This has allowed the retailer to increase profitability and customer satisfaction

Photo Credit : Reuters,

A new merchandising analytics assessment by global analytics and advisory firm Quantzig has enabled a leading lifestyle, apparel, and footwear retailer in the US to optimize its storefront and promotions. This has allowed the company to increase profitability and customer satisfaction.

Merchandising is a complex field, and ideal stock and marketing levels can be difficult to determine. Analytics solutions provide companies with more data on which to base their decisions, enabling them to optimize merchandise assortment and storefront layout, track new product performance, optimize markdowns and promotions, and improve margins.

Quantzig’s recent research project was to provide a holistic view of customers, inventory, and demand across multiple channels, categories, and products in order to help the client make informed merchandising decisions.

A team of merchandising analytics experts gathered information from sources such as POS, inventory statistics, weblogs, loyalty data, and social media to develop an effective merchandising plan and assortment optimization solution.

Rapidly changing customer needs and shopping behaviors make it necessary for retail and consumer packaged goods (CPG) companies to develop customer centric solutions and experiences. Quantzig’s CPG and retail analytics solutions use predictive analytics and prescriptive analytics to help firms with pricing strategies, product promotion, sales and demand forecasting, and merchandising planning.