Successful retailing and merchandising analytics go hand in hand. It is high time that the skills of individual analysts and the use of generic tools like spreadsheets give way to sophisticated analytics platforms. A powerful merchandising analytics platform plays a critical role in getting insights into customer behavior and improving the overall performance of the business. Capturing the impulse of customers accurately is essential for merchandising analytics. Based on the immense knowledge and expertise from our analysts, we bring you the vital elements which go into building customer-centric merchandising analytics.
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Sharp Understanding of the Functional Areas
Price, assortment, promotion, and markdown are the four functional areas that every merchandising analytics platform must cover. Usually, retailers have a tough time getting comprehensive data on the various aspects of customer demands and coordinating them with merchandising work. Thus, a customer-centric merchandising platform covers all the major attributes of the retailing business, and gives a visualization of the areas of concern as well as brings forward growth prospects.
Capturing the Cross Effects of Various Attributes
The success or failure of any product is not a result of one factor alone. Rather it is the result of cross functioning of various attributes. So, it makes sense that whichever platform is used, not only takes all the functional attributes into consideration but also captures how one attribute can affect other factors in the retailing business. Understanding the combined effects of various factors goes a long way in developing better price optimization solutions.
Better Management of Processes
Automation of work processes is no longer just a technological innovation – rather it has emerged as a basic requirement for all businesses. When it comes to retailing, one of the most complex processes is the management of promotions and keeping a track of its performance. The best analytics platform will not only automate the entire work process but also manage all the processes and take the customer sentiment on various promotions into consideration.
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Build a Balance Between Category Goals and Customer Loyalty
Every retailer craves for customer loyalty. At the same time gaining customer loyalty at the cost of category goals is not feasible. The same rule applies to gain category goals by compromising on customer loyalty. A customer-centric merchandising analytics platform helps retailers strike a balance between customer loyalty and category goals.
What retailers look for is better management of profit margins, maintaining consistency in pricing, and delivering relevant assortments. Customer-centric merchandising analytics enables this by closely capturing the cause and effect of various variables in the business. Adopting such an analytics system is sure to bring immense growth, even when the economy is going downside.