Retailers have known this term for many years – “Item assortment planning”. It is the process whereby shops determine in what amounts to stock them, and what products to provide at various times, to clients in various localities. There are various factors involved with making these decisions. To make predictions that are accurate, retailers have to think about both internal and external information.
So the impact of data
With the advances in the World Wide Web communication, the Mobile Platform, and info sharing, the data is there for companies to utilize to their benefit. From the retail context, information can be recorded and examined for better decisions in various departments such as marketing, sales, supply chain, etc.
Technology & data
Many retailers utilize Beacon technologies, Wi-fi, and movement detectors to capture information purchasing and browsing patterns within their shops. These assist the retailer in tailoring product placements and their stocks based on requirements. It will also help in understanding their customer preferences, and providing services according to their needs. There are varied sources to gather information about purchasing patterns, anticipation and customer opinions.
Online presence/ e-commerce
Most retailers have an on-line presence and nearly all of them enable clients to leave feedback, reviews etc. Additionally, there are reviews, discussions, and ratings in 3rd party websites like customer review web sites, social networking etc.
Customer behaviour
May all these diverse sources of behaviour and customer opinions processed and be recorded? So plenty of factors affect store functionality and retail sales from day. Sudden shift in product trends, the weather, and peer opinion may all affect the sales in each keep on your chain. There’s now an imperative need to access rich along with diverse sources of external data. You need to collect data about your opponent’s sales and approaches, the sales strategies of on-line giants, information about all the products offered, all the promotional strategies utilized by local competitions and so forth.
Final word
Most retailers have an on-line presence and nearly all of them enable clients to leave feedback, reviews etc. Additionally, there are reviews, discussions, and ratings in 3rd party websites like customer review web sites, social networking etc.