Consumer Intelligence Solutions | Kentrix India

Author: Kentrix

  • The Consumer Has Evolved – What about Knowledge of their Consumer Behavior?

    The Consumer Has Evolved – What about Knowledge of their Consumer Behavior?

    Digitalization has transformed the way our world works, and the retail industry is not far behind. The impact of the transformation can be seen in the dramatic evolution of the way consumers shop, consumer behaviour and make purchasing decisions. With e-commerce, social media, and extensive use of mobile devices, consumers today have more access to information and choices than ever before. In India, this evolution of the consumer has been particularly pronounced, with the country’s e-commerce market expected to reach $200 billion by 2026.

    In this scenario, understanding the changing consumer landscape and evolving consumer expectations has become a non-negotiable for businesses. With multiple digital touchpoints generating volumes of consumer data, one of the ways you can address this issue is by leveraging big data analytics to gain insights into consumer behavior and preferences. These insights can help retailers to gain a deeper understanding of their customers and tailor their marketing and sales strategies accordingly.

     

     

    consumer behaviour, Kentrix

     

     

    There are various ways in which retailers can use big data to their advantage. As a retailer, you can:

     

    • Use big data analytics to track customer browsing and purchase history and personalize your marketing efforts to specific segments of customers. Such customization has a direct positive impact on customer loyalty and sales.
    • Utilize customer analytics to optimize your inventory management, pricing strategies, and store layouts to improve the in-store experience for customers, pointing them to relevant recommendations, following trends and patterns, and thereby increasing sales.
    • Stay ahead of the curve by understanding the role of digital technology in consumers’ lives. With the growing use of mobile devices and social media in India, you need to ensure that your websites and mobile apps are user-friendly, quick to load, and easy to navigate. Additionally, you can use social media platforms to engage with customers, build brand awareness, and gather customer feedback for learning and improvement.
    • Become aware of the importance of data privacy and security. With the increasing use of big data analytics, you must ensure that you are collecting and using consumer data in a way that is compliant with local regulations and protects consumer privacy.

     

     

    consumer behaviour, kentrix

     

     

    How Knowing Your Customer can Impact the Bottom Line?

    Utilizing big data for customer profiling can play a significant role in creating an impact on the bottom line. By analyzing data from the various digital touchpoints, you can gain a deeper understanding of your customers, including demographics, purchase history, browsing behavior, and sentiment. 

     

    • Personalized product recommendations: You can use big data to recommend personalized products leading to increased sales and better customer loyalty.
    • Targeted marketing campaigns: You can use big data for customer segmentation and create targeted marketing campaigns for specific segments of customers. This will increase the effectiveness of marketing efforts and lead to higher conversions
    • Inventory management: Your retail business can use big data to analyze customer expenditure behavior and predict their demand for certain products helping you to optimize your inventory management and reduce costs.
    • Price optimization: Analyzing customer purchase trends and browsing behavior to optimize prices for certain products can increase sales and profitability.
    • Customized discounts: Based on customer habits and history, big data can help you customize offers for them leading to better sales and higher customer loyalty.
    • Customer service: Big data analytics on customer feedback and sentiment can help you identify areas for improvement in customer service. Efforts in this area will improve customer satisfaction.
    • Fraud detection: You can also use big data to detect fraudulent activity, thus reducing losses and protecting your customers.
    • Store layout optimization: Customer behavior analytics can help you optimize the layout of your stores, making shopping a more personalized experience with relevant recommendations for them.

     

    With such benefits, it is evident why customer profiling is finding increased usage in the retail segment. According to a study by Deloitte, Indian retailers are expected to invest heavily in data analytics and big data to gain insights into customer behavior, optimize pricing, and improve inventory management.

     

    Increasingly, retail store chains across the country are using big data to gain insights into customer behavior and preferences to create detailed customer profiles. Analyzing this data gives them access to patterns such as which products are most popular, what types of customers are most likely to purchase certain products, and which customers are most likely to return products. With this information, retailers can tailor their offerings to meet the specific needs and preferences of customers. In such scenarios, tools that allow retailers to process large amounts of customer data in real-time have gained popularity by enabling retailers to swiftly identify trends and patterns, and respond to changes in customer behavior with immediate effect.

     

     

    The Role We Play

     

    Karma by Kentrix, a big data analytics platform, helps businesses with customer profiling by collecting, analyzing, and visualizing data from various sources and using AI and machine learning algorithms to create detailed customer profiles. The platform also provides businesses with real-time insights and actionable information, which can be used to improve customer service, increase sales and gain a competitive advantage in the market. Allowing businesses to segment their customers based on demographics, purchase history, behavior, and more, the solution helps them to better understand their customers and create tailored marketing campaigns, product recommendations, and customized discounts. Predictive analytics is used to identify customer loyalty patterns and predict future behavior, which can be used to improve retention and increase sales.

     

     

    https://www.youtube.com/watch?v=cjAJ-WCC4pY

    How can Karma Consumer Profile help you know your consumer better? Click here to know more!

  • Data Analytics with Individual residential building precision

    Data Analytics with Individual residential building precision

    “Data analytics made easy with expert insights and cutting-edge tools. Get actionable insights from your data and drive your business forward with our comprehensive data analysis services.”

    As a profit centre head one of your central challenges is to target the correct customer who has the potential and the affinity for your product category. The question that comes to a business person’s mind first is – is the data precise ? Does it have Individual residential building precision?

    In this maze of urban growth and disparate multicultural communities , it is challenging  to trace, where the true potential for your product lies.

    In case of the Banking & Insurance sector, this could be income levels as well as the capability of understanding the investment product needs, whereas in case of Consumer services and goods it is more a matter of a  lifestyle affinity segmented target audience.

    And consumer  preferences  change, not just within the cities or suburbs or from PIN Code to PIN Code, but also between residential colonies and blocks of apartments!

    Firstly, consumer data is generally seen as the availability of demographic data. That is now a tool of the past. What is important in today’s market is data that has individual household level building precision. 

     

    Data analytics is important but having the right data for analytics is even more important.

     

    Data Analytics

     

    Answering the question of ‘Where do I find the right customer?‘ is  a great challenge for the marketer.  Being mindful of the increase in the cost of resources for distributing the product as well as the increased cost of communication to the right customer, it is important that the profit centre head and the marketing team are well equipped with the correct tools to reach the right potential. 

    Kentrix offers a simple solution which provides individual residential  building precion. 

    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.

    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.

    And this data is available for use with Individual residential building precision. 

    You can define and analyse shopper profile of individual store catchment areas, not limited to administrative territory segregation (PIN codes, localities, etc.).

     

    data analytics

     

    When looking at growth for your new business you can describe customer density according to differentiated customer profile criteria and locate target groups with  individual residential building precision . 

    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.

    Geomarketeer as a tool is mean to make your business development sharper . Not just that it can also be used for reaching the right communication to the right audience with individual residential building precision, which in turn helps save cost and hence increase profitability for the business. 

    Geomarketeer by Kentrix  as a solution has been used effectively by global brands like Diageo India as well as by successful start-up businesses like Swiggy, to be able to improve efficiencies and hence build their profitability using the precision of residential building targeting.  

  • Not just demographics, but Consumer Profiles are the key to efficient Marketing

    Not just demographics, Consumer Profiles are the key to efficient Marketing

     

    A good amount of data is available on the age , sex and income profiles of residents of different geographies. And this forms the basis of important business decisions which can create profitability for businesses. However, what constitutes good data, that create and run business plans, is availability of Consumer Profiles of these customers. 

     

     

    How is a Consumer Profile different from the regular demographic data ? 

     

    The easiest way of getting pin code wise demographic data is through the National Census. The National Census will provide you with basic population characteristics including age, sex, marital status, household composition, family characteristics, and household size.  The national census being a laborious  process that is supposed to cover people residing in each and every part of the country is a process that is conducted in India every ten years. This data collected requires intense collation and is made available to the people by the government through a website. 

    Having the advantage of reasonable accuracy and ease of availability, this data then becomes the starting point for many different activities. The activities include both social as well as economic. 

    To an extent this demographic data is a good point of reference for social activities that are required for governance. However, the depth of information in this does not include Consumer Profiling. 

    The key differentiator is to understand the consumer profile from the angle of Intent. What a consumer’s need is at a point of time is what helps decide the of a product or a service in that particular geography. 

     

    Consumer Profiles

     

     

    A simple example for the differentiation between pure demographic data and a consumer profile can be explained through this example. 

     

    Imagine a municipality running the water pipeline for a particular residential area, deciding on the quantum of water to be pumped to a particular residential apartment’s. The census demographic data would provide sufficient information to be able to decide on the requirements. 

    Now imagine a food delivery company wanting to target the same residential area with their services. In order to decide on what particular cluster of  the area to be serviced by a group of delivery agents, it would help to be able to understand that is the exact consumer profile of those residents. Is this an area where the residents are of an age group where they prefer home cooked food or are there more student profiles where the company could expect that the food is often delivered from a cloud kitchen or a restaurant? Or are there families who prefer to order out on weekends in order to enjoy a variety of different cuisines? 

     

     

    This information is provided by consumer profiling where the intent of the customers is also available as a part of the data.

      

    Consumer Profiles provide key information about the consumers and their interaction with the business. Customer profiles can tell you about the customer mindset and that in turn can help companies make decisions of placing different product variants , particular SKUs and preferred delivery time. While traditional brick & mortar businesses find this of tremendous value, this is especially critical for the new  rising D2C businesses. 

    Understanding customer profiles can help build data that will help brands understand who is the impulsive, need based and the loyal customer. 

     

     

    consumer profile
    Discover valuable insights into consumer behavior and create targeted marketing strategies with our comprehensive consumer profiles analysis.

     

     

    Discover consumer profile with Kentrix. 

    We suggest Kentrix, which  has data availability for 91.5 crores of Indian consumer. This can be a gold mine for businesses . These are complete consumer profiles which include understanding of consumer intent.  

    The best part of this data, is that the data points have been identified down to the precise residential place of living. This makes the data extremely insightful for B2C and D2C businesses. 

     

    To know more about how this solution can help you in your business, click here.

     

  • Reimagine Retail – Impact of Big Data

    Impact of Big Data

      Over the years, the Indian retail industry has undergone a complete makeover with the emergence and ever-growing success of e-commerce, coupled with the increasing use of technology in brick-and-mortar stores. To stay competitive in this dynamic market, businesses must find ways to understand consumer behavior and preferences. The role of big data analytics in this journey thus, cannot be ignored.    With digitalization, the generation of data from every digital touchpoint has grown in leaps and bounds. Big data analytics is the process of collecting, analyzing, and interpreting these large sets of data to gain insights and make informed decisions. Once analyzed, the information can be used in various ways to elevate the business – from identifying consumer trends and preferences, and optimizing store layouts to developing targeted marketing campaigns.   consumer insight solution with kentrix  

    Benefits of Big Data for the Retail Industry

    Harnessing the power of big data can completely transform the retail sector, as has been evident with the growing interest and adoption of data analytics in the industry. According to a report by MarketsandMarkets, the global big data market in the retail sector is expected to grow from $162.6 billion in 2021 to $273.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11% during the forecast period. This is because the retail sector has realized that big data brings the following benefits to their business:    
    • Understanding consumer behavior: Big data brings the ability to understand consumer behavior at a granular level. By analyzing information from various data points, businesses can gain valuable insights into demographics, purchase history, and even the emotional state of consumers. This information can be used to create personalized experiences for customers, resulting in increased satisfaction and loyalty.
    • Predicting trends: Being able to predict consumer trends and preferences through the analysis of historical data and identification of patterns is another big plus for the retail industry. With predictive analytics, businesses can make forecasts about upcoming popular trends, probable timings for customers to visit their stores, and even potential conversions. This allows businesses to be proactive in their approach, rather than simply reacting to changes in the market.
    • Improving experience: Big data analytics can also be used to optimize store layouts and improve the in-store experience. By analyzing data on traffic and customer interactions, businesses can identify bottlenecks, design efficient store layouts, and even improve product placement. This can help to increase sales and customer satisfaction.
    • Increasing effectiveness of marketing: Demographic and especially location-based data analytics can be a huge plus in the development of targeted marketing campaigns. By analyzing consumer information, businesses can tailor their marketing efforts to specific segments. This can result in higher conversion rates and more effective use of marketing resources.
      Big Data and the Indian Retail Market For the diversity in the Indian retail market especially, Consumer Behaviour Insights can lead to a much better understanding of the dynamics. For example, businesses can analyze data to determine which regions and states are likely to provide the best growth opportunities. This can provide invaluable information on which areas to focus on, and the kinds of services and products that the Indian customer base will be most interested in.   Big data can also help retailers develop better products and services. By analyzing customer feedback, they can quickly identify areas where improvement is needed and make changes to their offerings. This can result in higher customer satisfaction and more sales.   The way forward for the Indian retail industry in using big data to its advantage includes:
    • Investing in data management and analytics tools: The industry requires the right tools and infrastructure in place to collect and analyze large amounts of data. This would need solid investment in data management platforms, analytics software, and data scientists.
    • Building a data-driven culture: Retailers must also create a culture that values data and encourages employees to use data-driven insights to make decisions. Training employees on data analysis and creating a data-driven decision-making culture would help the business tremendously.
    • Providing personalized customer experience: The retail segment needs to use the insights gained from big data analytics to create a personalized experience for customers. This includes tailoring product offerings, store layouts, and marketing efforts to specific target segments.
    • Continuous monitoring and analyzing of data: Retailers need to continuously monitor and analyze India Consumer Data to stay abreast with consumer trends and preferences. Predictive analytics is a huge help in anticipating future changes in the market.
      Kentrix big data   How We Can Help   Geomarketeer by Kentrix is a powerful big data platform designed specifically for the retail industry. It allows businesses to collect, analyze, and visualize large amounts of data, giving them a comprehensive understanding of their customers and the market. One of the key benefits of Geomarketeer is its ability to analyze location-based data, enabling businesses with locational demographics, trends, and traffic. This information can be used to optimize store layouts, target promotions to specific neighborhoods, and even identify potential new locations for expansion.   The solution also integrates insights from multiple touchpoints to give businesses a 360-degree overview and in-depth analysis of the information collected. This Kentrix Business Intelligence makes personalization easier, and more effective, thereby increasing customer satisfaction, and loyalty, and ultimately enhancing sales. Predicting customer behavior and preferences also facilitates proactiveness for the retail business.    To know more about how this solution can help you reimagine your retail business, click here.
  • The KENTRIX Advantage

    The KENTRIX Advantage

    Kentrix, a powerful business intelligence enabler, allows companies to interact with their customers through comprehensive consumer insights. We, at Kentrix, have profiled each household within the big data spectrum into their monthly income (Economic Segmentation) and lifestyle affinities (Lifestyle Affinity Segmentation) across 40+ spend categories.

     

    Working with the Kentrix Geo-data platform GEOMARKETEER, you will experience the following competitive advantages:

    1. Profiling Depth: While many companies offer data up to the Locality or PIN Code / Locality level, Kentrix gives you data with precision identification down to the individual building level. This constitutes the precision for analyzing ‘true’ sales infrastructure/outlet catchment areas.
    2. Data Sources: When we talk about the reliability of consumer data in India, we know that the sample surveys based on a 10+-year-old census do not suffice. This is why we offer data that is updated regularly, combining qualitative and quantitative built on actual sales data inputs. The Kentrix India master customer database includes today 91.5 crore, Indian consumers. This data is classified based on lifestyle, purchase behavioral, demographic, and psychographic segmentation.
    3. Reach: May it be for urban or rural markets, the data by various data companies in India are compiled into large regions. This makes it difficult for a company to target its customers with precision. With Kentrix, you get coverage of mega, metro, and even Class IV cities with a minimum population of 20,000. When we talk about Rural India, the data is available on the individual village level.
  • Why Should Businesses Be Using Kentrix?

    Why Should Businesses Be Using Kentrix?

    Being a business owner or having an executive job title makes it essential for you to be involved in the company’s decision making process. With this, you may have to learn about different ways to take the company to the next level. 

    If this is on your mind, start with Kentrix.
    Operating on the data of 91.5 crore Indians, Kentrix is an Inclusive Business Intelligence Platform for consumer data-driven solutions in B2C and D2C business models. 

    The target customers can be identified down to individual residential building precision.

    Kentrix can help your business with the following:


    1. Customer Consumer Profile: With Kentrix, you can target potential customers with your products and
    services by individually determining income, lifestyle, spending, and product purchasing behavior.
    2. Spends/Affluence/Affinities: Kentrix will help you understand a customer's or prospect's ability to
    spend money and level of wealth.
    3. Customer-Product Affinities: Kentrix will help you identify who your customers are and whether you
    are aiming your marketing efforts toward the appropriate demographic for a particular product.
    4. Identification of Customer Risk: Kentrix enables you to create an Early Warning System for Customer
    Default Behavior.
    5. Sales Prediction Modelling: Using accurate statistics based on individual residential building precision,
    Kentrix may assist you in identifying high-potential locations for a new store, branch/ATM, or service
    station opening.
    6. Competitive Intelligence: Kentrix assists you in analysing your rivals and discovering the factors that
    influence their traffic.
    7. Economic Potential and Product-Customer Affinities: With Kentrix, you can pinpoint WHERE is the
    ideal target for a given product with the precision of individual residential buildings.

  • GEOMARKETEER PRODUCT

    GEOMARKETEER PRODUCT

    Geomarketeer is a granular market segmentation analysis tool that helps companies in India with geo-location-based intelligence, using micro-market-focused data and tools to sustainably grow their business.


    Benefits of Geomarketeer:
    ● Easy-to-use Online System
    ● Subscription to geographies you need
    ● ‘Private Room’ – Users create their private access login: No third party is involved in
    analytics or having access to the user‘s data space
    ● Data queries in real time
    ● Uploading Data: Analytics networking company's own and external market data.
    ● Generate location reports

  • SEGURA PRODUCT

    SEGURA PRODUCT

    Segura helps in customer risk identification. Early Risk Identification for default behaviour in financial products, such as loans – cards/credits, can help lenders. With Segura, they will be able to utilize customer consumer profile identification based on income, psychographics, and product purchase behaviour patterns in all relevant categories.

     

    Benefits of Segura:

    ● It complements bureau scores through overlay heat maps on delinquency profiles, customer behaviour, and income levels.

    ● It helps in a more robust credit assessment that results in a more accurate approval/rejection percentage.
    ● It identifies negative areas and green zones within the same pin code. This helps in gaining higher customer reach and sales force productivity.
    ● It aids the credit team in micro market policy formulation based on geography to identify pre-qualified areas.