CONSUMER PRODUCTS & RETAIL

Consumer Products & Retail

insAnalytics offers a versatile suite of solutions for product marketers, brick & mortar retailers, and online e-Commerce players to assist in new product launches, product performance evaluation, concept testing, market-size estimation, and many other areas. Our analytics PlayBook for the Retail & Consumer Products industry deploys innovative approaches & frameworks across all aspects of the value chain, including merchandising, marketing, operations, and supply chains. We assist our clients in addressing business challenges and exploiting opportunities through our cost-effective technology-agnostic solutions in the areas of market basket analysis, product bundling, customer segmentation, analysis of brand-value drivers, product feature evaluation, demand forecasting, inventory optimization, pricing analytics, product catalogue development, perceptual mapping, campaign analytics, store performance evaluation, etc.

Business Use Cases

An FMCG marketer identifies the product mix to maximize its reach amongst consumers

An FMCG marketer wishes to identify a product mix that would allow it to maximize its reach amongst consumers, yet limit the number of product variants. Through a combination of customer surveys and TURF analysis, the marketer is able to clearly identify consumer preferences for the various product variants being envisaged. In addition, an effective segmentation of the total addressable market enables the FMCG marketer to arrive at the strategic direction for launching the optimized product mix.

Predicting tea auction prices for a tea board

One of India’s biggest auction houses, when venturing into tea procurement and auctions, wanted to develop an analytical model to predict the auction bid-start price in order to get a competitive advantage. Using 4-year auction pricing data for a tea board, a predictive model was built using a combination of hedonic pricing analysis and auto-regressive distributed lag (ARDL) modelling, together with mixed-effects regression modelling approaches. The predictive model enabled the client to reduce its dependence on tea tasters and enhance the price-discovery effectiveness of the auction process.

An FMCG marketer benchmarks customer perception of its brand vis-a-vis that of its competitors

A soft-drinks marketer wishes to understand customer perceptions of a new product, relative to existing products and competing brands. Customer surveys provide data on consumer likes & dislikes along various product specifications, such as sweetness, color, flavour, calorie content, packaging, pricing, etc. Multi-dimensional scaling techniques are used to reduce the respondent scores along each of these product specifications into a reduced number of dimensions that reflect the unique product attributes. The resulting perceptual map enables the soft-drinks marketer to understand the relative strengths & weakness of its new product vis-à-vis old products as well as competing brands. This allows the marketer to tweak product features to generate greater attraction for its new product, apart from identifying gaps in the product landscape that indicate the opportunity to design further new high-potential products to satisfy customer desires.