Data insights to help retailers build competitive omni-channel strategies
We help retail brands extract insight from their data, to optimise customer experience, and grow customer value and brand loyalty.
From location analytics to loyalty schemes, with 15 years working closely with IKEA brands world-wide, Ikano Insight now assists all retail businesses to adjust quickly to consumer behavioural shifts, and become more competitive in an omni-channel market.
We’ll help you precisely target new customers online and offline through our retail specific business intelligence solutions.
Price and discount elasticity modelling predicts customer behaviour and enables you to maximise return and profitability
Location Optimiser analysis reveals new audiences for concept store
Whilst IKEA already possessed extensive customer data within their Family loyalty programme, they now needed to understand the potential of new audiences, and how to directly access them.
Quite simply, IKEA needed to rapidly visualise customer location behaviour, integrated with multiple additional sources of customer profiling data, and customer shopping or transactional data. All in an easy to consume format, that would surface insights quickly, and facilitate positive business decisions.
Sustainability data dashboards in retail
IKEA have big ambitions for 2030, already totally committed to doing their part to tackle climate change, unsustainable consumption, and inequality.
They are delivering sustainable solutions, ensuring positive change for people and the planet by “Making life at home a little more sustainable. Everyday”.
And just like all other companies, the success of their strategy is reliant upon access to accurate, up-to-date data, to measure their current performance and to make the right decisions that ensure even better future performance.
End to end data transformation for southeast Asia’s biggest furniture retailer
With 5 shopping centres and 12 IKEA stores across Southeast Asia, including Singapore, Malaysia, Philippines, and Thailand, plus one more in Mexico, Ikano Retail collects, stores and analyses enormous amounts of data from multiple locations and departments every day.
As the data analytics and business intelligence partner to Ikano Retail, Ikano Insight executed the data warehouse and dashboard capability of their business-wide data transformation strategy named “Data to Insight” (D2i).
RFV modelling in retail achieves 9:1 ROI on email communications
Maximising customer engagement and value requires constant communication with customers, and IKEA are experts in this field.
RFV modelling was applied to the base to enable a segmented offer strategy deployed through email and MMS.
The RFV model was then overlayed with a recommendation engine to determine the optimum offer for each value based customer segment.
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Retail Solutions Frequently Asked Questions
What are the core elements of retail BI?
The core elements of retail business intelligence (BI) encompass robust data collection methodologies, advanced analytics techniques, intuitive data visualisation, and comprehensive reporting mechanisms. These elements work together to empower retailers to unlock actionable insights from the vast amounts of data that they hold.
Why is business intelligence important in retail?
Business intelligence holds paramount significance in the retail sector due to its ability to catalyse data-driven decision-making. By leveraging BI, retailers can unearth invaluable customer trends, optimise inventory management, streamline operations, revolutionise marketing strategies, and ultimately gain a competitive edge in the dynamic retail landscape.
How does data integrate with other platforms used within retail business?
Data integration lies at the heart of an interconnected retail ecosystem. Through meticulous data integration practices, retailers can consolidate disparate data sources, including point-of-sale systems, CRM platforms, e-commerce portals, supply chain systems, and more. This seamless integration empowers retailers to achieve a comprehensive and holistic view of their business operations and customer interactions, allowing them to make insightful analysis and informed decision-making.
How do Ikano Insight work with their clients?
Ikano Insight adopts a consultative approach in their collaboration with clients, engendering a close partnership rooted in data analytics expertise. Through their proven methodologies, Ikano Insight assists retailers in unlocking the full potential of their data. Their services encompass comprehensive data analysis, granular customer behaviour insights, optimisation of marketing campaigns, deployment of machine learning, impactful self-service reporting via data visualisation, and data-driven business decision support, all aimed at increasing market share, driving growth and expansion, and enhancing customer value.
What types of retailers can benefit from data analytics?
The benefits of data analytics extend across nearly all retail verticals, including brick-and-mortar stores, e-commerce retailers, omnichannel enterprises, supermarket chains, and fashion retailers, among others. Irrespective of retail type, business intelligence empowers retailers to discern customer preferences, refine inventory management strategies, optimise pricing models, enhance marketing effectiveness, and strengthen overall business performance.
How long is a typical project?
The duration of a data analytics project depends upon its scope and intricacy. While project timelines can vary, a typical engagement may span several weeks to months. Factors influencing project duration include dataset size, complexity of analysis, availability of requisite data sources, and specific project objectives. A well-executed data analytics project ensures a comprehensive exploration of insights while balancing efficiency and thoroughness.