Master Data Management
As both retailers and suppliers work hard on differentiating themselves, there is a growing focus on customer-centric strategies; whether through an accurate assortment or improved space management and visual merchandising. These strategies require big data that is more granular and reflects consumer demand. It’s about the ability to optimize the use of that data across your trading floor, from procurement to shelf, to maximize operational efficiencies while producing highly-targeted store schematics.
Traditional store clustering methods, using top-down attributes such as region, size or banner, may promote efficiency in business operations, but they fail to account for localized consumer demand, leading to missed opportunities and customer dissatisfaction. Behavioral clustering methods offer advanced category analysis, using product data to generate category level segmentation from the bottom-up, streamline category analysis and provide key consumer insights; helping you to tailor your assortment, merchandising and pricing strategies to be more customer focused.
Store expansion initiatives are becoming increasingly more restrictive for retailers today due to planning regulations and the sheer cost associated to such growth strategies. Space allocation at the department, category or sub-category level can be both time consuming and expensive. Yet so often we find that macro space planning and optimization is the key to a successful store layout to enhance the customer experience. It is vital to make the most of existing store space by ensuring that the store design, space planning and merchandising are intertwined and in-line with store specific consumer demand for a truly consumer centric approach.
Floor Planning Studio brings floor plans to life with quick analysis; empowering users to plan layouts that optimize the position and performance of retail space in line with merchandising strategy; considering obstacles, animation & other constraints. View & verify amends prior to implementation in store to ensure that store design can be combined with category management initiatives.
Virtual Store Design
Revolutionary virtual set room & store navigation facilitates full fixture analysis through 3D store modeling to both simplify and stimulate the store set up process; from space planning to presentation. The solution provides a perception of space with 3D visualization, as seen through the eyes of the consumer and presents an opportunity for all stakeholders to preview products and placements in a virtual store prior to implementation; enabling an entirely collaborative approach to category management; aligning store, supplier and stakeholder at every level of store design.
Assortment planning is critical to effective category management. Building a localized assortment is the vital key to engaging your customers, differentiating yourself in this continually changing market and growing your bottom line. You must be able to analyze your customers’ shopping choices, your sales data and store location information in order to produce an optimized range and inventory for each category in your stores. Assortment planning can be a complex and time-consuming process, but assortment optimization provides an enhanced approach with a laser focus to drive consumer centric strategies from procurement to shelf.
With the proliferation of products, retailers and suppliers need to better understand the impact of introducing or removing products and groups of products from the assortment, and how that may or may not impact sales. Looking at historical and market data in isolation will not help in determining if new lines added will actually generate incremental sales or simply cannibalize sales from other products; conversely, if we remove a product, how much of the sales generated by that product will transfer to other products?
From soup to nuts, retailers and suppliers alike are working hard to avoid lost sales but predicting consumer preference can be a challenge.
The retail landscape is ever progressing and the most current evolution revolves specifically around the ever more discerning customer, in order to combat this retailers must differentiate through localized strategy. Store specific micro space planning is the key to ensuring that the store experience satisfies the customer and makes the store the physical hub of the brand. Laminating localized performance, store specific equipment and the appropriate assortment is a proven path in buying the lifetime loyalty of customers.
Planograms are a key ingredient in the recipe for category management success and customer satisfaction. Localization of assortments at the shelf is a key battleground for retailers and this requires sophisticated software to help balance the three key retail elements of inventory, assortment and aesthetics.
Accounting for well over a third of all customers' spend promotions are proven in attracting new and retaining existing customers. The emphasis on endcaps varies dramatically from one store to the next, depending on consumer demand. Store specific promotion planograms present an opportunity to rapidly enhance the customer experience whilst increasing operational efficiencies and driving double digit sales improvements in store.
Audit and Compliance
Excellent execution depends on effective planogram delivery and communication across the organizational network; from head office through the store to shop floor. Traditional planogram distribution channels have tended to flow one way; with little opportunity for direct feedback. With stakeholders across the trading floor now demanding a more interactive environment for planogram distribution, store audit and compliance these channels no longer cut the mustard.
Improving the customer experience and maximizing in-store compliance Mobile Retail Portal enables instant access to real-time information via a mobile device. The dynamic solution facilitates multi-way information sharing and communication through dimensional shelf level data, enabling real-time interactions and enhanced channel management. Web-based technology allows you to publish information simultaneously; seamlessly linking stores with suppliers, stakeholders and external field sales. View and provide direct feedback on in-store assortments, merchandising and retail display to easily monitor planogram compliance whilst on the move.
Analysis and Reporting
Across the board your retail business generates bundles of big data, mining that raw data to produce actionable insights can be both difficult and time-consuming. Solid gold insights from such areas as consumer buying decisions, sales transactions and financial reports can be collated into rich customer analytics which can be targeted to meet stakeholder needs; from effective supplier collaboration to improved store operations, ultimately resulting in successful shelf management.
The retail landscape is continuously evolving and we have seen dramatic changes in recent years with capacity growing twice as fast as consumer demand; with this comes increasing pressure for retailers to create a more compelling experience than the competition.
Crafting the perfect customer experience can be difficult; more often than not merchandise management decisions are diluted due to a lack of accurate real-time information being available at a store specific level. Strengthening strategic relationships between retailers and suppliers can make it possible to improve efficiency through collaborative communication & data sharing to bring brands and banners together for a completely customer centric approach to category management.