With brands increasingly shifting towards digital channels for marketing and better ROI, new-age analytics start-ups like WGD Analytics and Actify Data Labs have been coming up with an array of tools and applications for the same
India’s CPG (Consumer Packaged Goods) market value stood at around 52 billion USD in 2018 and expect to surge to over 220 billion USD by 2025. Moreover, with the pandemic leading to a change in consumer behavior, the sector has experienced a windfall but the most successful brands are the ones that have been able to better respond to the trends. They don’t just deliver the most in-demand products, but an enhanced customer experience as well, by leveraging an array of marketing tools, one of which is data analytics.
With the right retail analytics tool in place, marketers can predict trends and act accordingly to make informed decisions. From increase or decrease in sales to traffic data, they can also track their performance across all platforms. Based on the insights, they can plan and roll out the right offers and promotions.
The analytical tool by WGD Analytics is one such example. It analyses the data of the clients and generates insights in a simple format – pie charts, tables, etc, for the business personnel to comprehend it easily and take necessary actions. Furthermore, the company has developed a social media analytics tool as well.
With brands increasingly shifting towards digital channels for marketing, tools like WGD Analytics enable them to connect better with their consumers and increase their ROI. Successful marketers harness these solutions in such a way that they engage with their existing and prospective consumers through personalized messages and more, rather than outdated banner ads.
Moreover, by analyzing the social media data – from audience’s likes, comments to clicks, analytics tools enable marketers to introduce new elements in their marketing strategy. This would not only make the consumers aware of a particular product but ultimately prompt them to buy it as well.
As the CPG market continues to get more competitive, emerging marketers must understand the essential role of data and leverage it effectively. Only then, will they be able to remain on par with their established counterparts?
While the CPG sector has been increasingly adopting data analytics in recent times, it is not the only one. With a wide array of tools and solutions, several established and new-age analytics start-ups have been catering to all sectors. The big data analytics market is, in fact, growing at an exponential rate in India and Nasscom even predicts that it will touch almost $16 billion by 2025. Today, Accenture, Datalicious, and Crayon Data are some of the largest players in the analytics market. But, their lesser-known counterparts are also making tremendous efforts to propel this rapidly growing sector.
Here are some of the emerging data analytics start-ups to watch out for in 2021.
Actify Data Labs:
Founded in 2017, Actify Data Labs helps business organizations in harnessing their data more efficiently and easily, through its platform ADAPTify. Connected to all databases, cloud storage, big data storage, and other applications used within the organization, ADAPTify helps in assuring the quality of data and visualizing it. Today, the end-to-end data platform by Actify Data Labs install across BFSI, manufacturing, and consumer businesses.
The start-up found in 2018 to help businesses understand their consumers better. By analyzing reviews in-depth, Bewgle’s analytics product provides brands with insights into consumer behavior, key attributes that customers look for in a product, etc. With this, brands can tweak their branding communications accordingly.
The Bengaluru-based company found in 2019 by a team of veterans from the IT sector. It executes and supports the testing processes of AI systems by leveraging its own as well as third parties tools. Furthermore, testAIng is also involved in research on the development of patent-backed analytics tools and technologies.
Offering a wide range of analytics services, WGD Analytics helps business organizations in making data-driven decisions to streamline their operations. It analyses the data provided by the clients and displays the insights gained from the analysis in graphical form with the help of its visualization tools. In addition to this, through its security analytical tool, WGD Analytics facilitates secure communication across organizations while ensuring their data privacy.
India is one of the top countries leading the big data adoption today and this can partly attribute to companies like these that have been developing state-of-the-art tools and technologies.