Author: Kentrix

Unlocking Data-driven Insights: Components of Business Intelligence
In this article, we will explore the key components of business intelligence and understand their importance in unlocking data-driven insights for success.

In today’s rapidly evolving business landscape, organizations need to make informed decisions quickly to stay ahead of the competition. This is where business intelligence (BI) comes into play.

Business intelligence refers to the technologies, strategies, and processes used to analyze data and transform it into meaningful insights that drive better decision-making and business outcomes.

Key Components of business intelligence
1. Data Collection and Integration
The foundation of any business intelligence system lies in the collection and integration of data from various sources. Organizations gather data from internal systems, such as customer relationship management (CRM) software, enterprise resource planning (ERP) systems, and transactional databases. External data sources, such as social media platforms, market research reports, and government databases, also contribute to the data pool.

By integrating data from multiple sources, organizations can create a comprehensive and holistic view of their operations, customers, and market trends. This enables them to identify patterns, correlations, and anomalies that might not be apparent when analyzing data in isolation.
1. Data Warehousing and Storage
To effectively manage and analyze large volumes of data, businesses need a centralized repository known as a data warehouse. A data warehouse acts as a secure and scalable storage solution for structured, semi-structured, and unstructured data. It enables organizations to store historical data, conduct complex queries, and perform advanced analytics.

Data warehousing involves extracting data from operational systems, transforming it into a consistent format, and loading it into the warehouse. This process ensures data integrity, standardization, and accessibility, making it easier for decision-makers to access the information they need in a timely manner.
1. Data Mining and Exploration
Once data is collected and stored in a data warehouse, the next step is to extract valuable insights through data mining and exploration techniques. Data mining involves discovering hidden patterns, relationships, and trends within the data. It utilizes various algorithms and statistical models to identify correlations, predict outcomes, and make data-driven recommendations.

Exploratory data analysis goes hand in hand with data mining, as it involves visualizing and exploring data to gain a better understanding of its characteristics. Through interactive dashboards, charts, and graphs, decision-makers can uncover key insights, spot anomalies, and track performance indicators.
1. Reporting and Visualization
The ability to present data in a meaningful and visually appealing manner is crucial for effective communication and decision-making. Reporting and visualization tools enable organizations to transform raw data into interactive reports, charts, and graphs that are easy to interpret and share across teams.

With intuitive dashboards and visualizations, decision-makers can monitor key performance indicators (KPIs), track progress toward goals, and identify areas that require attention. These tools also facilitate collaboration and data-driven discussions by allowing stakeholders to explore data from different perspectives and gain actionable insights.
1. Analytics and Business Intelligence Applications
Business intelligence applications leverage advanced analytics techniques to turn raw data into actionable insights. These applications encompass a wide range of functionalities, including predictive analytics, prescriptive analytics, and real-time analytics. They enable organizations to forecast future trends, optimize business processes, and make data-driven decisions in real-time.

Predictive analytics uses historical data and statistical models to anticipate future outcomes and trends. Prescriptive analytics takes it a step further by recommending the best course of action based on the predicted outcomes. Real-time analytics processes data as it is generated, providing up-to-the-minute insights for timely decision-making.
1. Data Governance and Security
With the increasing volume and complexity of data, organizations must prioritize data governance and security. Data governance involves establishing policies, procedures, and controls to ensure data quality, integrity, and privacy. It defines roles and responsibilities, enforces data standards, and promotes a culture of data-driven decision-making.

Data security measures protect sensitive information from unauthorized access, breaches, and cyber threats. Robust security protocols, encryption techniques, and access controls safeguard data assets and maintain customer trust. Compliance with data protection regulations, such as the General Data Protection Regulation (GDPR), is also essential to avoid legal repercussions.

Conclusion

In today’s data-driven world, business intelligence has become an integral part of organizational success. By harnessing the power of data collection, integration, warehousing, mining, visualization, analytics, and governance, organizations can unlock valuable insights and make informed decisions.

The components of business intelligence work in harmony to provide a holistic view of the business landscape, enabling organizations to adapt, innovate, and stay ahead in a competitive market.

Read More,

Identifying Customer Profiles through new trends in Market Research
May 24, 2023
The Essential Guide to Business Intelligence Benefits and Challenges
In this article, will explore Business Intelligence Benefits and Challenges faced by organizations:

In today’s data-driven world, businesses are constantly seeking ways to gain a competitive edge and make informed decisions. This is where business intelligence comes into play. Businesses have to identify Business Intelligence Benefits and Challenges to Overcome.

Business intelligence refers to the technologies, strategies, and practices used by organizations to analyze raw data and transform it into actionable insights. By harnessing the power of BI, businesses can unlock a wealth of benefits, but they also face several challenges along the way.
1. Enhanced Decision-Making
One of the primary benefits of business intelligence is its ability to empower decision-makers with valuable insights. Through data analysis and visualization, BI tools provide a comprehensive view of the business landscape, enabling executives to make informed decisions quickly and accurately.

By leveraging real-time data, organizations can identify trends, patterns, and correlations, thus making strategic choices that drive growth and success.
1. Improved Operational Efficiency
Another advantage of implementing business intelligence is the optimization of operational efficiency. Integrating data from various sources, BI systems streamline processes, eliminate manual work, and reduce human error. With automated reporting and analytics, organizations can identify bottlenecks, inefficiencies, and areas for improvement.

This leads to cost savings, increased productivity, and streamlined operations throughout the entire business.
1. Competitive Advantage
In a highly competitive marketplace, gaining a competitive advantage is crucial for long-term success. Business intelligence enables organizations to better understand their customers, market trends, and competitors. By analyzing customer behavior, preferences, and feedback, businesses can tailor their products, services, and marketing strategies to meet customer demands effectively.

BI also empowers businesses to monitor and benchmark their performance against industry rivals, identify gaps, and devise strategies to outperform the competition.
1. Data-Driven Culture
Implementing business intelligence fosters a data-driven culture within an organization. By encouraging employees to base their decisions on data and insights rather than intuition alone, companies can drive innovation, boost collaboration, and align teams toward common goals.

With BI tools accessible to employees at all levels, everyone can contribute to the organization’s success by leveraging data to drive better decision-making.
1. Enhanced Customer Experience
Business intelligence plays a pivotal role in improving the overall customer experience. By analyzing customer data, BI systems allow businesses to personalize interactions, understand customer needs, and provide targeted recommendations.

By delivering a seamless and personalized experience, organizations can foster customer loyalty, increase customer satisfaction, and drive repeat business.
1. Compliance and Risk Management
In today’s regulatory landscape, compliance and risk management are top priorities for businesses. Business intelligence solutions enable organizations to monitor and analyze data, ensuring compliance with industry regulations and identifying potential risks.

By proactively managing risks and complying with legal requirements, businesses can protect their reputation, avoid penalties, and maintain trust with stakeholders.

While the benefits of business intelligence are significant, organizations may encounter challenges in its implementation and usage. Here are a few common hurdles:
1. Data Quality and Integration
Ensuring data quality and integrating data from disparate sources can be a complex and time-consuming task. Inaccurate or incomplete data can undermine the effectiveness of BI initiatives.

Organizations need robust data governance strategies and systems in place to ensure data accuracy, consistency, and integrity.
1. Cost and Resource Allocation
Implementing a comprehensive business intelligence system requires a significant investment in terms of technology, infrastructure, and skilled personnel.

Organizations must carefully allocate resources and budgets to ensure successful implementation and ongoing maintenance of the BI ecosystem.
1. Data Security and Privacy
As organizations gather and analyze large volumes of data, data security, and privacy become critical concerns. Protecting sensitive information from unauthorized access and complying with privacy regulations are challenges that businesses must address to maintain trust with customers and stakeholders.
1. User Adoption and Training
For business intelligence initiatives to succeed, organizations must ensure user adoption and provide adequate employee training. Overcoming resistance to change, promoting a data-driven culture, and equipping employees with the necessary skills to leverage BI tools are key challenges in maximizing the benefits of business intelligence.

Conclusion

Business intelligence offers a multitude of benefits that can transform the way organizations operate and make decisions. From enhanced decision-making and operational efficiency to gaining a competitive advantage and improving the customer experience, BI empowers businesses to thrive in a data-centric world.

However, it’s essential to recognize and address the challenges that accompany BI implementation, such as data quality, cost, security, and user adoption. By navigating these challenges strategically, organizations can unlock the full potential of business intelligence and drive long-term success.

Read More,

How Data Analytics is Revolutionizing Market Entry Strategy for Online Pharmaceutical Retail
May 23, 2023
How Data Analytics is Revolutionizing Market Entry Strategy for Online Pharmaceutical Retail
The global online pharmaceutical retail market has seen significant growth in recent years, and the trend is set to continue even in India. As more people prefer the convenience of ordering their medication online, especially post COVID-19, traditional pharmacies must adapt to stay competitive. During the pandemic, increased demand due to lockdowns and social distancing measures led consumers to rely more on e-commerce platforms for essential needs. Coupled with increased health consciousness, and a need for a robust healthcare system, e-pharmacies became a preferred convenience. However, even with increasing demand, the entry of new players in the online pharmaceutical retail industry can be challenging without the right market entry strategy.
According to this report by Research and Markets, the online pharmacy market in India was valued at INR 25.50 Bn in 2021 and is projected to grow at a CAGR of 22.20% from 2022 to 2027, with an estimated worth of INR 89.47 Bn.
Market entry strategy for Online Pharmaceutical Retail
Market entry strategy is crucial for any business, and even more so for online pharmaceutical retail due to the unique challenges and regulations within the industry. Here are 5 reasons why a well-planned market entry strategy is essential for success in the online pharmaceutical retail sector:
Regulatory Compliance: The pharmaceutical industry is heavily regulated, and online pharmacies must adhere to strict guidelines to operate legally. Failure to comply with regulations can result in fines or legal action, which can be detrimental to the business. A market entry strategy can help ensure that all regulatory requirements are met before entering the market.
Competitive Advantage: Entering a new market can be challenging, particularly in a crowded and competitive industry like e-pharmacy. A well-planned market entry strategy can help a business stand out from its competitors and gain a competitive advantage by identifying unique selling points and differentiators.
Target Market Identification: A market entry strategy can help identify the target market and create a marketing plan that resonates with their needs and preferences.
Risk Management: Entering a new market involves risks, and a market entry strategy can help identify and mitigate those risks. By conducting thorough research and analysis, businesses can make informed decisions and reduce the likelihood of failure.
Allocation: A market entry strategy can help allocate resources such as time, money, and manpower effectively and efficiently to maximize return on investment.
Also, take ideas from our previous blog on: The KENTRIX Advantage
Why Data Analytics?
Data analytics can play a crucial role in developing an effective market entry strategy for online pharmaceutical retail. Here are some ways data analytics can help:
Market Research
Market research is essential to understand the market size, customer demographics, and competitors’ strengths and weaknesses. With data analytics, e-pharmacies can gather and analyze data to determine the potential demand for their products, identify their target customers, and determine their pricing strategy.
Product Selection
Product selection strategy enables e-pharmacies to offer products that meet the needs of their target audience while adhering to regulations. With data analytics, trends can be tracked and the most popular products can be identified, ensuring that the product selection is in line with customer preferences.
Customer Segmentation
With data analytics, companies can analyze customer data, consumer purchase behavior, and demographic data to segment their customers into groups. This can help them tailor their marketing strategy to each group’s specific needs, resulting in better engagement and conversion rates.
Marketing Strategy
With data analytics, the most effective marketing channels and tactics can be identified to reach the targeted customers. The performance of the marketing campaigns can be tracked and the strategy can be adjusted accordingly to maximize ROI.
Impact of AI on Market Entry Strategy
AI and Big Data can provide valuable insights to help online pharmaceutical companies make informed decisions about market entry strategy in e-pharmacy retail. E-pharmacies can use AI to improve consumer profiling, market analytics, pricing optimization, inventory management, and fraud detection. This can help companies to increase their chances of success and gain a competitive advantage in the market.
AI and big data can also impact market entry strategy greatly through granular market segmentation analysis, especially in a country like India where regional nuances make a huge difference in the consumer psyche. In a country as diverse as India, geospatial consumer data can contribute to a robust market entry strategy by:
Targeting specific geographic areas by identifying regions where there is high demand for specific products, allowing businesses to focus their marketing efforts and tailor their product offerings to meet the needs of those regions.
Identifying customer demographics by providing insights into the demographics of customers in different regions, such as age, income, and education level to predict consumer behavior and trends.
Forecasting demand by analyzing historical sales data, and using this data to plan inventory levels and optimize pricing strategies.
Geomarketeer by Kentrix is a tool that provides geospatial analysis and market segmentation to help businesses build their market entry strategy and expansion. For e-pharmacies, it can help in identifying the most profitable regions, local customer needs, and preferences. With Geomarketeer, businesses can also gain insights into competitor activity and market trends. The tool uses a combination of data from various sources, including geospatial data, social media, and business intelligence, to provide accurate and detailed insights into market segmentation and consumer spend behavior, which can strengthen market entry strategy and ultimately lead to increased profitability and success.
Also, take ideas from our previous blog on: How do I get the most out of consumer data?
April 24, 2023
Identifying Customer Profiles through new trends in Market Research

Identifying Customer Profiles through new trends in Market Research
With the increasing penetration of the internet and smartphones in India the way a customer behaves is changing. This influences purchase and consumption patterns. TO be able to understand this changing pattern in customer behavior , market research as we have traditionally known is changing. To be able to accomplish this understanding , digital transformation has become an important focus area for market research. Companies are looking to understand the changing consumer behavior, preferences, and purchasing patterns in the digital space.
Market research is an important aspect of any business that wants to succeed in today’s competitive landscape. It helps companies identify market trends, understand customer needs and preferences, and make informed decisions that drive growth. In India, market research has become increasingly important as the country’s consumer market continues to evolve and expand. Here are some of the new trends in market research that are helping businesses identify customer profiles in India.
1. Use of advanced analytics
Advancements in analytics technology have made it easier for market researchers to collect, analyse, and interpret large amounts of data. This has led to the development of more sophisticated models and algorithms that can identify patterns and trends in customer behaviour. By using advanced analytics, businesses can gain a deeper understanding of their customers’ needs, preferences, and behaviours, and use this information to create targeted marketing campaigns and promotions that resonate with their audience. This is all possible by through large availability of granular data and is changing the way we think aboutvthe possibilities within Market Research.
2. Focus on mobile research
India is a mobile-first country, with more than 80% of internet users accessing the web through their mobile devices. This has led to an increase in mobile research, which involves using mobile devices to conduct surveys, collect feedback, and gather data on customer behaviour. Being a digital media , Mobile research allows businesses to reach a wider audience and gather real-time data on customer preferences and behaviour.
Also, take ideas from our previous blog on: What are the changing trends in Consumer Behaviour?
3. Integration of social media data
Social media has become an integral part of the lives of millions of Indians. Businesses are now integrating social media data into their market research efforts to gain insights into customer behaviour and preferences. Social media platforms like Facebook, Twitter, and Instagram provide a wealth of data on customer preferences, behaviour, and sentiment, which can be analysed to gain insights into customer profiles which also provide insights on customer affinity.
4. Focus on regional diversity
India is a diverse country with 29 states and 7 union territories, each with its own unique culture, language, and customs. Market researchers are now focusing on regional diversity to gain a deeper understanding of customer behaviour and preferences. By taking into account regional differences, businesses can create targeted marketing campaigns that resonate with their audience in specific regions. Over and above this is the Neo Indian who has multiple cultural identities woven in one . This becomes and interesting study for Market Research .
5. Use of artificial intelligence (AI)
Artificial intelligence (AI) has the potential to revolutionize market research by automating data collection, analysis, and interpretation. AI-powered tools can help businesses collect data from multiple sources, analyze it in real-time, and generate insights that can inform business decisions. AI-powered chatbots and virtual assistants can also be used to collect feedback from customers and provide personalized recommendations based on their preferences.
Also, take ideas from our previous blog on: Data Analytics with Individual residential building precision
6. Increased focus on customer experience
Customer experience has become a key differentiator for businesses in India. Market researchers are now focusing on understanding the customer journey and identifying pain points that can be addressed to improve the overall customer experience. By gathering data on customer preferences, behaviour, and sentiment, businesses can create personalized experiences that resonate with their audience.
6. Inclusion of sustainability in market research
Sustainability has become an important factor for many Indian consumers, with more and more people looking for environmentally friendly products and services. Market researchers are now including sustainability in their research efforts, gathering data on customer preferences for eco-friendly products and services. This information can help businesses create products and services that are more in line with customer values and preferences.
7. Collaboration with startups
India has a thriving startup ecosystem, with thousands of startups operating in various industries. Market researchers are now collaborating with startups to gain insights into customer behaviour and preferences. Startups can provide valuable data on emerging trends and customer preferences, which can help businesses stay ahead of the curve and create products and services that resonate with their audience.
In conclusion, market research is essential for businesses that want to succeed in today’s competitive landscape. New trends in market research are helping businesses identify customer profiles in India, by using advanced analytics, mobile research, social media data, regional diversity, AI, customer experience, sustainability, and collaboration with startups.
KENTRIX is a solution provider mapping more than 91.5 crores Indians to their average monthly household-level income, urban and rural differentiated classes, providing a deep identification of the consumer variety of the country. This is the future of Market research .

April 22, 2023
Tailoring Your Store to Your Customers: How Market Research Boosts Profits
How Market Research Boosts Profits
Store product mix, or product assortment, refers to the combination of products and brands that a store carries for sale. It is a crucial factor impacting the store’s overall performance and customer satisfaction. Optimizing the store product mix is a process of strategically selecting and grouping products to ensure that the store meets the needs and preferences of its customers while maximizing profitability. It involves a careful analysis of customer data to identify customer expenditure behavior aligning with the store’s business goals.
Consumer behavior can vary significantly depending on different factors, especially geography. Therefore, it is essential to conduct market research and gather data on the store’s specific customer base to gain insights into their preferences and needs. Market research can involve methods such as surveys, focus groups, and analysis of sales data to identify trends in customer behavior.
According to a Market Research Society of India report, the sector was valued at $2.1 billion in FY21 and is projected to double to $4.2 billion by FY26 as a result of India being the world’s center for analytics.
Also, take ideas from our previous blog on: How Data plays a key role in D2C businesses
Impact of consumer profiling on Store Product Mix
Consumer profiling plays a critical role in optimizing store product mix. By analyzing consumer behavior, preferences, and needs, businesses can gain a better understanding of their target customers and tailor their product mix accordingly.
Businesses can use consumer profiling to optimize their store’s product mix by identifying popular and unpopular products, stocking the right products based on the preferences of their target customers, and determining effective price points. By utilizing consumer profiling insights, businesses can enhance their store’s product mix to boost sales and profits.
Market Research and Optimising Store Product Mix
Using actual data profiles of customers through market research to optimize store product mix has several benefits, including:
Improved customer satisfaction by offering products that align with consumer behavior insights
Increased revenue by stocking products that customers are more likely to buy
Reduced costs by focusing on products that have high demand, and reducing the costs associated with carrying low-performing products
Effective inventory management with a better understanding of customer preferences, reducing the likelihood of overstocking or understocking products

AI and Consumer Profiling for Market Research
Data analytics plays a crucial role in consumer profiling for market research by providing insights into customer behavior, preferences, and needs. Through data analytics, businesses can collect and analyze large amounts of data from various sources, such as social media, customer surveys, and purchase history, to gain a better understanding of their target audience.
Firstly, data analytics tools can help in customer segmentation based on different criteria, such as demographics, psychographics, and behavioral factors. These segments can then be used to create data-driven profiles of customers, which can help in understanding their preferences and buying behaviors.
Secondly, data analytics can help in identifying patterns and trends in customer behavior, which can then be used to optimize the store product mix. For example, if the data suggests that customers in a particular segment are more likely to buy organic products, businesses can adjust their product mix to include more organic options.
Thirdly, data analytics can help in predicting future customer behavior based on past data. By using predictive data analytics, businesses can forecast future demand for certain products and make informed decisions about their product mix and inventory management.
With the advancement in technology, AI and big data have significantly impacted consumer profiling through market research. By leveraging machine learning algorithms and processing large volumes of data, companies can gain deeper insights into consumer behavior, preferences, and trends. This allows better consumer classification and optimizes their product mix, marketing campaigns, and overall business strategy.
It also improves the process with:
Increased accuracy: Processing and analysis of vast amounts of data, enables companies to develop more accurate and comprehensive consumer profiles. This, in turn, allows for more targeted marketing and product development strategies.
Real-time insights into consumer behavior: Allows companies to quickly adapt to changing trends and preferences.
Personalization: Analysis of consumer data helps companies personalize their marketing and product offerings, creating a more personalized experience for their customers.
Improved efficiency: Automated processes reduce the time and cost associated with traditional methods.

How Geospatial Consumer Data Can Improve Store Product Mix
Geospatial consumer data, which enriches market research with consumer profiling based on the geographic location of customers and their purchasing behavior, can be a valuable tool for optimizing store product mix, especially in a diverse country like India. By analyzing customer behavior and preferences at a granular level, retailers can gain insights into the preferences and needs of customers in specific geographic areas and adjust their product offerings accordingly.
Also, take ideas from our previous blog on: How accurate Customer Profiles build profitable businesses
Geospatial data can also help retailers understand the impact of external factors such as competition or changing demographics on their product mix. For instance, if a competitor opens a new store in the area, the retailer can monitor the impact of the new competition on their sales and adjust their product mix to remain competitive. Additionally, if the demographic makeup of the area changes, the retailer can analyze the impact of this change on their customer base and adjust their product mix to better cater to the dynamic consumer behavior.
Geomarketeer by Kentrix can help with optimizing the store product mix based on actual data profiles of customers through market research with geospatial analysis of insights into consumer behavior, customer segmentation, competitor analysis, predictive analytics, and more, helping make data-driven decisions about their store product mix based on actual data profiles of customers through market research, leading to increased sales and customer satisfaction.
April 13, 2023
Customer Segmentation plays a key role in profitability, for a food delivery company

Customer Segmentation plays a key role in profitability,
India is a land of diversity . We rejoice in the culture of multiplicity . Given the diverse work opportunities that have been created in the booming economy , people now have a multi dimensional profile . How do marketing teams then create customer segments ?
Creating customer segments in now dependent on a variety of factors depending on the nature of the business. It is common sense that a jewellery retailer would segment the market differently as compared to an FMCG retailer. The entire exercise of customer segmentation would be conducted differently for either of these businesses.
A popular new age business that is known for its success is the Food Delivery business. Let us understand how we can look at Customer Segmentation for this business.
In today’s fast-paced world, food delivery companies have become an integral part of our lives. With the convenience of ordering food from the comfort of our homes, it’s no wonder that the food delivery industry has grown rapidly over the past few years. However, with the increasing competition in this industry, it has become crucial for food delivery companies to understand their customers and cater to their needs effectively. It is not just about the allocation of delivery resources but also important to understand the placement of partner cloud kitchens . This is where customer segmentation comes in.
Customer segmentation refers to the process of dividing customers into groups based on their characteristics, needs, and preferences. By segmenting customers, food delivery companies can better understand their customers’ behaviour and tailor their offerings to meet their specific needs. In this blog post, we will discuss how food delivery companies can use customer segmentation to their advantage.
Geographic Segmentation
One of the most basic forms of customer segmentation is geographic segmentation. This involves dividing customers based on their location. For example, a food delivery company operating in India can divide its customers based on areas in the city or region they are in. This allows the company to tailor its offerings to meet the specific needs and preferences of customers in each region.
For instance, customers in certain pockets of Mumbai may prefer spicy food, while other pocket customers may prefer milder flavours. By understanding these area wise differences, food delivery companies can offer menus that cater to the specific tastes of their customers. Moreover, they can also target their marketing efforts to specific regions for a specific kind of cuisine to increase their reach and visibility.
Demographic Segmentation
Another important form of customer segmentation is demographic segmentation. This involves dividing customers based on demographic variables such as age, gender, income, education, etc. For example, a food delivery company may find that its customers in the age group of 18-25 prefer fast food or trendy cuisines, while customers in the age group of 40-50 prefer traditional cuisine.
By understanding these demographic differences, food delivery companies can offer menus that cater to the specific needs and preferences of each demographic group.
Also, take ideas from our previous blog on: Consumer Profiling Can Help You Elevate Your Business in 5 Ways
Psychographic Segmentation
Psychographic segmentation is another important form of customer segmentation. This involves dividing customers based on their lifestyle, interests, and personality traits. For example, a food delivery company may find that its customers who are health-conscious prefer organic or low-calorie food, while customers who are adventurous may be more willing to try new and exotic cuisines.
By understanding these psychographic differences, food delivery companies can offer menus that cater to the specific needs and preferences of each psychographic group. They can also target their marketing efforts to specific psychographic groups to increase their reach and visibility.
Behavioural Segmentation
Behavioural segmentation involves dividing customers based on their behaviour or purchasing patterns. For example, a food delivery company may find that its frequent customers order food at least twice a week, while customers who have not ordered in a while may need a little incentive to come back.
By understanding these behavioural differences, food delivery companies can offer personalized discounts or loyalty rewards to their frequent customers to keep them coming back. They can also target their marketing efforts to customers who have not ordered in a while with promotional offers to entice them back.
Occasion-based Segmentation
Occasion-based segmentation involves dividing customers based on the occasion or reason for their order. For example, a food delivery company may find that customers ordering food for a party or special occasion may have different requirements and preferences than customers ordering food for themselves on a regular basis.
By understanding these occasion-based differences, food delivery companies can offer menus and packages that cater to the specific needs and preferences of customers for each occasion.
In conclusion, customer segmentation is an important strategy for food delivery companies to effectively cater to their customers’ needs and preferences.
Kentrix offers a simple solution which provides data up to an individual residential building precision.
Kentrix is an Inclusive Business Intelligence Platform for consumer data-driven solutions in B2C and D2C, operating on data of 91.5 crores of Indian consumers.
They are identified down to the precise residential place of living.
Geomarketeer from Kentrix is a granular market segmentation analysis tool. It supports companies in India with geo-location-based intelligence, using micro-market-focused data and tools to sustainably grow their business.
Also, take ideas from our previous blog on: How Data plays a key role in D2C businesses
By delivering this information on the Software as a Service (Saas) platform, Geomarketeer allows organizations of any size to quickly get started with market research and data-backed insights.
The important part of the tool is that it will not just allow you to check Customer-Product Affinities but also Understand where, up to an individual residential building precision, is the right target for a specific product.

April 5, 2023
Consumer Profiling Can Help You Elevate Your Business in 5 Ways
5 Ways Karma Can Help You Elevate Your Business Through Consumer Profiling

Increasingly for businesses the world over, consumer profiling is emerging as a powerful tool to gain insights into the behaviors, preferences, and needs of their customers. By analyzing data from various sources such as social media, e-commerce platforms, and mobile apps, businesses can gain a deeper understanding of their customers and tailor their marketing and sales strategies accordingly.

Karma by Kentrix is a comprehensive customer profiling and analytics tool that can help businesses gain insights into consumer behavior and preferences. In this article, we will explore 5 ways in which consumer profiling can help elevate your business, and how tools like Karma can help you achieve these goals.

Personalized Marketing in consumer profiling

One of the biggest advantages of consumer profiling is to help you create more personalized marketing campaigns that resonate better with your target audience. By analyzing customer browsing and purchase history, you can gain insights into their interests and preferences. You can then use this information to create targeted marketing campaigns that are more likely to convert. When a brand offers tailored experiences, consumers are 80% more likely to make a purchase, according to Epsilon. This shows the effectiveness of personalized marketing campaigns.

With Karma, businesses can gain deep insights into their customers’ buying patterns, preferences, and interests. This information can be used to develop marketing campaigns that are tailored to individual customers’ needs, resulting in better retargeting, and a more personalized and engaging experience. The software can segment customers based on various factors such as demographic information, past purchase behavior, and browsing history. Additionally, Karma enables businesses to track and measure the effectiveness of their marketing campaigns, allowing them to refine their strategies and optimize their ROI.

Customer Segmentation

Another important benefit is being able to segment your customers into different groups based on their behaviors and preferences. By analyzing data from various touchpoints, you can create customer profiles that are based on demographics, browsing behavior, purchase history, and more. This allows you to tailor your marketing efforts to specific segments of customers, increasing the effectiveness of your campaigns.

Karma’s customer analysis segmentation capabilities are powered by AI and ML algorithms that can identify patterns and correlations within customer data. This enables businesses to group customers into segments based on common characteristics. Once customers are segmented, you can then create targeted marketing campaigns that resonate with each group. For example, you can choose to show your ads to new parents from a certain income group only, knowing that new parents have previously made a purchase or shown interest within your product category. The chances of repeat purchases or of trying a new product will be higher in this case. You can also use customer segmentation to create customized product recommendations, loyalty programs, and targeted promotions.

Improved Customer Experience

Sentiment analysis is a technique that can be used to evaluate customer feedback and extract insights into their opinions, emotions, and attitudes toward a product or service. By analyzing customer sentiment, businesses can identify areas where they are performing well and areas where they need to improve to enhance customer experience.

With sentiment analysis through data collected over various digital touchpoints, you can:

Improve product and service offerings by understanding customer sentiments towards specific products and services and making data-driven decisions to provide a better customer experience.

Enhance customer support by analyzing sentiment in customer service interactions and identifying areas where your agents are performing well and areas where they need additional training.

Monitor brand reputation by observing sentiment across various social media channels and online review platforms, proactively addressing negative sentiment, and protecting brand reputation.

Karma offers sentiment analysis as one of its key features and uses natural language processing (NLP) algorithms to extract sentiment from customer feedback in real-time. This enables you to quickly identify issues and respond proactively to customer concerns as well as track sentiment trends over time, identify areas of improvement, and take corrective action to enhance customer experience.

Optimized Pricing Strategies

Consumer profiling can also help you optimize your pricing strategies by analyzing customer spending behavior. By understanding customer spend potential and willingness to spend on certain products or services, you can optimize your prices to maximize revenue.

Karma analyzes customer behavior, purchasing patterns, and market trends, to provide insights on the pricing points that will be most effective for a particular product or service. With this tool, you can understand customer engagement, sentiment, and purchase history, and use it to identify pricing strategies that are most likely to drive sales and increase customer loyalty. The platform can also help you determine which products or services are most profitable, and which may need to be adjusted to meet changing market conditions. A key feature of Karma is its ability to perform dynamic pricing, which allows you to adjust prices in real-time based on market conditions and customer behavior. This can help your business stay competitive and maximize revenue by offering the right price at the right time. With predictive analytics, Karma can help your business identify pricing trends and patterns over time, allowing you to adjust pricing strategies to better align with market conditions and customer preferences. By tracking these trends and patterns, you can make better-informed decisions on pricing, and improve your bottom line.

Fraud Detection

You can detect fraudulent activities through consumer profiling by identifying patterns and anomalies in consumer behavior that may indicate deceptive activity. By analyzing various data points such as purchase history, location, the device used, and other behavioral data, fraud can be detected before it causes significant financial losses to a business.

Karma can play a vital role in fraud detection through consumer profiling by providing advanced analytics tools that can identify unusual patterns and deviations in consumer behavior. Karma’s ML algorithms can analyze large datasets and provide insights into consumer behavior and flag suspicious behavioral changes. Additionally, Karma can also integrate with external fraud detection tools and provide a more comprehensive view of consumer behavior.

Consumer profiling has become a crucial aspect of any successful business strategy. It helps businesses understand their customers in a more meaningful way, leading to better decision-making and ultimately improving their bottom line. Karma Consumer Profile is a powerful tool that can help businesses of all sizes create comprehensive customer profiles by leveraging big data analytics. Businesses can then use this information to tailor marketing campaigns, personalized product recommendations, optimize inventory management, and improve customer service. The benefits of consumer profiling are clear, with increased customer satisfaction, loyalty, and profitability being just a few examples.

As the retail industry continues to evolve and consumer expectations change, businesses that fail to invest in consumer profiling risk being left behind. With the increasing amount of data available, now is the time to explore tools like Karma to unlock the full potential of consumer profiling and take your business to the next level.

If you would like to know more about the product, click here.
March 26, 2023
How Segura helps reduce payment defaults through its advanced customer risk identification
How Segura helps reduce payment defaults through its advanced customer risk identification
Payment defaults can be a significant challenge for businesses across industries, leading to lost revenue, strained relationships with customers, and additional administrative expenses. In such a scenario, customer risk identification can prove to be an effective solution. Segura by Kentrix is a leading provider of customer risk identification solutions that help businesses reduce payment defaults through advanced customer risk identification.

Impact of Payment Defaults on Business
When payments don’t turn up on time, businesses suffer majorly, especially those that rely on timely payments to maintain cash flow and financial stability. According to The 2022 Late Payments Report, nearly nine out of ten companies state that their typical invoice will be paid after the due date. When customers fail to pay their bills on time, or worse, default on their payments altogether, it can cause a ripple effect throughout the entire business.

A cash flow crisis is one of the most immediate impacts of payment defaults. Without the necessary cash in hand, businesses may struggle to pay their own bills and meet their financial obligations, which can result in late fees, penalties, and even legal action in extreme cases. This can damage the reputation of the business and impact its ability to secure future financing or credit

Payment defaults can also result in decreased profitability for businesses. Without timely payments, businesses may have to resort to collection agencies or legal action to recover the funds owed. This can be a costly and time-consuming process, which can further reduce the amount of revenue that the business is able to generate

Payment defaults can negatively impact the customer relationship. If a customer repeatedly fails to pay their bills on time or defaults on their payments, it can damage the trust and goodwill that the business has built with them. This can result in a loss of business in the long run, as customers may choose to take their business elsewhere

Challenges of Customer Risk Identification
While customer risk identification can be an effective solution for reducing payment defaults, it also presents some challenges for businesses, including:

Data Quality: Customer risk identification relies on accurate and comprehensive data. Businesses may face challenges in accessing and analyzing the necessary data to generate a comprehensive risk profile for each customer

Privacy Concerns: The use of customer data for risk identification purposes can raise privacy concerns among customers. Businesses must ensure that they are complying with relevant data protection regulations and implementing appropriate data security measures

Benefits of Customer Risk Identification
However, despite the challenges, implementing customer risk identification can provide a range of benefits for businesses:

Reduced Payment Defaults: By identifying customers at risk of default and taking proactive measures to address the risk, businesses can significantly reduce the incidence of payment defaults.

Improved Cash Flow: Payment defaults can cause cash flow problems for businesses, particularly for small and medium-sized enterprises (SMEs). By reducing payment defaults, businesses can improve their cash flow and financial stability.

Better Customer Relationships: By identifying and addressing customer risk factors, businesses can improve their relationships with customers and build trust.

Using Segura for Customer Risk Identification
Businesses can use Segura for customer risk management in several ways. First, they can integrate Segura’s API into their existing payment processing systems to gain real-time risk identification and assessment capabilities. This can help businesses identify high-risk customers and take necessary steps to reduce payment defaults. Additionally, Segura by Kentrix offers a range of risk indicators that businesses can use to evaluate the creditworthiness of their customers. These indicators include fraud risk, bankruptcy risk, identity verification, and more. Using Segura’s customer risk identification solution, businesses can also set customized risk thresholds based on their specific needs and risk tolerance. This allows businesses to tailor their risk management strategies to their unique customer base and business requirements.

How Customer Risk Identification helps Reduce Payment Defaults
Kentrix’s Segura offers businesses an advanced customer risk identification solution that can help them reduce payment defaults in the following ways:

Risk Assessment: Segura’s risk assessment feature allows businesses to identify high-risk customers by analyzing their payment behavior, financial history, and other relevant data. With this feature, businesses make informed decisions about extending credit to customers and reduce the risk of payment defaults

Early Warning System: The early warning system for customer risks feature alerts businesses when a customer’s payment behavior changes. For example, if a customer who usually pays on time starts missing payments or pays late, the system will alert the business. This helps businesses take proactive measures to avoid payment defaults

Credit Monitoring: With credit monitoring, businesses can keep track of their customers’ credit scores and credit histories, thereby identifying customers who may be at risk of defaulting on payments and taking appropriate measures

Payment Reminders: Segura’s payment reminder feature sends automated payment reminders to customers who have overdue payments creating a provision for businesses to collect payments on time and reduce the risk of payment defaults

By using Segura’s customer risk identification solution, businesses can reduce the risk of payment defaults and improve their cash flow. This, in turn, can help businesses improve their profitability and financial stability. Moreover, Segura uses various strategies to overcome the challenges of data quality and privacy concerns while dealing with customer risk identification with a robust data quality management that includes data cleansing, data validation, data enrichment, and data integration; strong data privacy and security measures through data encryption, access controls, and regular security audits; transparent data usage; compliance with relevant regulations and obtaining proper consent from customers for data usage and providing customers with the right to access, modify, or delete their data; and a data governance framework to ensure that data is managed in a consistent and controlled manner. To know more about the tool, click here.
March 16, 2023
Here’s how IKEA benefitted from Kentrix’s Geomarketeer and you can too
Here’s how IKEA benefitted from Geomarketeer by Kentrix and you can too
We will explore how you can be benefited from Geomarketeer by Kentrix, if you are planning to expand your business by opening new outlets in Indian cities, you need to be strategic and well-informed. India is one of the most diverse countries in the world – a melting pot of various cultures, languages, and regional nuances. Therefore, when setting up stores in this country, location is a crucial factor for success, and choosing the right one can make all the difference. IKEA, the world’s largest furniture retailer, has always been known for its innovative and customer-focused approach. With 460 stores in 62 markets, the company has a reputation for offering affordable and stylish furniture that appeals to a wide range of customers. However, when IKEA decided to expand its presence in India, it faced similar challenges when it came to location-hunting that required a unique approach. IKEA used India Location Analysis to determine the best locations for their new stores in Indian cities. This is where Geomarketeer from Kentrix stepped in. In this article, we will explore how IKEA benefitted from Kentrix’s Geomarketeer and how you can too.
What is Geomarketeer by Kentrix?
Geomarketeer by Kentrix is a location analytics tool that helps businesses make better decisions by providing them with valuable pointers on consumer behavior insights, competitor activity, and market trends. The tool uses cutting-edge technology to collect and analyze data from a wide range of sources, including social media, mobile devices, and other digital platforms. With Geomarketeer, businesses can gain a deeper understanding of their customer’s needs and preferences and make informed decisions that drive growth and profitability. How IKEA used Geomarketeer in India? IKEA’s entry into India was highly anticipated, with the company facing several challenges such as adapting to the local market, understanding customer preferences, and dealing with the country’s complex regulatory environment. It is a well-known fact that IKEA has used location analytics and market research extensively to guide its expansion into India. For example, prior to opening their first store in Hyderabad, IKEA conducted extensive research on the local market and consumer preferences, including analyzing data on customer behavior and preferences. They also conducted on-the-ground surveys and engaged with local communities to better understand their needs and desires. Additionally, IKEA utilized location analytics to determine the optimal locations for their stores in India. In this process, IKEA embraced Geomarketeer by Kentrix to help them with the following:

Identifying the right location: One of the ways IKEA used Geomarketeer was to identify the right location for its stores. With a vast and diverse population of over 1.3 billion people, India presented a unique challenge. The company needed to identify easily accessible, high-footfall locations with a high potential for growth. Using Geomarketeer’s location analytics tools, IKEA was able to analyze data on traffic patterns, consumer behavior, and market trends to identify the best locations for its stores.

Understanding customers: With a highly diverse population at hand, understanding customer preferences in India was critical to IKEA’s success. Using Geomarketeer’s consumer profiling tools, IKEA was able to gain insights into customer behavior, preferences, and needs, enabling the company to create more personalized marketing campaigns, segment its customers, and improve customer experience.

Competitor tracking: In addition to location analytics and consumer profiling, IKEA also used Geomarketeer to monitor competitor activity. With a highly competitive retail market in India, it was essential for IKEA to stay ahead of its competitors. Using Geomarketeer’s competitor analysis tools, IKEA was able to gain insights into the activities of its competitors, including their pricing strategies, product offerings, and marketing campaigns.

Benefits of using Geomarketeer IKEA’s success in India is a testament to how helpful Geomarketeer by Kentrix has been to its journey. By using Geomarketeer, IKEA was able to gain valuable insights into the Indian market, make informed decisions, and drive growth and profitability. In the same way, you too can utilize the tool to stay ahead of the competition in the Indian market. Apart from identifying optimal locations, understanding customers, and monitoring competitors, the way IKEA did, here are some other benefits that you are automatically entitled to when using Geomarketeer for your business:

Optimizing Product Offerings

Refining Marketing Strategies

Streamlining Operations

Enhancing Customer Experience

Replicating IKEA’s success IKEA’s location analytics team was looking to analyze data from various sources, including population density, income levels, and consumer behavior patterns, to identify the most promising locations for new stores, including the availability of transportation and accessibility. Geomarketeer helped them create a comprehensive map of India with all the cities marked, and the software pulled data on every single factor mentioned above for each city. They narrowed down the cities that met their criteria and used consumer profiling to gain insights into the behaviors, preferences, and needs of their target audience in each of these cities. Another key factor that IKEA considered while selecting store locations in India was population density. The team focused on cities with high population density, as these locations have a higher footfall, which leads to more sales. By using data-driven insights derived from Geomarketeer, the company was able to identify the most promising locations for new stores, which has helped them to be successful in the Indian market. Geomarketeer by Kentrix can help businesses replicate IKEA’s success by providing them with the tools they need to analyze data and make informed decisions about where to set up new outlets in Indian cities. If you too are looking to set up new outlets across Indian cities, click here to know more about the solution!
March 16, 2023
Consumer Profiling Can Help You Elevate Your Business in 5 Ways
5 Ways Consumer Profiling Can Help You Elevate Your Business
Increasingly for businesses the world over, consumer profiling is emerging as a powerful tool to gain insights into the behaviors, preferences, and needs of their customers. By analyzing data from various sources such as social media, e-commerce platforms, and mobile apps, businesses can gain a deeper understanding of their customers and tailor their marketing and sales strategies accordingly. Karma by Kentrix is a comprehensive customer profiling and analytics tool that can help businesses gain insights into consumer behavior and preferences. In this article, we will explore 5 ways in which consumer profiling can help elevate your business, and how tools like Karma can help you achieve these goals.

Personalized Marketing by consumer profiling

One of the biggest advantages of consumer profiling is to help you create more personalized marketing campaigns that resonate better with your target audience. By analyzing customer browsing and purchase history, you can gain insights into their interests and preferences. You can then use this information to create targeted marketing campaigns that are more likely to convert. When a brand offers tailored experiences, consumers are 80% more likely to make a purchase, according to Epsilon. This shows the effectiveness of personalized marketing campaigns. With Karma, businesses can gain deep insights into their customers’ buying patterns, preferences, and interests. This information can be used to develop marketing campaigns that are tailored to individual customers’ needs, resulting in better retargeting, and a more personalized and engaging experience. The software can segment customers based on various factors such as demographic information, past purchase behavior, and browsing history. Additionally, Karma enables businesses to track and measure the effectiveness of their marketing campaigns, allowing them to refine their strategies and optimize their ROI.

Customer Segmentation

Another important benefit is being able to segment your customers into different groups based on their behaviors and preferences. By analyzing data from various touchpoints, you can create customer profiles that are based on demographics, browsing behavior, purchase history, and more. This allows you to tailor your marketing efforts to specific segments of customers, increasing the effectiveness of your campaigns. Karma’s customer analysis segmentation capabilities are powered by AI and ML algorithms that can identify patterns and correlations within customer data. This enables businesses to group customers into segments based on common characteristics. Once customers are segmented, you can then create targeted marketing campaigns that resonate with each group. For example, you can choose to show your ads to new parents from a certain income group only, knowing that new parents have previously made a purchase or shown interest within your product category. The chances of repeat purchases or of trying a new product will be higher in this case. You can also use customer segmentation to create customized product recommendations, loyalty programs, and targeted promotions.

Improved Customer Experience

Sentiment analysis is a technique that can be used to evaluate customer feedback and extract insights into their opinions, emotions, and attitudes toward a product or service. By analyzing customer sentiment, businesses can identify areas where they are performing well and areas where they need to improve to enhance customer experience. With sentiment analysis through data collected over various digital touchpoints, you can:

Improve product and service offerings by understanding customer sentiments towards specific products and services and making data-driven decisions to provide a better customer experience.

Enhance customer support by analyzing sentiment in customer service interactions and identifying areas where your agents are performing well and areas where they need additional training.

Monitor brand reputation by observing sentiment across various social media channels and online review platforms, proactively addressing negative sentiment, and protecting brand reputation.

Karma offers sentiment analysis as one of its key features and uses natural language processing (NLP) algorithms to extract sentiment from customer feedback in real-time. This enables you to quickly identify issues and respond proactively to customer concerns as well as track sentiment trends over time, identify areas of improvement, and take corrective action to enhance customer experience.

Optimized Pricing Strategies

Consumer profiling can also help you optimize your pricing strategies by analyzing customer spending behavior. By understanding customer spend potential and willingness to spend on certain products or services, you can optimize your prices to maximize revenue. Karma analyzes customer behavior, purchasing patterns, and market trends, to provide insights on the pricing points that will be most effective for a particular product or service. With this tool, you can understand customer engagement, sentiment, and purchase history, and use it to identify pricing strategies that are most likely to drive sales and increase customer loyalty. The platform can also help you determine which products or services are most profitable, and which may need to be adjusted to meet changing market conditions. A key feature of Karma is its ability to perform dynamic pricing, which allows you to adjust prices in real-time based on market conditions and customer behavior. This can help your business stay competitive and maximize revenue by offering the right price at the right time. With predictive analytics, Karma can help your business identify pricing trends and patterns over time, allowing you to adjust pricing strategies to better align with market conditions and customer preferences. By tracking these trends and patterns, you can make better-informed decisions on pricing, and improve your bottom line.

Fraud Detection

You can detect fraudulent activities through consumer profiling by identifying patterns and anomalies in consumer behavior that may indicate deceptive activity. By analyzing various data points such as purchase history, location, the device used, and other behavioral data, fraud can be detected before it causes significant financial losses to a business. Karma can play a vital role in fraud detection through consumer profiling by providing advanced analytics tools that can identify unusual patterns and deviations in consumer behavior. Karma’s ML algorithms can analyze large datasets and provide insights into consumer behavior and flag suspicious behavioral changes. Additionally, Karma can also integrate with external fraud detection tools and provide a more comprehensive view of consumer behavior. Consumer profiling has become a crucial aspect of any successful business strategy. It helps businesses understand their customers in a more meaningful way, leading to better decision-making and ultimately improving their bottom line. Karma Consumer Profile is a powerful tool that can help businesses of all sizes create comprehensive customer profiles by leveraging big data analytics. Businesses can then use this information to tailor marketing campaigns, personalized product recommendations, optimize inventory management, and improve customer service. The benefits of consumer profiling are clear, with increased customer satisfaction, loyalty, and profitability being just a few examples. As the retail industry continues to evolve and consumer expectations change, businesses that fail to invest in consumer profiling risk being left behind. With the increasing amount of data available, now is the time to explore tools like Karma to unlock the full potential of consumer profiling and take your business to the next level. If you would like to know more about the product, click here.
March 16, 2023