From PSFK's Shopper Data Debrief, here's how three retailers are leveraging in-store purchase data to help inform inventory choices and predict consumer needs

Consumers increasingly expect brands and retailers to not only respond to but also anticipate their ever-changing needs. Retailers are carefully studying online and in-store purchasing data for a given area in order to uncover shifts in consumer preferences and forecast future trends.

By stocking inventory based on the needs and shopping patterns of the local market, retailers are able to improve supply chain efficiency and ensure that stores are always stocked with shoppers’ preferred items. From PSFK's Shopper Data Debrief, here's how today's top brands and retailers are using advanced analytic tools to better predict inventory needs and more accurately meet future demands:

Freshippo
Freshippo, a chain of grocery stores owned by Chinese ecommerce giant Alibaba, uses data-driven merchandising to reduce waste and ensure that shoppers always have access to the freshest possible produce, in a process it calls ‘one-day farm to table.’ By analyzing purchase data from digital orders, it is able to determine what items to stock each day, ordering only what it will need so there are no unsold goods to be thrown away. Shoppers are also able to scan an item’s QR code in order to access information about an item’s farm-to-store journey, providing an assurance about its provenance and freshness.

Tmall Global
Tmall Global, the first physical location of Alibaba’s luxury ecommerce platform Tmall in Hangzhou, China, stocks products based on the online shopping habits of consumers who live within five kilometers of the store. The Hangzhou store uses data and algorithms, carefully studying consumer preferences in order to forecast future shopper needs and stock the physical location with preferred items in categories such as beauty and personal care, accessories and even wine.

PepsiCo 
Multinational food and beverage corporation PepsiCo has partnered with software company GoSpotCheck to streamline the process of optimizing its product mixes in each store. PepsiCo field associates can take a photo of store shelves using their mobile phones, and an app using GoSpotCheck’s HiFi mobile computer vision technology automatically identities every SKU in the photo. The AI-powered tool empowers the associates to optimize the product mix in real time according to their preprogrammed goals, ensuring the right mix of products for each account based on demographic differences.

33% of retailers currently use advanced analytics for merchandise planning and another 48% plan to within three years. For a deep dive into the many ways in which retailers are capturing and leveraging shopper data in the physical store, download PSFK's Shopper Data Debrief, available here.

The Shopper Data Debrief by business intelligence service PSFK outlines how retailers can leverage new tools to capture shopper data in the physical store, creating a mutually beneficial value exchange that allows them to refine operations and offer a more personalized in-store experience. This report is part of a series of reports focusing on retail innovation and customer experience to inspire the members of our business intelligence services.


Lead image: stock photos from Gorodenkoff/Shutterstock

Consumers increasingly expect brands and retailers to not only respond to but also anticipate their ever-changing needs. Retailers are carefully studying online and in-store purchasing data for a given area in order to uncover shifts in consumer preferences and forecast future trends.

By stocking inventory based on the needs and shopping patterns of the local market, retailers are able to improve supply chain efficiency and ensure that stores are always stocked with shoppers’ preferred items. From PSFK's Shopper Data Debrief, here's how today's top brands and retailers are using advanced analytic tools to better predict inventory needs and more accurately meet future demands: