News
Seasonality vs. product pricing. How to price a product to sell and make money?
Setting the correct price for a product or service is one of a retailer’s biggest, and most important, challenges in a competitive market. A price that is too low reduces revenue and, consequently, profit. Conversely, a price that is too high reduces demand and also reduces revenue. Determining the optimal price of a product – where to start?
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How to fight customer attrition with the help of data analytics?
Customer churn (churn or attrition) is an inevitable phenomenon and it is impossible to eliminate it completely. Some customers, regardless of the measures taken towards them, leave. For example, because they move outside the company’s area of operation or cease to be a target group and no longer need our product. The remainder, however, give up, opting for a competitor’s offer. These departures could be prevented.
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Gain or loss? Evaluating promotion effectiveness with the help of data science
Even 80% of promotional campaigns fail to produce a noticeable increase in sales. Competitive pressures, the fight for market share, and consumer habits mean that the annual number of offers often goes into the hundreds or even thousands. The space for optimization is therefore huge. But how to distinguish profitable promotions from those that generate losses? How to measure the actual effect of a promotion? Is it possible to predict its outcome before it even takes off? How to better plan promotions?
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How to develop sales coverage with data science
The opening of a new outlet usually entails significant investments in the construction or lease and adaptation of premises, recruitment of employees, as well as changes in the logistics of the chain. In addition, the potential negative impact of a new outlet on existing ones is significant. Therefore, decisions to expand the sales network involve significant risks.
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