The holy grail of modern retail business is to maintain an exceptional understanding of the consumer buying behavior, decision cycle, and path to purchase. Lack of complete insight into consumers buying behavior and journey leads to a decrease in customer satisfaction and loyalty. The European retail market is also facing a similar challenge. With the substantial increase in consumer data, it has become difficult for retailers in the European market to analyze the plethora of data and extract meaningful insights.
European retail players are increasingly leveraging merchandising analytics solutions to understand consumers’ purchasing behavior and deliver a consistent experience to customers. It also plays a crucial role in increasing ROI and improving outcomes. Furthermore, merchandising analytics is paving way for European retailers to improve enterprise-wide visibility, enabling actions that improve the product, placement, pricing, and promotion performance. In this article, our analytics experts have highlighted a few ways in which merchandising analytics is helping retailers to respond to customer needs at the right time and place resulting in improved customer loyalty and experience.
Merchandising analytics can offer actionable insights into visual merchandising displays and category planning to enable retailers to work smartly. Want to know how? Talk to our analytics experts.
How Can Merchandising Analytics Improve Customer Experiences?
By Optimizing In-Store Operations
Merchandising analytics solutions can help the retailer to analyze data obtained from the Internet of Things (IoT) devices and assists sales personnel to take necessary action in case of unexpected events. Also, it can help in optimizing store labor efficiency by capturing data of store personnel, including their in-store tasks and activities. Furthermore, this data can be used to create an optimized labor schedule.
By Focusing on Customer-Centric Assortments
With the increasing complexities in the European retail market due to growing political complications, and consumer expectations, it has become difficult for companies to know exactly what combination of product, place, and price will motivate consumers to buy more often. Merchandising analytics solutions are allowing retailers to develop customer-centric assortments that make it easier for customers to choose their merchandise when shopping in-store and online. Also, it is empowering sales teams with valuable consumer insights that help them perfectly align merchandise offerings with customers, markets, channels, and locations.
Quantzig’s merchandising analytics solutions help businesses to optimize merchandise assortments and store-front layouts. Request a FREE proposal today to gain comprehensive insights.
Gaining Behavioral Insights
In the customer-centric world, it has become essential for retail businesses to have the ability to capture and use consumer data optimally. With the use of merchandising analytics, businesses can analyze customer-buying histories and behavioral data to understand the typical purchase pathway of their potential customer segments. This can further help them prioritize specific customer outcomes such as reduced churn and improved cross-sell.