Not too long ago, retail in India operated on a purely stockist-distributor-retailer-led model, wherein the brands were separated from their customers by two or three layers. Lack of a direct connection with the customers meant that brands would rely on “channel checks” for demand estimation and forecasting. Again, feedback from the channel and the consequent decision-making was based largely on heuristics rather than science.
However, the times have changed.
The advent of the internet and smartphones have led to disintermediation. Today, brands are able to access and sell directly to their consumers, cutting out the fatty middle. This is a win-win situation as brands get direct ownership of end customers while the latter gets access to a wider (and in some cases, customized) assortment at cheaper rates. It has led to the emergence of multiple D2C brands, which are selling online – through their portals (website/app) as well as in marketplaces (Amazon/Flipkart), leading to the creation of an enormous amount of data. Data on customers, orders, average order value, ordering frequency, returns, location, demographics, socio-economic status, and so on.
There is an immense need by brands to pull out this data from the right sources, store, transform and operationalize it to drive business intelligence and all this to be done in near-real time. Solving for this is a new-age consulting firm called, Eucloid Data Solutions, which has been recently awarded the “Most Promising Data Solution Provider of the Year” by the coveted Entrepreneur Awards, 2022.
Based in Gurugram, Eucloid empowers companies to drive growth in their digital commerce journey through its data-driven analytics and data engineering expertise.
The business journey
Established in 2020, Eucloid is the brainchild of a team of industry experts – Raghvendra Kushwah (IIT & IIM alum) and Anuj Gupta (IIT & ISB alum), who have years of expertise in helping digital commerce companies scale profitably. Raghvendra was associated with Infosys Technologies, Cognizant, HSBC, and Accenture, where he spearheaded departments for data analytics, and advisory solutions in the areas of Financial Risk (Regulatory & Non-regulatory); Model Development, Validation and Monitoring; Financial Crime (AML, trade surveillance, and Fraud). Anuj has spent 19 years at leading e-commerce and Product companies like Amazon, Adobe, and MakeMyTrip as a Product and Technology executive, leading large teams worldwide. He has a proven track record of delivering business results when it comes to Data, Products, and Engineering.
The two batchmates from IIT Delhi came together to set up Eucloid with the aim of helping clients acquire untapped customers, optimize conversion, retain customers and cross-sell/upsell through Data Analytics and AI.
In just two years of its inception, Eucloid has created a strong portfolio of solutions. It counts in its roster global market leaders, including a Fortune 100 client, a publicly listed D2C Unicorn and a leading specialty insurance player. The firm has recently forayed into data engineering in a major way. The consulting firm has struck partnerships with prominent technology names including Databricks, Adobe, Twilio, Snowflake, and many others highlighting its tech-first approach towards generating insights and business value at scale.
“Eucloid is committed to solving data-related challenges that hinder customer acquisition and retention processes. We have a proven track record of helping digital commerce companies increase their conversion rates and reduce the operational cost of reporting. Recently, we demonstrated a 40% annual business growth for a Fortune 100 company within a short time frame of 18 months,” said Raghvendra.
The science behind driving growth in D2C
Eucloid leverages cross-channel marketing strategies and data science models to help clients target prospects and maximize campaign ROI and ROAS (‘Return on Ad Spend’, a measure of the effectiveness of marketing dollars). It measures and optimizes campaigns for performance on various search and social media platforms through multiple approaches such as data-enabled Retargeting and Analysis of Buyer Personas. Eucloid has developed proprietary multi-touch attribution and market-mix models, enabling companies to optimize their marketing spend across multiple channels.
Moreover, it helps brands calculate the lifetime value of existing and potential customers through cohort-based segmentation using advanced data science models. In addition, it orchestrates marketing campaigns using tools such as Customer Data Platforms, across multiple channels to ensure consistent customer experience and engagement opportunities, leading to higher customer retention.
The firm has forayed into the domain of data engineering by leveraging its expertise on Customer Data Platforms, aggregating and organizing customer 360 view across myriad touchpoints, building an event-driven architecture, getting metadata-level insights on enterprise datasets, and tracing the entire journey of data solutions through its lineage solutions.
Lastly, its expertise in keyword analysis and SEO enhances local search results and enhances user experience through data-driven approaches.
The business growth and plans
In a short span, Eucloid has become one of the fastest-growing data consulting firms in India and the US. Despite being bootstrapped, the company has grown 5X organically in the last year and 10X since its inception.
After Gurugram, Eucloid has expanded its presence throughout India with the opening of its second office in Chennai and new hires in cities such as Vadodara and Kolkata this year. The company is also targeting to open one more office in Hyderabad by next year.
The firm believes that the US will remain the mainstay in terms of business going forward. It already has presence in both East and West coast and is looking to expand the headcount up to 500 in the next 4 years.