, the matched product groups are sent back to the Leads, who perform random sampling checks to ensure quality.

Throughout this entire workflow, feedback and suggestions are continuously gathered from both the Executives and Leads. This curated input is then incorporated back into DataWeave’s AI model, allowing it to learn and improve its matching accuracy on an ongoing basis.

This hierarchical structure ensures that human validation seamlessly scales alongside the AI’s matching capabilities. Leveraging the respective strengths of AI automation and human expertise in an iterative feedback loop prevents operational bottlenecks while steadily elevating overall accuracy.

Confidence-based Distribution of Matched Articles for Validation

The AI model assigns confidence scores, differentiating high-confidence (>95%) and low-confidence matches. For high-confidence groups, executives simply remove incorrect matches – a quicker process. Low-confidence matches require more human effort in adding/removing matches.

As the AI model improves over time with feedback, the share of high-confidence matches increases, making validation more efficient and swift.

Automated, Standardized Process with Iterative Feedback Loop

The entire workflow is standardized and automated, with verification metrics seamlessly tracked. At each step, feedback captured from both leads and executives flows back into the AI, enhancing its matching accuracy and coverage iteratively.

DataWeave’s closed-loop system of AI automation with hierarchical human validation allows product matching to achieve comprehensive accuracy at a vast scale.

Unleash the Power Accurate and Comprehensive Product Matching

In summary, combining AI and human expertise in product matching is crucial for retailers navigating the complexities of omnichannel retail. While AI algorithms excel in automation, they often struggle with subjective criteria and contextual nuances. DataWeave’s approach integrates AI-driven automation with human validation, delivering the industry’s most accurate product matching capabilities, enabling actionable competitive pricing insights.

To learn more, reach out to us today!
May 2, 2024
How DataWeave Enhances Transparency in Competitive Pricing Intelligence for Retailers
Retailers heavily depend on pricing intelligence solutions to consistently achieve and uphold their desired competitive pricing positions in the market. The effectiveness of these solutions, however, hinges on the quality of the underlying data, along with the coverage of product matches across websites.

As a retailer, gaining complete confidence in your pricing intelligence system requires a focus on the trinity of data quality:
- Accuracy: Accurate product matching ensures that the right set of competitor product(s) are correctly grouped together along with yours. It ensures that decisions taken by pricing managers to drive competitive pricing and the desired price image are based on reliable apples-to-apples product comparisons.
- Freshness: Timely data is paramount in navigating the dynamic market landscape. Up-to-date SKU data from competitors enables retailers to promptly adjust pricing strategies in response to market shifts, competitor promotions, or changes in customer demand.
- Product matching coverage: Comprehensive product matching coverage ensures that products are thoroughly matched with similar or identical competitor products. This involves accurately matching variations in size, weight, color, and other attributes. A higher coverage ensures that retailers seize all available opportunities for price improvement at any given time, directly impacting revenues and margins.
However, the reality is that untimely data and incomplete product matches have been persistent challenges for pricing teams, compromising their pricing actions. Inaccurate or incomplete data can lead to suboptimal decisions, missed opportunities, and reduced competitiveness in the market.

What’s worse than poor-quality data? Poor-quality data masquerading as accurate data.

In many instances, retailers face a significant challenge in obtaining comprehensive visibility into crucial data quality parameters. If they suspect the data quality of their provider is not up to the mark, they are often compelled to manually request reports from their provider to investigate further. This lack of transparency not only hampers their pricing operations but also impedes the troubleshooting process and decision-making, slowing down crucial aspects of their business.

We’ve heard about this problem from dozens of our retail customers for a while. Now, we’ve solved it.

DataWeave’s Data Statistics and SKU Management Capability Enhances Data Transparency

DataWeave’s Data Statistics Dashboard, offered as part of our Pricing Intelligence solution, enables pricing teams to gain unparalleled visibility into their product matches, SKU data freshness, and accuracy.

It enables retailers to autonomously assess and manage SKU data quality and product matches independently—a crucial aspect of ensuring the best outcomes in the dynamic landscape of eCommerce.

Beyond providing transparency and visibility into data quality and product matches, the dashboard facilitates proactive data quality management. Users can flag incorrect matches and address various data quality issues, ensuring a proactive approach to maintaining the highest standards.

Retailers can benefit in several ways with this dashboard, as listed below.

View Product Match Rates Across Websites

The dashboard helps retailers track match rates to gauge their health. High product match rates signify that pricing teams can move forward in their pricing actions with confidence. Low match rates would be a cause for further investigation, to better understand the underlying challenges, perhaps within a specific category or competitor website.

Our dashboard presents both summary statistics on matches and data crawls as well as detailed snapshots and trend charts, providing users with a holistic and detailed perspective of their product matches.

Additionally, the dashboard provides category-wise snapshots of reference products and their matching counterparts across various retailers, allowing users to focus on areas with lower match rates, investigate underlying reasons, and develop strategies for speedy resolution.

Track Data Freshness Easily

The dashboard enables pricing teams to monitor the timeliness of pricing data and assess its recency. In the dynamic realm of eCommerce, having up-to-date data is essential for making impactful pricing decisions. The dashboard’s presentation of freshness rates ensures that pricing teams are armed with the latest product details and pricing information across competitors.

Within the dashboard, users can readily observe the count of products updated with the most recent pricing data. This feature provides insights into any temporary data capture failures that may have led to a decrease in data freshness. Armed with this information, users can adapt their pricing decisions accordingly, taking into consideration these temporary gaps in fresh data. This proactive approach ensures that pricing strategies remain agile and responsive to fluctuations in data quality.

Proactively Manage Product Matches

The dashboard provides users with proactive control over managing product matches within their current bundles via the ‘Data Management’ panel. This functionality empowers users to verify, add, flag, or delete product matches, offering a hands-on approach to refining the matching process. Despite the deployment of robust matching algorithms that achieve industry-leading match rates, occasional instances may arise where specific matches are overlooked or misclassified. In such cases, users play a pivotal role in fine-tuning the matching process to ensure accuracy.

The interface’s flexibility extends to accommodating product variants and enables users to manage product matches based on store location. Additionally, the platform facilitates bulk match uploads, streamlining the process for users to efficiently handle large volumes of matching data. This versatility ensures that users have the tools they need to navigate and customize the matching process according to the nuances of their specific product landscape.

Gain Unparalleled Visibility into your Data Quality

With DataWeave’s Pricing Intelligence, users gain the capability to delve deep into their product data, scrutinize match rates, assess data freshness, and independently manage their product matches. This approach is instrumental in fostering informed and effective decisions, optimizing inventory management, and securing a competitive edge in the dynamic world of online retail.

To learn more, reach out to us today!
January 22, 2024
Decoding Growth for CPG Brands in India with Data Analytics

It’s been a pivotal year for the CPG industry in India. Consumers were forced to stay at home due to the pandemic, leading to a surge in online CPG shopping, simultaneously increasing the expectation for safety and convenience.

Brands and retailers needed to adjust to this new reality to meet customer expectations that were very different from the pre-Covid era. They needed to make adjustments right from the way of marketing to product assortments, communication to customer interaction. Factors such as increased competition from e-commerce platforms, the emergence of homegrown brands, traditional players making the online shift all have transformed the CPG industry.

A survey conducted by Kantar showed the delta growth of top CPG brands in the last five years in India.

A survey conducted by Kantar showed the delta growth of top CPG brands in the last five years in India. As per the report, among the 428 brands, 55% of brands failed to grow their penetration.

“Some big brands like Lux and Lifebuoy feature in this list of brands that failed to grow – each of these brands still reached over half of India, but in 2016 they were much bigger. Size alone, therefore, does not guarantee success, but it helps.”

Going forward too, CPG sales will remain high as consumers are spending more time at home and brands must ensure they are doing everything possible to work on their strategies. Hence, CPG companies are turning to technology to increase their productivity and efficiency.

What Is Data Analytics?

In brief, data analytics refers to the process of drawing conclusions from any predetermined datasets. With CPG data analytics, it means any product-related or consumer behavior-related data that is relevant to the brand. However, data has long been ignored by CPG companies. Research by McKinsey shows that CPG scored below average when it comes to digitally mature industries globally. Only 40 percent of consumer-goods companies that have made digital and analytics investments are achieving returns above the cost of capital. The rest are stuck in “pilot purgatory,” eking out small wins but failing to make an enterprise-wide impact.”

A survey conducted by Kantar showed the delta growth of top CPG brands in the last five years in India.

It is important for any company that sells products to understand the structure and needs of the consumers. The goal is to know what products they should produce and what makes it profitable for them to produce it. This is where data comes in. The more data, the better it is, and it is important for companies to understand what to study to discover the trends in their consumers’ behavior. If they can identify trends and make predictions based on that data, then they will be better prepared to make changes that will improve the business.

Another banner trend and rightly so is using modern-day technologies such as AI & Machine Learning (ML) to spot hidden trends and opportunities. ML capabilities can help CPG companies identify anomalies that are not obvious to human intelligence so they can react accordingly.

Data Analytics Gives You An Edge Over Your Competitors

Big CPG companies such as PepsiCo, Unilever, and McDonald’s have been focusing on data for a long time. McDonald’s has been investing in data heavily since 2015 and also acquired analytics firm Dynamic Yield, an ML platform for retailers in 2019. Some of the data points that McDonald’s uses are historical sales data, customers’ past purchases, items in trend, and so on. For maximum efficiency, brands must focus on data across the board – from data related to sales and merchandising to price optimization, marketing, supply chain, and more.

Key Data points for CPG

Some of the key data points for CPG companies to reconfigure their businesses are:

a. Sales Data And Trends

Sales data shows the units of a product (SKUs) that are sold across different locations or channels. This data gives a better idea of what decisions, activities, assortments lead to higher sales. While the companies often have a track of their offline sales, it is important that you combine both offline and online sales data, especially now that digital channels are turning out to be a make or break for a lot of CPG brands.

Instead of relying on traditional surveys or testimonies, brands must look to invest in tools that can present this highly complex data in a clear and communicative manner.

Getting sales data from your own website is the easy part, but if you want to know your online sales and market share on marketplaces like Amazon v/s your competitors, get in touch with our team to know more.

b. Competitive Analytics

Competitor analysis provides an opportunity to go deeper and evaluate who’s operating in your space, how they operate if there is a specific competitor you don’t know of, or even a potential competitive advantage you are not aware of.

This data also helps to focus on the root cause for positive and negative developments, and uncover relative market positions of main competitors. Depending on the product and goals, companies should gather data about their competitors’ pricing & promotional strategies, package design, sizes, product range, etc.

c. Market Basket Analytics

Popularly known as assortment optimization analytics, this is one of the most important data points, from a marketing perspective. This is based on the theory that customers who buy one item are more likely to buy another specific item.

For instance, if a customer is buying hot dogs they are typically more likely to buy buns. Grocery stores also pay attention to product placement and shelving, you will almost always find shampoos and conditioners together. Walmart’s infamous beer-and-diapers anecdote is also a classic example of Market Basket Analytics.

If you want insights into your product assortment, bestsellers, or insights into your competitor’s assortment and bestsellers, we can help!

d. Price And Promotional Analytics

CPG industry is a highly fragmented market and companies focus on pricing and promotions to boost their sales. More than often, promotion spends tend to be even bigger than advertising budgets. However, many companies struggle to get their pricing right and often find that promotions are actually counterproductive.

Creating optimized pricing and promotional strategies especially in a digital world can be a struggle. In a world where shoppers compare prices and deals, have thousands (if not lakhs) of options to choose from, pricing agility can be the key to competitive advantage. Top retailers and CPG companies rely on data and analytics to get their strategies right.

CPG Analytics Breakup

e. Customer analytics

Businesses can take full advantage of advanced analytics to map their customers’ shopping experience and make changes to their marketing strategies accordingly. Brands can create a personalized experience for their audience using information such as customer demographics, store and brand loyalty, purchase frequency, completed transactions, abandoned products, and carts, etc. This will help CPG manufacturers deliver superb customer experiences and design lean operations to meet their objectives of better understanding their consumers to enhance their experience, reduce costs, streamline the supply chain and enhance the relationships.

Conclusion

If used right these data points can create exponential profits and margins for CPG brands. It’s Important that businesses invest in big data and advanced analytics to focus on delivering impactful services to consumers. Businesses can use these data points to identify strengths, gaps, and opportunities.

For short-term goals, CPG data helps by providing an accurate and clear picture of the ongoing operations across the entire business. As a long-term plan, measuring, evaluating, and tracking this data can empower your business to make better decisions and allocate your resources better. CPG data analytics affects the entire supply chain processes and solutions and can boost sales, ROI, and YoY growth if used tactfully.DataWeave’s AI-Powered analytics solutions give CPG brands the data they need to improve customer experience and drive e-commerce sales. Sign up for a demo with our team to know more.

September 1, 2021