Over the past 12-weeks we had a very exciting opportunity to collaborate with Westpac as part of their first data accelerator program, FuelD. EdgeRed was part of this unique partnership between Data Republic, Stone & Chalk, AWS, and Reinventure, gaining exclusive access to anonymised, aggregated transaction-level data.
In our in-depth exploration of the data, we uncovered valuable opportunities for businesses, focusing on elevating customer experience and loyalty through actionable insights. Introducing GeoEdge, a Research Toolkit that leverages Westpac data alongside publicly available information to deliver invaluable insights, including:
Next Best Store Locations: We determined optimal locations for brands to consider opening their next franchise, strategically aligned with their existing customer base
Customer catchments: Analysing customer travel patterns, we identified where and how far customers were traveling to make purchases, providing crucial information for store placement and market expansion
Customer leakage: Pinpointing areas within customer catchments where customers were traveling, we unveiled opportunities to address and potentially win back customers who were venturing elsewhere.
Competitive analysis: Through metrics like average transaction size, customer frequency, and detailed time-of-day and day-of-week analysis, we provided retailers with a comprehensive understanding of how they stacked up against competitors within their industry or category.
Customer Loyalty & Share of Wallet analysis: We quantified customer loyalty by assessing the frequency of their visit to a particular brand compared to their peers, and also the proportion of a customer's spend dedicated to a specific brand compared to others. This offered insights into opportunities for targeted engagement.
Data was accessed via Data Republic, a secure platform that ensured we only had access to aggregated and de-identified data, prioritising the confidentiality and privacy of individual information.
To wrap up our 12-week engagement, we had the honour of presenting alongside inspiring peers in front of esteemed individuals of the community, mentors and the media last night. Huge thanks to Murray Hurps (Program Director) and Jade Clarke (Director of Data Innovation, Westpac) for their invaluable support and mentorship during our early stages.
Our journey with Westpac in the FuelD accelerator was more than just data – it was a bold exploration into uncharted territories, fostering growth, and making a lasting impact in the dynamic realm of data-driven innovation and commercialisation.
Huge thanks to Westpac for being incredible partners on this exciting adventure, and we look forward to the next chapters of our collaboration and amping up our data analytics consulting services.
Exciting times ahead – stay tuned for more updates!
About EdgeRed
EdgeRed is an Australian boutique consultancy specialising in data and analytics. We draw value and insights through data science and artificial intelligence to help companies make faster and smarter decisions.
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