Retail Trends Playbook Excerpt: Leveraging Data For Responsive Merchandising
From heat-mapping to forecasting algorithms, these three retailers are leveraging local data intelligence for real-time and relevant merchandising in physical stores
Companies are sitting on a wealth of data about their shoppers, their stores and the broader marketplace, but they often lack the internal capabilities and creative insight to put it to use. Research indicates the tide is changing: 50% of companies are implementing planning and forecasting technologies, with an additional 32% increase in investments by these companies in the next year.
Successful brands and retailers are differentiating themselves with data-led initiatives that enable them to quickly adapt or even anticipate shifts to be first to market with new products inspired by local purchase patterns to better serve the needs of their customers. As reported in PSFK and Microsoft's Retail Trends Playbook 2020, these three top retailers exemplify how brands can optimize success with predictive data and analytic software: