MARKETING & MERCHANDISING
The two-thirds of the promotions never break even, but do you know which ones aren’t? Is it possible to predict which thirds of the promotions break and which don’t? Can you combine your trade spend investment to increase returns while avoiding poor-performing and not so effective promotions? Arming yourself and your business with data up front can without a doubt remove the estimation from the trade planning process, which will allow precise targeting of user-driven promotions and effective merchandising strategies.
It is not a surprise that more than 50% of out-of-stocks came from poor promotion management or price. So, you need to ask yourself, are you refining availability price across various channels by not only researching the downstream demand data but also forming demand based on familiar drivers of demand? If you do so, you will be able to predict the demand with an even greater and better accuracy.
So, thanks to the innovations and trends in how businesses today can extract insight data from information acquired through the social media networks, events and weather, news, and some other traditional data sources, you can obtain the capability to readily make informed, intelligent business decisions when interacting with an array of business users from different departments such as marketing, sales, merchandising, or supply chain.
We hope that this article is going to help you understand how data is affecting the consumer interactions and how to use data-driven marketing and merchandising to form consumer insights. We can conclude that the world has become increasingly data-driven. Don’t hesitate to share your opinion with us!
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