LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems brings to you comprehensive insights into the top four benefits of a planogram in retail in its recent article.
What’s in it for you?
- Understand what it means to innovate in the new normal
- Gain insights into factors driving innovation in the retail industry
- Gauge your capabilities and ability to innovate in a dynamic environment like retail
Are you finding it difficult to drive better outcomes? Talk to our analytics experts for comprehensive insights.
Currently, the retail industry across the globe is facing two major challenges, which are diverse economic landscape and change in customer buying pattern. Retailers are looking forward to enhancing market shares and driving growth in 2020 need to focus on retail analytics trends to form better retail strategies. The main challenge behind forming new retail strategies lies in managing huge datasets generated from various channels. In order to tackle this problem, retailers must leverage retail analytics and create a planogram which can help in interpreting the collected data to provide a better understanding of market trends. Planogram in retail makes it easier for retailers to place more products on the shelves and reduce out-of-stock scenarios thus consumer demand is addressed in an efficient manner.
With a basic planogram you can boost sales in a very short span of time. Request a FREE proposal to learn more about our retail analytics solutions.
According to Quantzig’s retail analytics experts, “The adoption of a planogram in retail is increasing rapidly as more retailers worldwide are realizing the potential of planograms.”
4 Benefits of Planogram in Retail Industry
1: Space elastic demand
Optimum space utilization in a retail business ensures better profit margins. However, if the space of a retail business is not optimized properly, the performance will dip and might result in unsatisfied customers.
Apart from optimum space utilization, a planogram in retail ensures continuity and consistency of business activities. It provides an opportunity to centralize the retail sales strategy by ensuring uniform product layout resulting in uniform customer experience.
3: Increase visual appeal
Retail industry players often emphasize product packaging. As a result, there are multiple colors and shapes of a product on a retail store shelf. But improper arrangement of products can hamper the aesthetics of a retail business and make it look unpleasant and unappealing.
4: Cross selling opportunities
Buyers arrive at a retail store with a predetermined list of items, however, they might end up buying items that aren’t on the list due to impulse buying. To boost the impact of impulse buying, retailers must focus on placing complementary and supplements of products next to each other in a sequence which is convenient for a buyer. As a result, customers will end up buying more products.
Wonder how a planogram can help your business to devise marketing strategies which eventually lead to better ROI? Book a FREE solution demo now.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal