Retail / Modern Data Platform

National Furniture Retailer Incorporates Analytics for Greater Customer Insight and Increased Sales

solution-brief-national-furniture-retailer

Overview

The traditional retail industry, as a whole, has faced a number of obstacles over the past 10 to 20 years. Whether it’s the great recession of 2009, the advent of online shopping or recovering from a worldwide health crisis, established retailers have seen a myriad of challenges. While the economy appears to be on an upward trajectory and consumers are buying more online, it’s not simply recessions and online shopping that have impacted retail. It’s ultimately related to whether retailers truly understand their customers and whether they are able to anticipate and deliver what they want. This notion is especially true for one national furniture retailer with a history that spans more than 100 years and revenue over $800 million annually.

As the retail landscape has become more complex and customers more sophisticated, the retailer identified an opportunity to refine its entire data platform. The refinement would help incorporate valuable analytics, delivering data and insights that would drive the company’s future growth.

The Challenge

The national retailer sought help from several technology solution providers, looking for assistance in helping them modernize and build a robust data insights platform. More specifically, they needed a unified, flexible analytics system with diverse capability. This included scalable storage, the ability to rapidly arrange and employ data, and the power to unlock deep insights to help drive success. This change would ultimately deliver exactly what customers want, when they want it and how they want it.Because this undertaking meant a complete digital transformation for the century-old national retailer, BlueGranite was selected as the ideal partner because of its long track record in helping companies develop modern analytics platforms.

Outcomes & Results

After employing a discover and proof of capability process, BlueGranite was able to deliver a number of tools the retailer needed in order to assure its future success. These deliverables have given the retailer everything it needed in order to gain insight, facilitate data driven decision making and identify more opportunities to delight their customers.

BlueGranite was able to provide:

  • It’s dynamic, Azure-based platform designed to inform the retailer and provide insights that will generate increased revenue as well as mitigate risk.
  • The ability to make data accessible through an enterprise data warehouse and semantic layer in order to provide powerful ad hoc analysis for stakeholders and constituents company-wide.
  • Insights into product attachment rates utilizing Power BI, thereby giving the retailer the ability to know how often one product is sold with another in order to maximize upsell opportunities, drive marketing campaigns and increase average invoice size.
  • The ability to analyze the most popular custom order configurations, leading to sufficient stocking of specialty products according to region and market. This has led to increase sales and conversion rates and reduction of lost customers.
  • Capability to recognize SKU productivity, enhancing the performance of individual regions, markets and sales associates. This has led to identifying high and low-performing products, giving the retailer greater understanding of what works and what needs improvement.
  • More refined margin analysis in order to identify comprehensive product performance by market and individual store location. The retailer can more effectively minimize discounts and promotions while increasing product margins.

BlueGranite has enabled the national retailer to employ an innovative data platform that establishes a solid foundation, positioning them for significant future potential. That potential includes:

  • Comprehensive customer insights that will drive future market segmentation.
  • AI-driven product recommendation engines designed to further personalize the customer experience.
  • Thorough understanding of customers via social sentiment expertise.

To learn more about how BlueGranite can help your organization better execute around a modern, AI-driven data platform designed to maximize insight and increase revenue, contact us today. We’ll help empower your company for future growth.

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