Understanding Solution Usage in FMCG Market
Over the last few weeks, we talked about the different solutions you can incorporate into your organisation’s retail process based on market trends performed by other business entities within the industry. To achieve the seamless system your organisation desires, it is important that we portray this effectiveness through various scenarios Tableau can assist with, related to marketing, merchandising, store operations and supply chain analysis.
Marketing is the backbone of any business as it generates profit through exposure to the consumer market. There are four important pillars to asses, which consist of campaign analysis, social media analysis, wallet share and churn analysis, as well as halo and cannibalisation analysis.
Here are the different scenarios:
1. Campaign Analysis
a. Plan campaigns for customer segments & channels, up-sell & cross-sell, product propensity, etc.
b. Measure campaign ROI by response rates and revenue across segments & channels.
2. Social Media Analysis
a. Assess customer-generated Internet content on perceptions of brand, products, experiences, etc.
b. Drive customers to online and physical stores with promotions placed on the company’s social media.
3. Wallet Share & Churn Analysis
a. Identify customers with a propensity to spend and in which categories (wallet share).
b. Identify where wallet share is being lost, to whom and why.
4. Halo & Cannibalisation Analysis
a. Assess the impact of a new product by the same manufacturer—whether it adds to total sales because of customers’ favorable experience with the brand (halo effect), or whether it eats into sales of the brand’s existing products (cannibalization).
Under the merchandising analysis category, there are five important pillars, which include market basket analysis, aisle/shelf/page positioning, price parity analysis, price elasticity analysis, and customer fulfillment analysis. These pillars contribute to a stronger merchandising system, useful to organisations in the FMCG market.
Here are the respective scenarios:
1. Market Basket Analysis
a. Identify items frequently purchased together by individuals or demographic groups.
2. Aisle/Shelf/Page Positioning
a. Determine where in a store or online product sales targets can best be met or exceeded.
3. Price Parity Analysis
a. Compare competitor’s pricing of individual products and market baskets.
4. Price Elasticity Analysis
a. Determine the impact on product demand by changes in price.
5. Customer Fulfillment Analysis
a. Assess customers’ multichannel experiences based on metrics such as in-store versus online sales, instore pickups, on-shelf availability, cart abandonment rate, on-time fill rate, returns, etc.
In the aspect of store operations, Tableau helps with demand forecasting, loss prevention analysis, labour performance analysis, as well as property and facilities management analysis. These pillars help maximise store efficiency and your organisation’s overall business process.
Here are a few scenarios for each solution usage:
1. Demand Forecasting
a. Plan inventory and merchandising based on organizational objectives and historical sales performance metrics (averages sales, store ranking, performance to budget, customer data, etc).
2. Loss Prevention Analysis
a. Identify store and product attributes associated with fraud, theft and inventory shrinkage.
3. Labour Performance Analysis
a. Adjust staffing levels to performance metrics (customer traffic, sales, labor cost, time of day, etc).
4. Property & Facilities Management Analysis
a. Determine where to build the next store, rent or buy, when store utilities need maintenance, contractors’ compliance with agreements, etc.
Finally, Tableau provides solutions through multichannel analysis, operational analysis, and financial analysis which are all solutions that help with your organisation’s supply chain management.
Here are several scenarios:
1. Multichannel Analysis
a. Optimize supply chain performance across channels (inventory positions, supplier network, etc).
2. Operational Analysis
a. Measure supplier on-time performance; product quality, availability & order management; distribution center service levels; store operations and multichannel fulfillment effectiveness.
b. Optimize cost to serve (unprofitable & low-margin product/customer combinations, high-cost processes, and write-offs).
3. Financial Analysis
a. Measure cash flow, asset turnover ratios, net income, and quality of income.
Accelteam has been actively working with customers from the various technology industries driving business improvements through advanced data-processing technology. With the aim to promote full use of mass and complex data sets, Accelteam has the solutions to help companies use data to generate better and smarter business decisions.
In fact, for the past two decades, AccelTeam has been one of the leaders in providing advanced data-processing technology throughout the region. If you would like to learn more about Tableau, please reach out to us at email@example.com.