Retail is booming in Asia-Pacific, driven partly by rising disposable income and consumer confidence and a renewed enthusiasm for in-store shopping. According to a recent report, domestic tourism is also playing a strong role in the revival of Asia-Pacific retail post-COVID, and will continue to do so until at least 2024. According to Deloitte, Asian countries dominate the top 10 fastest-growing retailers, and Asia-Pacific is generally known to be the largest retail market in the world.
With the boom comes an unmissable opportunity for retailers to evolve their strategy to drive more sales and grow their business. Understanding customer behaviour is at the core of any retail marketing strategy, and retail analytics and merchandising solutions can have an enormous impact on retailer bottom line. Retail analytics help businesses understand the movement of people through physical spaces, gain insights into customer behaviour and harness data and analytics to better plan effective marketing strategies. It is expected that the global retail analytics market size will grow to USD 18.33 billion by 2028.
Here are some ways retail analytics and merchandising solutions help retailers drive better merchandising decisions:
Gain meaningful customer insights and analysis
Analysing customer behaviour is the key to sound merchandising decisions. Merchandising tools provide retailers with accurate real-time customer data. Robust data can help retailers:
- map shopper journeys
- analyse footfall patterns, dwell and pathing
- see how customers interact in various areas of the store
- track and analyse shopping cart use and locations and compare against POS data
These insights can then inform optimum merchandising, product assortment, placement and promotion to meet the needs of customers.
Improve store layouts and planograms
Once the shopper journey has been mapped using accurate and reliable data, retailers can optimise store layouts and planograms to place the right merchandise in the right locations for optimum conversion. Pathing insights show the highest value store real estate, revealing where certain merchandise yields the highest conversion rate.
Identify the highest value real estate in your store
Merchandising solutions can assist retailers is to identify the areas of the store with the highest levels of customer engagement and conversion. Knowing where these areas are means retailers can plan for effective product movement, and ensure high-value products do not languish in a low-traffic or low-yield area of the store.
Optimise your merchandising strategy today with Walkbase
Walkbase Merchandising helps you decipher the effectiveness of merchandising decisions, so you can make improvements to product assortment, placement, and promotions. Part of the Walkbase TREQ solution, which includes tools to manage store occupancy, queues and traffic, it is a powerful tool for retailers to optimise stores for the highest return.