Digital and personal media will continue to grow exponentially and create new channels for customer insight, interaction and engagement. Retailing will evolve toward a digital retail environment where shoppers will have almost infinite visibility into product choice and price details. The retail industry will need to be more personal, and customer data will become a key enterprise asset. Converting digital data to customer insight will be the main criteria for market penetration.
Key things to be noted:
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Know which Items Your Customers Care About
The more you know your customers, the better. Understand which products they value most and how these items drive your core business and shopper perceptions. Leverage data and science to identify and refine key value items (KVIs) based on your customers’ price response, price perception, revenue contribution and key business metrics.
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Identify and Respond to Your Key Competitors
Go beyond traditional rules and competitive sets. Identify which competitors matter to your customers based on competitive and price elasticity. Leverage competitive and your own price history to analyze how shoppers respond to competitive price changes. Determine the relative importance of each competitor, and respond intelligently and strategically.
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Determine the Right Pricing Strategy
Ensure that your pricing strategies are effective and drive your objectives. Analyze how shoppers respond to your prices and use science to determine the best pricing strategies at any level of your merchandise hierarchy. Compare and refine as an ongoing process to ensure maximum results as your business and conditions evolve.
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Gain a Detailed Analysis of Your Promotions Performance
Understand each offer’s impact on profit, revenue and units along with other metrics important to your business. Avoid pitfalls such as promoting the wrong items or excessive discounts that fail to reach their desired goals. With in-depth insight into historical offer effectiveness based on facts and science, you’ll improve your promotional performance moving forward.
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Determine How Stores and the Online Channel Should Align
Strategically group your stores, categories and online channel for optimal performance. By analyzing customer sales patterns, elasticity, demographics and other attributes, you’ll maximize your opportunities and align your brand, categories and selling outlets to your customer base. Stay ahead of changing demographics and patterns as they shift over time.
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Get Answers to the Tough Questions
Take advantage of Advanced Analytics to get the answers you’ve been seeking. Powerful analytics spanning multiple areas across pricing, promotions and markdowns deliver invaluable insights and knowledge. Leverage our latest science and expertise to obtain a detailed deal analysis, key value analysis, coupon analysis, competitive response analysis, item cluster analysis, or one of the many other analyses available to help accelerate your ROI. Just ask
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We also provide:
- Business Centric Solution Provider
- Extensive Expertise within the Retail Industry
- Technology Agnostic with Strong Business Partnerships
- Developed Solutions to Accelerate Delivery and Outcomes