Increase store turnover via data-driven product range optimization
A range of products that perfectly matches the needs of your customers. An online tool that provides you with smart marketing suggestions. More turnover and as few out-of-stock and out-of-date products as possible. Does this sound like the answer to all your dreams? Then get started with data-driven product range optimization.
The advantages of product range optimization
- Increased turnover because you are able to sell more products per customer and per shopping trip
- Customers will come back more often because they will feel more attracted to the product range offered in each store
- Lower out-of-stock and out-of-date results because the product range of each individual store will suit your customers' needs better
- Reduction of handling costs in the supply chain because unnecessary products can be removed from store shelves and warehouses
Three steps to an optimal product range!
Product range optimization consists of three steps, generally speaking. The implementation of these three elements in your store ensures a unique retail formula.
Product range optimization means creating the ideal mix to serve your customers as best you can at any time. Data-driven product range optimization allows you to identify which products will allow you to score big at a particular time of day. It also allows you to see which products are not relevant and can be deleted from the range.
Differentiating between the various locations of your store format can provide a lot of added value. By determining which products are sold a lot, in which combinations, and what characterizes the sales market, you will be able to offer an optimized product range at each location.
Customer contact in the store can be very valuable if you are able to provide customers with the best service at the right time. One of the tools you can use are smart sales suggestions. Veneficus' algorithms optimize the interaction between your salespeople and your customers using smart sales suggestions. We use online behavior data from website visitors who were in the vicinity of the store for our suggestions. For example, if a lot of website visitors explored their options and looked at various products during the weekend, without actually making a purchase, this can be taken into account for the customer contact in the following days.
How does data-driven product range optimization work?
Innovations in the field of IT and Big Data, along with the availability of online information about your service areas, make it possible to gain insights at a highly detailed level. By using available internal and external data, and the Veneficus Retail Analysis Platform's algorithms, product range optimization can be applied in various ways.
What is the result?
Clients in food, fashion and do-it-yourself channels have realized successful product range improvements with help from the Veneficus team, resulting in significant improvements on returns. Would you like to increase the efficiency of your stores? We would be happy to help via the Veneficus Retail Analysis Platform.