Introduction
With over two decades of presence in the highly competitive FMCG market, our
company has emerged as a leading retail chain with a PAN-India footprint. In a relentless
pursuit of excellence, The company continually seek ways to optimize its operations and
enhance customer experiences.
Current Situation
As the company embarked on this journey, it faced a critical challenge. They wanted
to gain deeper insights into their stores’s; performance by analysing footfall data. Although
They had installed sensors to capture this data, They struggled to transform this raw
information into actionable insights for strategic decision-making. The need of the hour was
a robust solution that could unlock the true potential of this data.
Problem to Solve
Our primary goal was to create a data-driven analytics system that would provide
invaluable insights into the performance of our stores. They needed to understand the
footfall patterns across different cities, regions, and individual stores. Armed with this
knowledge, they aimed to optimize our operations, incentivize top-performing stores, and
provide additional support to those facing challenges.
BiCXO Solution
To address the pressing concerns, they collaborated with BiCXO, a cutting-edge
analytics provider. Together, we developed a uniform parameter to evaluate and rate our
stores: Average Footfall per day. BiCXO’s advanced ranking algorithms we then deployed to
assess all our cities, stores, and regions based on essential parameters such as footfalls,
conversions, and disruptions. This ranking system not only identified our top-performing
stores, as deserving of incentives but also pin-pointed the bottom-performing ones that
required reinforcement of support.
Beyond rankings, BiCXO’s solution offered comprehensive trend analyses. These
analyses helped them identify peak and off-peak days, as well as specific time periods
during these days with high or low foot traffic. Moreover, the data was categorized into
holiday and regular seasons, revealing the business potential during different times of the
year. Armed with this information, they were able to develop targeted discounts and offers
to attract more customers.
Outcome
The implementation of BiCXO’s solution yielded several significant outcomes, each
contributing to our store performance enhancement:
1. Detailed Dashboards: BiCXO helped us design detailed dashboards that enabled us
to delve deep into each business segment, both by region and category. These user-
friendly dashboards made it effortless for them to explore various dimensions of
their operations, facilitating the identification of actionable insights and strategies.
2. BiCXO’s Insights: BiCXO provided concise and clear insights presented in a narrative
format. This feature was designed with busy senior executives in mind, enabling
them to stay informed about falling footfalls and poorly performing stores without
delving into exhaustive data analysis themselves.
3. Footfall Analytics: The solution deployed by BiCXO provided them with a holistic
overview of footfalls and volumes across our stores and cities. Moreover, it
efficiently highlighted top-performing stores, allowing them to focus on what works.
Conversely, it pin-pointed poorly performing stores, offering a foundation for
corrective action. These analytics empowered the company to monitor operations
effectively across all levels of our organization, from day-to-day management to
strategic decision-making.
In conclusion, BiCXO’s solution played a pivotal role in revolutionizing our approach
to retail store performance analysis. By harnessing the power of data and innovative
algorithms, they are able to identify key areas for improvement, optimize our operations,
and enhance customer experiences. BiCXO’s contribution has not only resulted in
immediate benefits but also positioned us for long-term success in the ever-evolving FMCG
market.
