Merchandising Analytics is Turning out to Be the New Non-Negotiable for Retailers – Download Quantzig’s Free Resource for Exhaustive Insights
LONDON--(BUSINESS WIRE)--Mar 19, 2019--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource on merchandising analytics and its importance in today’s complex retail scenario. Driven by a savvier and demanding customer base, the retail industry is undergoing a massive transformation which is sure to bring in enormous changes.
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Steps to Develop a Successful Analytics Powered Merchandising Strategy (Graphic: Business Wire)
Owing to the rapid pace of retail transformations, traditional growth avenues including brick-and-mortar store expansions are no longer appropriate. Instead, newer approaches including growth through online platforms, localized assortments, and international market expansions are more competitive than ever. The complex retail backdrop has impacted every aspect and the merchandising function itself is finding itself at a critical inflection point. As retail firms gradually get accustomed to such rapid changes, merchandising has turned out to be one of the most unstructured segments within the industry.
“A sophisticated and powerful merchandising analytics platform is essential for retailers that are looking at gaining a front liner advantage in today’s complex business scenario,” says a merchandising analytics expert from Quantzig.
Quantzig’s merchandising analytics frameworks coupled with domain knowledge can help retailers to jump-start their merchandising analytics journey. Request a FREE demo to know more!
Steps to develop a successful analytics powered merchandising strategy
- Leverage Big Data to Gain Granular Customer Insights
Leveraging big data can help retailers to gauge customer perceptions and better understand each phase of the path-to-purchase cycle. By harnessing big data to understand customer preferences and their priorities retailers can come up with a detailed blueprint to optimize their assortments.
The inability to understand customer preferences revolves around the fact that retailers are not well equipped with a structured approach that can help them better serve their customers. Request a free proposal to know more about our portfolio of merchandising analytics solutions and how it can help you gain a front liner advantage in today’s complex retail world.
- Create Attribute Based Retail Assortments
While big data helps define demand from the customer perspective, the next step for retailers to begin a detailed analysis of product placement. By focusing on attribute-based analysis, retailers can evaluate merchandise from an internal perspective as well as consider other external features that impact a product category.
- Localize and Streamline Assortments
Localizing and streamlining product categories requires retailers to correlate local customer demands and purchase histories to optimize where particular merchandise should be placed. This, in turn, helps increase sales, especially among slower-moving inventory.
- To read more, download this free resource
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit:https://www.quantzig.com/request-for-proposal
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