Tag: Visualization

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Why Every Retailer Across the World Should Use a Planogram

Retailers are always under pressure to maximize their performance and look for every single ounce of efficiency. Since they operate on a slim margin, they have to look for ways that boost revenue by as less as 1%. Although it may be difficult to ascertain the magnitude of the effect of certain strategic moves, one can say with clear certainty that a planogram is essential for a retailer’s success. A planogram is a diagram that details how and where specific products are placed on a retail shelf or displayed to increase customer purchases. The map is so detailed that it enlists how many facings a certain product should have on the shelf, how high or low should the product be placed, and what products should surround it. This gives store managers a fair idea of how products should be displayed and stock them, which, in turn, allows them to track and improve the success. But will it help increase the sales or customerFree demo satisfaction? What exactly are the benefits of using a planogram?

Space elastic demand

Believe it or not, the amount of facings a product is allocated has a substantial impact on the sales of your products. So it is important to ascertain that the products which are popular and profitable get enough space allocation on your shelf. One way to ensure this happens is to use data. With optimum space allocation, the limited shelf space will give back maximum amount of profit. However, when this principle is not properly leveraged, the real estate cost will start to eat through your profits and the performance will take a hit. Apart from sales, it may also affect retailers stock levels.

Centralisation

Apart from dictating the layout of the store, a planogram also ensures consistency in all retail activities. A planogram provides the opportunity to centralize the sales strategy by dictating product layouts. As a result, there will be uniform customer experience no matter which store they visit. For instance, no matter which part of the world you are in and enter a TESCO store, it will all look the same, which makes it easier for customers to navigate.

Increase visual appeal

Manufacturers usually place a lot of importance in product packaging. As a result, there are multiple colors, shapes, and textures of a product when placed on a retail shelf. Improper arrangement can look haphazard and unpleasant. However, using a planogram, it ensures visual merchandising is looked after. The improved aesthetics improve the customer mood, and draw attention to specific areas or items to boost sales.

Cross-sell opportunity

Customers may arrive at a retail location with the intention of purchasing pre-determined items off their shopping list. However, they end up purchasing more items than there was on the list, mostly due to impulse buying. Also, placing complementary and supplementary items next to each other in a logical sequence increases shopper convenience. As a result, customers end up encashing more out of their wallet by making more unplanned purchases.

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Visual Merchandising Trends: How to Make Your Store a Visual Treat

Gone are the times when visual merchandising was as effortless as plonking mannequins in store windows. The retail industry scenario today is highly competitive, every retail store has a new experience to offer to customers.  Additionally, with the rising competition from online players, brick and mortar retailers are facing the dire need to give customers a reason to visit their stores. And what better way to do this than to transform the visual and shopping experience of customers visiting branded outlets. Modern retailers are trying to incorporate the latest technology with a pinch of innovation and creativity into their stores to garner customers’ attention. We bring you some of the top visual merchandising trends that are helping retail outlets to transform themselves into an ‘Eye candy’ in the market:

Visual Merchandising Trends

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demand and capacity planning

HR Analytics – Using Data to Optimize Workforce

Advancements in data analytics have changed the landscape of HR management. Organizations have adopted data driven decisions in favor of gut feeling and rule of thumb. Organizations adopting HR analytics have reported significant improvements in HR related outcomes. HR analytics is used in workforce planning, strategic planning,Free demo performance tracking, and is also finding application in multiple strategic processes. Companies are increasing their investment in building an effective HR analytics infrastructure to optimize their workforce and their performance. Here are some of the ways companies can deploy HR analytics tools to manage its human resources better:

Predictive Analytics

Every HR department possesses a massive amount of people data, and using machine learning algorithms could assist in developing a proven prediction model. Such models eliminate decisions made on the basis of gut-feeling and provide data-driven inputs to the management. Currently, only a handful of organizations are using predictive HR analytics tools but they are deriving great value from its use. These companies are using predictive HR analytics tools to forecast employee turnover, employee performance, and impact of people policies on employee satisfaction.

Performance Appraisal

Performance appraisal is an annual or biannual event in most organizations. HR analytics tools can help gather a lot of data related to employee performance, facilitating evaluations as and when required. HR metrics such as 360-degree feedback, forced ranking, human capital ROI, and net promoter score help the company to identify their workforce efficiency. Such metrics can help an organization to identify skill gaps within the workforce to take corrective action or make required strategic adjustments.

Visual HR Metrics

Companies adopting HR analytics tools can obtain real-time HR related data on their dashboard. The dashboard simplifies all numbers and data and presents it in the form of infographics to tell the complete story. Such visual data provides HR personnel with simplified information, which can be presented to the management to make strategic decisions.

For more information on HR analytics tools and use of predictive analytics:

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3d rendering of industrial workspace showing storytellingon computer screen. All screen graphics are made up.

Retailer achieves improved process and visualization for its online store through advanced analytics techniques

Business Challenge: Improvement of the customer journey analysis process.

A leading retailer, wanted to improve the customer experience for their online store in order to improve conversion rates of its visitors.

Situation: Evaluation of the effectiveness of design and flow of the newly renovated store.

Client had recently renovated its online store and wanted to understand if the new design and flow will help customers get routed to the buying and payment stages.

Solution/Approach: Customer journey analysis solution based on customer behavior assessment.

We gathered historic customer data and analyzed buying behavior and defined behavioral stages. We analyzed the various stages and defined various touch points, both the places where customers engagement was high with the site and where site is supporting the completion of their purchase. We did in-depth analysis on the precise points where issues were cropping up and on reasons behind the issues.

Impact: Improved process and visualization for customer journey.

Client achieved improved process and visualization for customer journey with analysis of each stage and touch points. Our solution also helped the client in identifying and removing operational inefficiencies, and improve focus on key issues. Furthermore, they were also able to improve cross-department collaboration and achieve successful integration with CRM & social media analytics for more accurate understanding of customer experience.