Christmas comes earlier every year, doesn’t it?
We are currently amidst one of the most unusual holiday seasons as all retailers and businesses face unknown challenges due to COVID-19. Generally, holiday seasons are characterized by long-lines at retail stores coupled with breakthrough midnight Thanksgiving deals, and in-person gifting.
However, even though this holiday season may be less standing-in-lines and more shopping-from-the-couch; according to Adobe, two years’ worth of ecommerce growth is going to be packed into this holiday season. Gifts can now be delivered to our friends and family overnight.
So, amidst all the online e-commerce noise and luring discount ads, the question still remains:
How can retailers optimize their product offerings to provide the customers the products that they are looking for?
Our solutions to this are:
Help retailers understand their customers
We help you understand your customer needs and trends for your particular demographic. Partner with us to enhance your understanding of your consumers’ psychographic profiles, so you can create strategies that have highest probability of converting them.
With our Product Monitoring Tool, you can get a comparison of the traffic performance across your e-commerce channels vs. sales transactions to understand performance for specific customers. With our smart insights, you can increase your product sales of your current inventory with product-specific actionable insights on pricing, ideal volume & stock-count and promotional strategies.
For example: If sweater dresses are getting viewed a lot by a millennial female demographic, but not transacted, this might be an issue with pricing, sizing or other attributes based on the demand. Understanding demand score for this particular customer segment can help you competitively position your products for success within this demographic.
Market the right products to them
Through our easy-to-use self-service platform, you can quantify volume-based trends to understand which trends are right for their customers.
Trend volumes show the number of occurrences of the products in specific markets. This data includes both, search and image trends.
For example: if you are deciding which type of sweater - cropped or bell-sleeves - to position for the holiday promotion in the east and west coast, you can look at our demand scores across the East coast & West coast & with this information, you can strategically choose which products would resonate best with customers in the locations they are serving.
Establish a competitive price
Optimize your pricing strategy to maximize sales conversion by understanding market pricing and the performance of your products, across various retail channels. Our Pricing Monitor captures a running list of channels that carry similar products and suggests the optimal price range for conversion.
There is no doubt that this holiday season is going to be a lot different from the previous years. But customers are online shopping more than ever, so optimizing your retail strategies to match your products with customers looking for them, is going to position you to win in this market.
Reach out to us for a free demo!