How a retail company uses Plumb5 to gather user insights for lifecycle management

Overview:

  • An established consumer product company had a portfolio of products and categories
  • With varying customer demand and increase in competitors, the company wanted to check the stages of their products, so that it can effectively manage its product portfolio

Challenges:

    • The product lifecycle management is dependent on a  lot of factors like supply chain management, competitors, substitutes, industry growth rates, consumption &  demand trends etc. However, all this data cannot be measured online

However, keeping other variables constant, the product lifecycle management takes into account the current sales, consumption patterns, trends and user behaviour vis-a-vis past data to map, whether the product is in growth, maturity or decline state

The Solution:

  • Plumb5 enabled the following features in its analytics platform to track the following:
    • Product & category online sales
    • Cohort analysis to monitor monthly user trends
    • Customer product buying frequency behaviour
    • Topic & sentiment analysis to gauge the pulse across social media
  • Using data aggregation framework,  data was imported from offline sources
  • All the product performance data was enabled for each product / category in a single dash board
  • Plumb5 also enabled data overlaying of historic data, current data and trends, industry growth rate to enable a predictive demand / scope for various products
  • The 360 degree view of product demand insights enabled the company to identify the following:
    • Products moving higher than industry average
    • Non performing products that are not contributing to margins
    • Low moving products that required more feature tweaking or marketing focus
    • New emerging trends on product usage across social media
    • Product and brand sentiments that would drive the markets & consumption

Result Highlights:

  • Real time insights on products and categories
  • Real time insights on consumption pattern, emerging trends and growth prospects
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