What are the changing trends in Consumer Behaviour?

  O ver the years, the Indian retail industry has undergone a complete makeover with the emergence and ever-growing success of e-commerce, coupled with the increasing use of technology in brick-and-mortar stores. To stay competitive in this dynamic market, businesses must find ways to understand consumer behavior and preferences. The role of  big data  analytics in this journey thus, cannot be ignored.        With digitalization, the generation of data from every digital touchpoint has grown in leaps and bounds.  Big data  analytics is the process of collecting, analyzing, and interpreting these large sets of data to gain insights and make informed decisions. Once analyzed, the information can be used in various ways to elevate the business – from identifying consumer trends and preferences, and optimizing store layouts to developing targeted marketing campaigns.      Benefits of Big Data for the Retail Industry Harnessing the power of  big data  can completely transform the retail sec

  We will explore how you can be benefited from Geomarketeer by Kentrix, if you are planning to expand your business by opening new outlets in Indian cities, you need to be strategic and well-informed. India is one of the most diverse countries in the world – a melting pot of various cultures, languages, and regional nuances. Therefore, when setting up stores in this country, location is a crucial factor for success, and choosing the right one can make all the difference.   IKEA,  the world’s largest furniture retailer, has always been known for its innovative and customer-focused approach. With   460 stores in 62 markets , the company has a reputation for offering affordable and stylish furniture that appeals to a wide range of customers. However, when  IKEA  decided to expand its presence in India, it faced similar challenges when it came to location-hunting that required a unique approach.  IKEA  used  India Location Analysis  to determine the best locations for their new stores in

  A good amount of data is available on the age , sex and income profiles of residents of different geographies. And this forms the basis of important business decisions which can create profitability for businesses. However, what constitutes good data, that create and run business plans, is availability of Consumer Profiles of these customers.      How is a Consumer Profile different from the regular demographic data ?    The easiest way of getting pin code wise demographic data is through the National Census.  The National Census  will provide you with  basic population characteristics including age, sex, marital status, household composition, family characteristics, and household size.   The national census being a laborious  process that is supposed to cover people residing in each and every part of the country is a process that is conducted in India every ten years. This data collected requires intense collation and is made available to the people by the government through a websi

  Is there a safe way to identify  risk-free customers  in a high-risk, negative pincode area?    High-risk, negative pincode areas have a higher likelihood of fraudulent activity, chargebacks, or other negative events, resulting in increased costs and reduced profits for retailers. Customers from such areas who do not pose a risk of fraud are  risk-free customers  – valuable and hard to identify. These customers have a good payment history, a stable financial situation, and a low likelihood of returning or canceling an order.     In the  Indian retail context , identifying  risk-free customers  is critical for retailers looking to maximize their growth and profitability. By focusing their efforts on serving these customers, retailers can drastically improve their bottom line.          Challenges of Identifying  Risk-Free Customers While identifying these customers is important to enhance the business, the task is not an easy one. The most common challenges faced are:     Data Accuracy

  Digitalization has transformed the way our world works, and the retail industry is not far behind. The impact of the transformation can be seen in the dramatic evolution of the way consumers shop, consumer behaviour and make purchasing decisions. With e-commerce, social media, and extensive use of mobile devices, consumers today have more access to information and choices than ever before. In India, this evolution of the consumer has been particularly pronounced, with the   country’s e-commerce market  expected to reach $200 billion by 2026. In this scenario, understanding the changing consumer landscape and evolving consumer expectations has become a non-negotiable for businesses. With multiple digital touchpoints generating volumes of consumer data, one of the ways you can address this issue is by leveraging  big data analytics  to gain insights into consumer behavior and preferences. These insights can help retailers to gain a deeper understanding of their customers and tailor the