Retailers today are operating in an exceedingly competitive atmosphere. Apart from their brick-and-mortar rivals, they are also facing tough competition from ecommerce ventures that tech-savvy customers seem to prefer these days. The main challenge before them is meeting the exacting standards of their new-age customers while generating a healthy profit. With so many players in the market, achieving this is not a breeze. However, by utilizing the insights provided by merchandising analytics tools, retail establishments can devise various strategies to drive sales.
Here’s how merchandising analytics helps the retail industry :
1. Analyzes Customer Behavior
In order to cater to their customers’ needs, retailers must first find out what they want. Merchandising analytics tools collect and analyze customer data to provide insights into their behavior. They help retailers identify who are their loyal customers, what are their preferences, what motivates them to buy a particular product, and how and what is the best way to reach out to them. Equipped with these insights, retailers can create customer engagement plans like personalized promotions and special offers in certain categories, etc., to attract customers.
2. Provides Demand Prediction
Predictive merchandising analytics tools look into the different factors that influence the buying decision of customers like the latest trends, social media reviews, and weather etc., to provide a demand forecast of various items. This helps in optimizing inventory management. Based on these predictions, retailers could stock their inventory with those products that have the best chance of flying off the shelves, plan a store layout that highlights the in-demand products, and create targeted promotion campaigns to draw customers to their stores.
3. Helps In Price Optimization
The pricing of products is directly related to the success of any business. Merchandising analytics can help retailers fix the right price for their goods by analyzing different factors such as demand, inventory levels, and competitor’s pricing, and the like. It is particularly helpful in determining the mark-down price of products during seasonal and flash sales.
4. Tracks Product Performance
By using data analytics tools, retailers can discover which products are selling fast and which are not performing well. This helps them in planning their inventory better and create strategies to boost the sale of under-performing products. Such insights also help in deciding which products should be offered at a discounted price during clearance sales. 5. Enables Faster Decision Making Retailers constantly need to think on their feet and take quick yet effective decisions to stay ahead of the game. By providing accurate information on customer preferences and market trends, retail analytics tools help them take prompt decisions regarding tracking, stocking, and restocking their products and crafting strategies to attract customers regularly.
Retail Merchandising Analytics are changing the way retailers do business. Global retail giants like Walmart are already using these tools to curb competition and accelerate growth. Do you also want to give your retail business a boost? Manthan, a leading merchandising analytics solutions provider, could help you achieve your goals. Visit their website for more information.
Here’s how merchandising analytics helps the retail industry :
1. Analyzes Customer Behavior
In order to cater to their customers’ needs, retailers must first find out what they want. Merchandising analytics tools collect and analyze customer data to provide insights into their behavior. They help retailers identify who are their loyal customers, what are their preferences, what motivates them to buy a particular product, and how and what is the best way to reach out to them. Equipped with these insights, retailers can create customer engagement plans like personalized promotions and special offers in certain categories, etc., to attract customers.
2. Provides Demand Prediction
Predictive merchandising analytics tools look into the different factors that influence the buying decision of customers like the latest trends, social media reviews, and weather etc., to provide a demand forecast of various items. This helps in optimizing inventory management. Based on these predictions, retailers could stock their inventory with those products that have the best chance of flying off the shelves, plan a store layout that highlights the in-demand products, and create targeted promotion campaigns to draw customers to their stores.
3. Helps In Price Optimization
The pricing of products is directly related to the success of any business. Merchandising analytics can help retailers fix the right price for their goods by analyzing different factors such as demand, inventory levels, and competitor’s pricing, and the like. It is particularly helpful in determining the mark-down price of products during seasonal and flash sales.
4. Tracks Product Performance
By using data analytics tools, retailers can discover which products are selling fast and which are not performing well. This helps them in planning their inventory better and create strategies to boost the sale of under-performing products. Such insights also help in deciding which products should be offered at a discounted price during clearance sales. 5. Enables Faster Decision Making Retailers constantly need to think on their feet and take quick yet effective decisions to stay ahead of the game. By providing accurate information on customer preferences and market trends, retail analytics tools help them take prompt decisions regarding tracking, stocking, and restocking their products and crafting strategies to attract customers regularly.
Retail Merchandising Analytics are changing the way retailers do business. Global retail giants like Walmart are already using these tools to curb competition and accelerate growth. Do you also want to give your retail business a boost? Manthan, a leading merchandising analytics solutions provider, could help you achieve your goals. Visit their website for more information.
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