Today’s retailers are faced with a number of changes that positively and negatively impact growth. On one hand, a volatile macro-economic environment and profitability challenges create pressure on traditional retail models. On the other hand, the proliferation of digital and social channels, along with changing consumer segmentation and preferences, create opportunities for those that embrace change.
How do retailers effectively navigate this complex environment? Analytics provide the answer to retail’s critical challenges:
Marketers need to understand both the short and long-term impact of brand and promotional spend and find a common currency to measure the interaction between the two.
Marketers need insight into the direct and indirect impact of web and catalogue on sales, holistically and across segments and occasions, to maximize synergies.
As retailers move from department to occasion-based segmentation, sales data capture must be set up to classify and cluster occasions.
Large differences in macro, pricing, promo and advertising effects across geography make efficient access to meaningful zip code, store or DMA-level granularity critical.
As digital increases the complexity of the mix, marketers need to fully decompose and attribute intermediate channels like search, social and web.
Simulation and optimization tools are key to effectively supporting in-cycle planning.
Marketscience offers a range of solutions to address the needs of retail marketers in this increasingly dynamic and competitive environment.