Predictive Analytics Helps Increase Customer Lifetime Value by 30% for an E-Commerce Company
A leading e-commerce company witnessed exponential growth in its initial years, but as time passed, the company started facing many challenges. To overcome these challenges, the client approached Quantzig to improve their customer lifetime value. The client wanted to assess their customer lifetime value and wanted to emphasize on retaining and improving their engagement with their existing customers.
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Quantzig Helps a Leading E-commerce Retailer Bolster Customer Lifetime Value by 30%. (Graphic: Business Wire)
Customers of today more interested in the quality and durability of the product and are less loyal to the brands. To keep the customers interested in a particular brand, retailers should understand their preferences and devise marketing strategies accordingly. The retailers are also relying on predictive analytics to develop effective marketing plans and understand the need of retaining the existing customers. Since predictive analytics helps businesses predict the behavior of their customers, companies can devise effective strategies to retain and improve their market shares.
According to Quantzig’s predictive analytics experts, “Retailers can use analytics to improve customer lifetime value and identify the right channels to improve the quality of customers. The engagement also helped the retailer understand the challenges of not having access to real-time insights to make agile and informed decisions.”
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This predictive analytics solution provided benefits that helped the client to:
- Identify the top customer and their future top customers
- Provide additional service to top customers to assess incremental value and repeat purchase rate
- Increase the predicted lifetime value of new customers by 30%
- Gain insights on which channels are the source for high-quality customers
- Devise effective strategies to allocate resources accordingly
This predictive analytics solution offered predictive insights such as:
- Identifying channels to improve the quality of customers
- Understanding the challenges of not having access to real-time insights to make agile and informed decisions
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View the full predictive analytics study here: https://www.quantzig.com/content/increasing-customer-lifetime-value
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
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