In today’s technologically advanced world, information is king. Not only is there perhaps a greater amount of information available than at any time previously, but the actual quality and accuracy of that data is incredibly consistent. In terms of the retail sector, big data is utilised mainly in the planning and subsequent implementation of promotions, campaigns and the distribution of new product lines. Retail software is used to report on exactly what is selling at any given time and to forecast what the next trends will be during the new season. While it is, of course, highly advantageous to have this kind of data to hand in today’s ultra-competitive multi-channel retail environment, it seems that many retailers may be missing out on an equally important reporting mechanism – InSite.
While the vast majority of retail marketing teams remain fixated on capturing physical sales data, the capture of the overall picture remains incomplete. Obviously, it is important to be aware of the best-selling merchandise across a retail estate in order to remain relevant and competitive. However, the implementation of complete retail audits can put an organisation just that little bit further ahead of the competition and offer the Marketing Director access to vital extra data that can be used to effectively plan and implement successful retail marketing solutions.
No matter how much big data is at hand about best-selling models, colours and sizes, no retail marketing strategy can be truly effective without the inclusion of more pragmatic data in the overall process. This includes specific details on store layout, fixtures, brand performance instore, store sizes and capacity, and anything from shelving types to gondola locations. For retailers who operate on a national basis, gathering this type of data has often been an incredibly involved and laborious process. However, the advent of our InSite software has now given those same retailers the perfect opportunity to use these analytics to their best advantage.
Large-scale, time-sensitive retail audits carried out by trained teams of experienced staff, builds the data which is supported and accessed via our bespoke InSite platform, giving retailer’s and brands complete visibility of their estate, which is vital to successful trading. Having the functionality to run any level of report from estate-wide information on the number and placement of every wall socket to the complete information package of every detail of one store, the estate intelligence provided by InSite is critical to any retailer wanting the big data and agility to respond to the changing needs of customers that seek improved in-store experiences.
With full analysis and insight into an entire estate now available at the flick of a switch, retail technology has taken a considerable leap forward. By analysing fixture capacity and gondola locations on an individual, store-by-store basis, a number of processes are improved markedly, such as store compliance, stock availability, new campaign planning, including the success of retail installations right through to creating the best performing planograms for a product. In the meantime, Marketing Directors will find themselves in a much better position to ensure their in-season planning is truly effective.
