Quantzig, a premier analytics solutions provider, has announced the completion of its latest success story that illustrates how FMCG retailers can benefit by deploying a time series cannibalization model.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200729005432/en/
With the help of advanced analytics and ML algorithms, any FMCG company can merge data from various sources and gain actionable insights from it, and therefore can find better answers to various problems that plague their business. Request a free proposal to gain comprehensive insights into the benefits of advanced analytics in the FMCG industry.
At every stage of the business journey in the FMCG sector, right from manufacturing to delivery to marketing and sales, an FMCG company faces several challenges in decision-making, and the only resource that they can rely upon is data. But the data generated is vast and requires advanced analytics tools and data analytics expertise to analyze and extract insights from data. Apart from that, a major challenge that haunts FMCG retailers is the need to deploy a product cannibalization measurement framework to gauge the impact of product cannibalization before launching a new product in the market.
"In today's complex FMCG sector, product cannibalization is a necessary evil. As such, a proactive, iterative approach to gauge product cannibalization throughout the product innovation process can help companies understand potential cannibalization risks and develop strategies to mitigate risks," says an advanced analytics expert from Quantzig.
Quantzig's Time Series Cannibalization Modeling Engagement: Outcomes, insights, and solutions offered
The client, a FMCG retailer, was facing a sharp decline in sales due to product cannibalization. On collaborating with Quantzig, our experts performed a detailed analysis of their challenges and revealed that the client was not categorizing their products accurately. Further, it was also surfaced that this FMCG industry player did not have a product cannibalization framework in place. To help this client, our experts adopted a comprehensive three-pronged approach that solely focused on devising a robust product cannibalization measurement framework. The product cannibalization framework devised by Quantzig's experts empowered this FMCG company to gauge demand transference and its impact on the overall return on investment. Quantzig's product cannibalization framework also helped the client to tweak the sales execution levers to maximize the ROI generated across the portfolio. The solutions offered enabled the client to achieve the following in a span of 3 months
- Devised a roadmap to gauge demand transference within product portfolios
- Estimated sales impact results with bounce-back rates
- Designed a data-driven pricing and promotional strategy to drive better sales
Wonder how to leverage time-series cannibalization modeling to gauge the real dollar impact of new product launches on the existing products? Get in touch with our analytics experts today.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
View source version on businesswire.com: https://www.businesswire.com/news/home/20200729005432/en/
Contacts:
Quantzig
Eva Sharma
Marketing Manager
US: +1 630 538 7144
UK: +44 208 629 1455
https://www.quantzig.com/contact-us
