Marketing Mix Modeling: The task of measuring returns on the marketing mix has become more complex as media has proliferated. HCL leverages marketing mix modeling to unearth the driving forces in the marketing environment for the allocation of promotion dollars to more hard working marketing buckets, thereby helping retailers become more profitable.
Propensity to Buy Modelling: Retailers today understand that identifying customers with the highest propensity to buy new products and services is imperative for accurate and better customer segmentation. Propensity to buy modeling helps produce a predictive score for each customer or prospect, thereby allowing retailers to target the most likely prospects of a marketing campaign.
Test and Learn for Stores and Customers: Hands-On System’s extensive retail analytics capabilities empower retailers to test new ideas on a sample set of stores or utilize a test laboratory facility for various tests to be carried out.
Pre Pack Optimization: This is a tool which takes a system-wide perspective in identifying and reducing cost, thereby enhancing supply chain profitability. The objective here is to enhance and standardize processes to determine the optimal number of assortment packs, size ratios, and target stores for distribution. A method which we have evolved is to create a lost sales model and incorporate it into the current processes.
Market Basket Analysis: With the amount of data at the disposal of retailers, market basket analysis helps effectively utilize this data to uncover underlying patterns in customer transactions. We take the regular market basket analysis to the next level by identifying the most profitable baskets, differentiating between the natural rules that are inherent to the stores and patterns induced by promotion, and normalize the effect of store attributes (like size, footfalls etc.) to sales and margins, and compare stores. (Hands-On System is currently researching a scientific process to define a general optimized solution to promotion strategy with the help of market basket analysis).