Customer Behavioural Analytics in the Retail Sector

A customer is a key-centric factor for any business to be successful. Conventional wisdom tells us that the cost of retaining an existing customer is far less than acquiring a new one. In order that a business has a sustainable growth, the retention of its old customer base and expansion of the new customer base is very critical. This demands from a business to understand the behaviour of its customers in relation to the business. Therefore obtaining a 360° view of its customers is crucial for a business looking for a competitive edge in the market. In such a scenario, Customer Behavioural Analytics plays an important role in leveraging data analytics to find meaningful behavioural patterns in the customer-specific business data.

Our project aims to understand the purchase behaviour of customers in the retail sector specifically of an Italian retail distribution company Coop in a single Italian city. Decoding the consumer behaviour is based on understanding how consumers make purchase decisions and what factors influence those decisions. This project also discovers existence of dependencies between customers, products and shops to highlight further insights about their behaviour. These meaningful insights will further help a business to implement strategies leading to an increased revenue through customer satisfaction.

As the project is a Data Analytics project, it serves as a prototype explaining how discovering insights from the data can help towards its better understanding and applicability. We used in our project the data from the retail sector to analyse and discover the hidden insights from it and demonstrated how business can use these insights to better understand its customers and take measures towards the sustainable growth of the business. In a similar way, our project demonstrates that the source of the data can be from any sector Eg. health, media, sport, education etc and how with the help of Data Analytics one can extract sense out of these data collections to implement necessary measures targeted towards a specific goal.

Otto-von-Guericke University Magdeburg

Alle aktuellen Einreichungen zum Future Award
Alle FINALISTEN zum Future Award 2019
Alle Einreichungen zum Future Award 2019

Hinweis: Die Projektbeschreibungen sind Originaltexte der Studenten und wurden wie eingereicht belassen.