You will be able to know with total reliability which products are the most successful and least successful in each establishment.
Information that will be extremely useful when you have to define the product catalog for each store, minimizing the risk of assuming costs involved in the acquisition and sale of barely requested products.
General Description of this use case
Not all products have the same demand. Demand will vary depending on the market in which it is located and may even change within the same country, region or even area within a city. Furthermore, the demand for certain products can also be conditioned by seasonal factors, fluctuating depending on the time of year.
All of this makes it a challenge for purchasing and supply chain managers in the retail sector to make the right choices in defining the product portfolio that will bring the most profit to the business.
This is a critical decision, as an unfortunate choice will result in a significant drop in sales, more returns and, consequently, a loss of customer confidence.
On the contrary, having a portfolio that meets consumer demands will strengthen the brand’s position in the market and increase sales revenues.
Tell us the particularities and needs your project needs to be able to implement a plan specially designed for you.
What solutions do you need?
To facilitate the daily work of these retail managers, it is a great option to have conclusions drawn from geo-localised data.
This data will refer, broadly speaking, to the consumption preferences of current and potential customers. This information will provide answers to questions such as:
- Which products are the most and least consumed?
- Are there time trends in the purchase of certain products?
- Are there products that are mostly purchased by a particular segment of people?
- Where do these people live?
- What is your average consumption?
These data, duly processed and represented, are a powerful weapon in minimising risks when it comes to finalising the offer of each establishment.
OMNICHANNEL RETAIL NETWORK OPTIMIZATION
The retail sector is clearly marked by the influence of different sales channels, such as physical and online stores. Therefore, it is essential to know the geospatial data that explain the dynamics of these channels, as well as the cause-effect relationships between them. With Locatium, you will be able to choose the best locations for new stores, predict results in new locations, mitigate the influence of competitors considering cannibalization, and optimize the right online-Vs-offline mix in each location.
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many industries this use case applies to?
Portfolio optimization is a critical process for a number of industries. From Locatium would like to help you identify the main industries where we can lend a hand to prevent this from happening.
Want to know more about this use case?
If we have caught your interest or if you have any questions, we will be happy to help you without any obligation so that you are really clear about how Locatium can contribute to the success of your project with our datasets and advanced solutions.