Retail Merchandising Analytics Use Cases

Get A Highlight At Some Of The Use Cases In Retail Merchandising Analytics

Brand Management

With the continually changing consumer preferences and dynamic market, the way a brand perceives itself and the way it is being perceived by the consumers can differ to some extent. Organizations can use retail merchandising analytics to get an accurate picture of their present brand equity. They can understand patterns and market trends to see their position among the competitors through the eyes of their consumers. The branding and marketing team can derive data-driven insights to identify the issues and rectify them. They can make optimized strategies to enhance brand image and induce customer loyalty.

Share On Shelf Space

The retail shelf is one of the main consumer touchpoints and also one of the most competitive places when it comes to sharing. With the increasing competition, new product lines coming regularly, and dynamic consumer trends, brand representatives are required to work hard to maintain and occupy shelf space. Organizations can utilize merchandising analytics to find the consumer inclination towards their organization and increasing sales percentage, and persuade store managers to offer enhanced location and space for a specific product.

Recognizing Opportunities, Market And Product Gaps

As retail stores catering demands of a broader consumer market, the offerings can be unsatisfactory to many customers. The informed customers of today have specific needs, demands, and require personalized services and products to satisfy. Retailers can use merchandising analytics to derive valuable insights using external data such as- market trends and social sentiments, and internal data from all channels. They can rectify product gaps, specific requirements and offer personalized offerings via private labels. This will assist retailers to stay a step ahead of their rivals in this ultra-competitive retail space.

A Personalized And Localized Approach

The customers are becoming demanding, and even more personalized services and products coming every passing day. This can make it tedious for big retail chains to keep up with this without utilizing analytics. Regional stores being more responsive, flexible, and knowing the typical customer demand, can customize their services as per convenience. Top retailers can now offer personalized services and highly localized assortments using advanced merchandising analytics. Retailers can take out predictive insights related to emerging demands, consumer trends and align their offerings in a perfect way to increase conversions and improve customer satisfaction.

Dynamic Online And In-Store Pricing

Today, most customers tend to research the final purchase. Retailers can utilize analytics to generate data-driven insights to experience real-time recommendations and dynamic pricing. For online channels, it is simple to implement these insights, but modern retailers can also use the advantages of dynamic pricing through electronic shelf labels. Retailers, mainly from fashion, can utilize merchandising analytics to optimize markdowns by predicting potential demand and aligning it with inventory to minimize losses.

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