Wallet share increase for a top multi-category retailer
Objective
A top retailer wanted to increase revenue from existing customer base by capturing an increased share-of-wallet from such customers. The goal was to understand each customer by creating behavioural cohorts and drive personalized campaign strategies for cross-sell and up-sell.
Our Solution
- Our customer segmentation module created customer micro-segments (cohorts) based on customer behavior and attributes, taking into consideration demographic data, shopping mission, average monthly spend, sentiments and feedback, basket preference, average time between visits, bill value as well as baskets.
- The customer micro-segments were used to devise intervention strategies (such as personalized wallet-share increase campaigns) for customers in each target cohort.
- Market-basket analysis was leveraged to identify groups of products that sold together.
- Top products for each target customer was identified based on his/her past purchases as well as purchases by similar customers (in the same cohort).
- The solution leveraged a self-learning approach to refine recommendations and strengthen propensity rules.
The solution was built leveraging tcg mcube, our proprietary analytics platform that can analyse large volumes of data to drive accelerated insights. The built-in data models and data science algorithms drive velocity to value for our customers.
Project Impact and Outcomes
Rollout of wallet share increase campaigns based on data science driven insights helped increase revenue from existing customer base by over 12% in 3 months.
