Using Big Data to Boost Retail Assortment Planning

Product assortment planning is the process whereby retail stores determine what products to offer to clients in various localities, at different times, and in what amounts to market them. There are lots of factors involved in making such choices. To make precise predictions, retailers need to consider both external and internal data. great site

With the improvements in communication, the world wide web, the Mobile Platform, along with instantaneous information sharing, there is so much information available that companies can utilize to their advantage. In the retail context, information about the competition, market trends, etc. can be recorded and analyzed for better choices in a variety of departments such as marketing, sales, supply chain, etc..

Many retailers now utilize motion detectors, WiFi, and Beacon technologies to get data about customer motion, browsing and buying patterns within their shops.

Besides this, there are varied sources to gather data about customer feedback, expectations and buying patterns. Most retailers have an online presence and the majority of them enable customers to leave feedback, testimonials etc.. Additionally, there are reviews, discussions, and evaluations in third-party sites like consumer review sites, social media etc.. more tips here

So many things affect retail sales and store functionality from day-to-day. Sudden shift in product trends, a competitors successful sales approach, the weather (if it is raining, or if it’s too hot or too cold, clients don’t venture out to shop), and peer view can affect the sales in each store in your series.

Author: Web Spangle

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