Predictive Analytics— Optimizing Customer Experience

ECommerce players are already investing in significant social media management to promote their services and in the face of extreme competition, they will also turn to analytics to gain insight from data regarding their product perception within their tar

Knowing your customer is the name of the game today. With numerous shopping options available online, safeguarding customer interest is the key to building long lasting relationships and in turn retaining customers. India’s retail market has emerged as one of the most dynamic industries in the country and is expected to nearly double to $1 tn by 2020 from $600 bn in 2015—driven by income growth, urbanisation and attitudinal shifts. This year, the retail market has seen analytics play an integral role in obtain significant market gains, both with regard to online and offline models.

Rise and growth of eCommerce along with the digitisation of retail has been one of the key trends in the retail 18 www.dqindia.com sector. As this digitization continues in an unprecedented manner, companies will turn to analytical solutions to both manage and make sense of the huge amount of data being churned from these transactions. The growing competition within various players will lead companies search for insights into the consumer behaviour in order to personalize user experience. Voice of the customer analytics (VoCA) is an area which capture customer interactions, feedback, and journeys across multiple channels; analyze and interpret them in the context of business objectives; and respond more effectively to customer, business, and market demands. Apart from enabling businesses to derive foresights and take forward-looking decisions, predictive models unveil and measure patterns to iden-