Johnson Tan, Managing Director
The retail market landscape is constantly changing in line with customer demands. While the emergence of e-commerce is enabling people for remote shopping, the increasing number of shopping malls across the major cities indicates that conventional shopping habit is still relevant. With such dynamism in the industry, it is crucial for retailers to adopt retail analytics for retaining existing customers and acquiring new ones. However, many retail analytics solutions leverage Big Data and Artificial Intelligence to provide retailers insights based on behavior and not shopper’s emotions. Consequently, these solutions fail to understand consumer psyche, an essential factor for better customer engagement. Understanding this fallout, Pinnacle Analytics, through its research on shopper’s emotion and its correlation with behavioral economics (spending pattern), is helping retailers comprehend consumer psyche both in e-commerce and brick-and-mortar retail. “Focusing on research of shoppers’ emotions have been our core success factor in effectively helping the retailers winning their shoppers’ heart,” extols Johnson Tan, Managing Director of Pinnacle Analytics.
With their expertise in shopper research, Pinnacle Analytics has designed a suite of research products to provide clients with measurable quantitative as well as qualitative insights. The company’s Shopper Experience Research offers comprehensive insights into the profile and their path-to-purchase. On the other hand, its Trade Map Analysis is a tool that helps shopping malls map population within a targeted trade area. While Pinnacle Analytic’s Market Dynamic Study evaluates shopper’s needs and shopping pattern to have greater retention, Mystery Shopping is used to identify glitches along the customer service line. The company’s Brand Positioning Study is for recognizing the current Brand Identity amongst target shoppers. These methods provide insights on shopper’s functional and emotional gains helping clients in their marketing campaign and strategize the business to suit the intended market.
Pinnacle Analytics also adopts International Benchmark measurement such as Net Promoter score or own proprietor model—Shopper Retention Index to allow the client to measure their business performances in comparison with competitors and international brands. The company’s Shopper Retention Model provides insights to strategize the marketing to retain customers despite the strong competitions from both e-commerce and other retail malls. “Our advisory enables clients to provide a greater shopping environment and the shoppers a greater shopping experience,” remarks Tan.
Pinnacle Analytics conducted an exit survey and catchment study for a renowned shopping mall after a sudden decline in their in-store sales. It suggested that the mall is losing family shoppers with high purchasing power. Major revamp was implemented in the mall to create a distinctive family-centric shopping atmosphere which resulted in a 20 percent increase in sales.
"We work together with retailers to create greater value to their shoppers. We are shopper's too," says Tan. Pinnacle Analytics serves clients with "engage, customize, commit, compete, and partner-not-client" approach. The company is committed to client satisfaction. This has resulted in more than 90 percent of client retention, and some clients engaged for more than ten years. Pinnacle Analytics also conducts extra research for clients at required times without additional charge to enhance the research deliverables. "We are not driven by money! We are driven by our passion for delivering quality insights," raves Tan.
Currently, Pinnacle Analytics is developing Research Tracking through Shopper Panelist and Retail Dashboard across three countries to help retailers understand the market landscape better and compare with various industries across countries in one dashboard. The company will continue to invest in data collection and insights delivery. They are also considering expansion to Thailand and strategizing to develop its proprietary tools by 2020. The company strives to create a work-life balance and healthy ambiance for employees. “If there is one award that we desire to win in the future, it’s ‘The Best Work Environment for Staff,’” concludes Tan.