Customer-Centric Product Assortments–one of the keys to win in retail
Shopping on Amazon certainly isn’t new. The pleasure of visiting its digital storefront and experiencing perfectly curated ads, tailored new product releases, and other precisely targeted offers never gets old.
Amazon’s presence, and innovative tactics, has continued to add customers and add to the worries of brick & mortar retailers. These retailers are leveraging various strategies to fight back, such as lowering prices, increasing reliance on private label products to boost profitability, and launching new technologies to enhance the in-store shopping experience. While each of these can have a positive impact, emnos has proven with retailers around the globe that a shift towards customer-centric product assortments is paramount to a sustainable winning strategy.
A customer-driven product assortment approach, when properly executed, enables retailers to deliver higher sales and profit margins than any other Category Management practice. This offers better customer experiences, which drive higher conversion and higher basket volume, critical to building lasting customer loyalty. This assortment methodology enables easier tracking, scalable processes, and eliminates the laborious tasks of legacy assortment tools. An assortment tool based on customer shopping behavior (instead of trendy POS and Supply Chain data), enables merchants to streamline and scale their assortment strategies without damaging workflow integrity.
“In order to maintain their position or grow moving forward, retailers must make decisions based on their impact on customer experience.”
For more than 15 years, emnos has partnered with a global network of retailers and has built a framework for customer-centered assortment optimization – and this framework now serves as the backbone of our latest assortment solution, emnosAssorter. It starts with customer data: analyzing millions of customer transactions to identify how shoppers make decisions at the shelf and how this translates into action at the product level. emnos identifies what customers buy and what they need from a particular part of the store, enabling retailers to satisfy the needs of every shopper. Some service providers advocate building assortments based solely on sales momentum and competitive trends. That is not enough. emnos incorporates critical elements such…