in churn rate – ‘Churn’
simply means customers that a business losing out due to competition. It is
easier to retain an existing customer then to attract a new one. Due to this,
retailers spend considerable time and energy in analysing customers/business
lost to then identify the root cause of churn and take actions to reduce this
To look at the sheer transformation of the retail sector, let’s look at how the retail industry performed before analytics and how it transformed after analytics was implemented.