RETAIL

retail

Retail

The Retail industry has been undergoing significant technological disruption as the focus is shifting from big box stores to a multichannel approach leveraging a strong physical and online presence. As customer preferences continue to evolve, Retail companies must adapt their marketing efforts, sales models, data collection methods and operational channels in order to stay competitive. For companies looking to overcome these challenges and create opportunities for growth, Skylight helps clients adapt and navigate through market uncertainty with RAISE2, our comprehensive approach to how we deliver evidenced-based strategies and business intelligence solutions to our clients.

Research

The RAISE2 Methodology is grounded in data to provide our clients with best in class research through our extensive global research network. Skylight understands that it’s not only about conducting traditional survey research at one particular moment in time, but rather it is about gathering the appropriate information using a variety of research methods in order to bring our clients the best data possible to address their business challenges.

Skylight’s approach to research includes the following capabilities:
Surveys
Design Thinking Methods
In-Depth Interviews
Data Science Methods
Focus Groups
Social Media Listening
Behavioral & Cognitive Science Methods
In the Retail market, research plays a critical role in both retaining existing and identifying new customers. E-commerce continues to change the landscape of the market and with the shift of purchasing behavior to online sites, it is imperative for Retail companies to track and digest this data. By conducting this research, Skylight can support our clients to recognize emerging new market dynamics, such as:
  • Omnichannel challenges and opportunities, including the collection and combination of online and offline data
  • Social media integration into the shopping experience
  • Best practices for inventory optimization

analytics & insights

Skylight tailors our analytical approach to our client’s needs, while following industry best practices around data modeling and machine learning layered with expert analysis to generate comprehensive insights. Our advanced analytical approaches build customized, practical business solutions that are data-driven. Skylight employs an interdisciplinary approach which utilizes descriptive and predictive analytics techniques to provide realistic, actionable insights designed to enable decision-making.

Skylight further provides our clients with evidence-based insights on market trends and consumer preferences, which allow our clients to understand buying behaviors and predict consumer needs.

Customized Approach

Advanced Analytics

Actionable Insights

Skylight uses multiple analytical approaches to enable our clients to:
  • Enhance customer relationships and identify opportunities to predict customer demand, create strategic plans to improve customer satisfaction and focus on becoming more customer-centric
  • Improve sales analytics to understand what items were sold and gain insight into the reasons why a purchase was made
  • Optimize revenues through a deeper understanding of competitor positioning and improved models supporting both the forecasting of purchasing demand signals and customer behavior trends in the market
  • Pinpoint budget spending to the appropriate areas to enhance the outcomes from your marketing budget

Skylight’s approach allows our clients to generate actionable insights which drive revenue and strengthen competitive positioning. In an industry that continues to evolve, it is critical for Retail companies to fully understand the customers at the core of their business.

Strategy

Skylight believes in creating evidence-based strategies so we can determine a realistic and actionable plan for our clients to achieve meaningful business outcomes. Skylight’s approach to strategy gives our clients a clear and focused plan; however, intensifying regulatory pressures and technological advances are just two of several factors that are fueling industry and market disruptions. Any strategic plan must be able to withstand continued adaptation as circumstances in the market change. In the age of uncertainty, we recognize that industry lines have blurred, creating unlikely new competitors, triggering the need for continuous flexibility in planning, reminding us that the only constant is change.

Skylight believes that successful business strategies consist of understanding the dynamic interactions and relationships among five key elements:

People

Competitiveness

Processes

Business Environment

Positioning

Skylight’s action-oriented strategic planning empowers our clients to:
  • Identify opportunities to differentiate their brand from competitors
  • Secure and improve their positioning against new market entrants
  • Adapt to the unpredictability of the retail industry

Engagement + Evaluation

As part of our Engagement + Evaluation offering, Skylight focuses on the successful implementation of programs and strategies. Our team is fully capable of creating, implementing and determining the success of all activities associated with the execution of strategies.

Skylight offers extensive combined experience in both the management of engagement activities and the development of comprehensive approaches to program evaluation.

In a global environment full of uncertainty, Skylight executes on strategies focused on driving meaningful business outcomes and evaluating impact in order to both maximize opportunities and minimize risk for our clients.
Skylight uses the Engagement & Evaluation steps to:
  • Ensure corporate behaviors align to their brand values and customer preferences
  • Improve operations through better customer interactions and marketing efforts
  • Determine external events across the industry that could impact corporate efforts or growth goals