How Customer Insights Helps Improve Retail Planning
Having clearer insight into your customers’ shopping
behavior is great, but if you can take action on those insights you can truly
improve your retail planning. Building this insight enables retailers to gain
an understanding about their customers including:
- Which customers to offer personalized promotions to in order to develop loyalty with you most valuable customers
- Which types of customers might be more important to specific areas of the business
- How to best to use price to influence customers to purchase
- How best to cluster and segment customers to personalize and localize assortments
With this deep level of customer insights, retailers can better plan their merchandise, assortment, price and promotional activities to avoid overstocks, understocks and excessive markdowns, all of which will help improve the bottom line. They can also use this information to target customers with marketing campaigns that are more personal and relevant.
Retail analytics software can also conduct impact assessments so that a business can gain insight into how its actions in one specific area affects its customers´ behavior allowing retailers to simplify decision making about future actions. It can also identify opportunities to cross-sell and up-sell that may not have been previously considered.
Speak with JustEnough about Retail Analytics Software for Actionable Customer Insights
According to EKN’s 3rd Annual Merchandising in Retail Benchmark Report, customer analysis and insights is the number one investment focus area for retailers this year. This reinforces the fact that retailers need to better understand their customers in order to win, serve and retain customers in this competitive space. With JustEnough´s retail analytics software, your business can overcome this challenge.
JustEnough is a leading provider of retail analytics software and serves the planning needs of many of the world´s leading brands. JustEnough´s innovative solutions include a Customer Insights module that helps retailers quickly identify trends, casual relationships and opportunities inside large volumes of data and enables them to act quickly on those insights to improve planning.
With intuitive, rich data visualization, you’ll have the right level of information needed to make decisions fast – all without having to hire your own data scientists. The simplicity and power of JustEnough’s retail analytics software does all the math so you can focus on your business. Developed by industry experts, our analytics software allows retailers to optimize their planning today to get an edge in tomorrow´s marketplace.
To find out more about how to harness your customer data and gain actionable insights, please contact us to speak with our team. We’re happy to answer any questions you may have about how retail analytics software enables the integration of customer insights into merchandise, assortment, price and promotion planning and how it can benefit your business.