Truly Utilizing Big Shopper Data At-Retail
April 3, 2012 by Newsfeed Editor
Retailers and manufacturers are using advanced analytics and shopper data to know more about their customers than any time in history. They know what the shopper buys, how often they buy and what other products they buy at the same time. The most recent edition of Competitive Edge by Willard Bishop takes a specific look at what it calls a must have in terms of advanced analytics: Macro Space Optimization.
Competitive Edge points out that in general the industry has used data to make progress in improving inventory levels and store conditions to enhance the shopping experience. However, even with all these tools at our disposal, the problem of out-of-stocks has not really improved in 20 years. Bishop numbers put the level of OOS still at almost eight percent. Obviously, it is advantageous to identify fast movers and make sure there is enough stock on hand to handle periods of high traffic.
Using advanced analytics and shopper data is an important step in taking on OOS by making store space as productive as possible. It gives us the tools to minimize potential outages and maximize sales opportunities. Once armed with that information, it is time to execute the new plans at the store and shelf level. However, this logistical challenge can take all the software and analysis and render it null and void.
In order for a product to be on sale, it has to be on the shelf. Likewise, in order for a merchandising plan to impact consumers, it also has to be put on the shelf. All the best laid plans in retail history have run into this one unavoidable conclusion, and many have failed because of it.
Luckily, the members of NARMS are on hand to make these plans a reality. These at-retail merchandising and marketing service professionals provide the trained people, retail experience and technology to roll out merchandising initiatives to all channels of retail.
The members of NARMS and their key stakeholders will be meeting at The Retail Merchandising and Marketing Conference (RMMC), held April 14 – 17, 2012 at Saddlebrook Resort near Tampa. The four days of networking, learning and motivation are coming up fast so if you have not registered or made your travel plans, do so today. The agenda and conference registration, as well as sponsorship and exhibitor opportunities for the 2012 RMMC are available now at the Conference Center on www.narms.com.