Revamp retail with data-driven insight
Can retail marketers finally achieve promotional-lift, return on investment (ROI) nirvana? For decades, retailers have struggled to capture the exact effects that promotions have on revenue and profitability. Many extraneous and direct factors exist that enter into product movement and cause marketers to get lost in the data—if the data is being captured in its entirety. Beyond that, structured and unstructured data also present challenges. The ability to capture this data is one thing; knowing what to do with it—and how to take effective action as a result of analyzing it—is a whole other issue.
What can be done now, considering that even as recent as 18 months ago marketers struggled to know what to do? Today, merchants, marketers, product planners and several other business roles throughout the enterprise can leverage advanced tools to take advantage of deep insights gained from retail analytics capabilities. Just being aware of what was sold is only the first step. Being able to know why it sold and how to plan for future promotions is now a more exacting science than ever before. Innovative retailers of all sizes around the world have tailored offers to improve matching them with the individual needs of shoppers.
The IBM Lift Analytics for Retail solution, along with other advanced technologies, provides the key that can unlock real, actionable insights from retail shopper data collected from multiple sources. Lift analytics helps retailers hone their understanding of the impact that individual promotions have on the entire product category, the related product affinity and more. Inventory management overall becomes highly visible throughout the supply chain, and store-level and online commerce becomes more seamless than ever. As a result, customers gain increased satisfaction. In addition, gut-feel promotional spending can become a thing of the past. The challenge now will be to demonstrate the effectiveness of these new tools to executives who have developed a habit of relying on intuition rather than science.
Take advantage of regularly scheduled live demos for lift analytics and other IBM solutions, and connect with retail analytics professionals today.