Product Range Optimization through Data Analysis
Understanding the needs and desires of your customers, and selecting and managing the right product ranges is at the heart of retail success. After all, the more your product range is tailored to your target customers, the higher your sales will be.
“The customer is king” is an age-old mantra. In brick-and-mortar retail, this saying has more weight today than ever before. Customers have never been so well informed with so many possibilities available to them. With the help of the internet and other digital communication channels, modern consumers have more access to information about products, manufacturers, and the retailers themselves than ever before. In addition, strong competition from online retailers is forcing brick-and-mortar retailers to adapt to customer needs and rethink their product range strategy, which is the only way to improve market share and ensure their own survival. But what does that mean in practice?
How can retailers successfully shift from a product-group led mindset to a customer-centric approach?
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