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What are the best strategies for identifying trends and forecasting sales using product performance data?

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As a merchandiser, you need to stay on top of the market trends and customer preferences to optimize your sales and inventory. But how do you identify which products are performing well and which ones are lagging behind? How do you forecast the future demand and adjust your assortment accordingly? In this article, you will learn some of the best strategies for using product performance data to make informed decisions and boost your profitability.

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1 Analyze historical data

One of the first steps to identify trends and forecast sales is to analyze the historical data of your products. This means looking at metrics such as sales volume, revenue, margin, sell-through rate, conversion rate, and customer feedback. You can use tools like Excel, Google Sheets, or specialized software to organize and visualize your data. By comparing the performance of different products, categories, seasons, and channels, you can spot patterns, anomalies, and opportunities. For example, you can see which products are best-sellers, which ones are slow-movers, and which ones have high returns or complaints.

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Luis Morais

Empreendedor | Gerente Nacional sell out | Gerente de Vendas | Demanda | Trade Marketing, Gest?o de Equipe
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Gostaria de sair um pouco da quest?o teórica e tratar da prática. Entendo que os varejistas lidam com press?o de estoques mas durante minha carreira e experiências, acompanhei cada vez mais o aumento de rupturas e deficiências em promo??es nos pontos de vendas. Importante ressaltar que "todos" perdem aqui...Indústria que despende recursos para o sell out nos clientes, os próprios varejistas que perdem oportunidades de aproveitar o suporte da indústria e acelerar as vendas e na ponta o cliente final que fica refém da ineficiência desses processos que ele n?o tem a??o sobre. As análises de dados s?o fundamentais para planejar e implementar, mas vejo que falta arrojo na hora H de expandir as vendas.

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Vijaydeep Pawar
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Employ data analytics tools to analyze historical sales data, identifying patterns and correlations. Utilize machine learning algorithms to predict future trends based on past performance, considering factors like seasonality, promotions, and market dynamics. Conduct thorough market research to understand consumer preferences and competitor strategies. Continuously monitor key performance indicators such as conversion rates, average order value, and inventory turnover to detect shifts in demand early. Collaborate cross-functionally with marketing, sales, and product teams to integrate insights into strategic decision-making processes effectively.

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2 Segment your customers

Another strategy to identify trends and forecast sales is to segment your customers based on their characteristics, behavior, and preferences. This will help you understand who your target audience is, what they want, and how they shop. You can use data sources such as surveys, loyalty programs, social media, or web analytics to create customer profiles and personas. By segmenting your customers, you can tailor your product assortment, pricing, promotion, and placement to their needs and expectations. For example, you can offer different products or discounts to different customer segments based on their purchase history, location, or demographics.

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Luis Morais

Empreendedor | Gerente Nacional sell out | Gerente de Vendas | Demanda | Trade Marketing, Gest?o de Equipe
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A análise cuidadosa de um bom CRM para encontrar os dados de base para as vendas de um produto s?o muito relevantes, mas é preciso ir além e sempre fazermos o questionamento após entregar ao nosso público alvo: o que mais podemos fazer pra atender mais? Vender mais? Tem algum público além do alvo que podemos acessar? Exploramos todas as nuances desse nosso público alvo? O que mais temos para oferecer a este público alvo?

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3 Monitor the competition

A third strategy to identify trends and forecast sales is to monitor the competition and the industry. This means keeping an eye on what your competitors are offering, how they are pricing, and how they are marketing their products. You can use tools like web scraping, price tracking, or mystery shopping to collect and compare competitive data. By monitoring the competition, you can benchmark your performance, identify gaps and opportunities, and anticipate market changes. For example, you can see how your products compare to your competitors' in terms of quality, value, and innovation.

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Luis Morais

Empreendedor | Gerente Nacional sell out | Gerente de Vendas | Demanda | Trade Marketing, Gest?o de Equipe
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Entendermos o cenário onde estamos jogando é o primeiro mandamento e analisar a concorrência, como somos analisados por ela, é imprescindível. A concorrência é salutar para o desenvolvimento do mercado e melhores produtos entregues a varejistas e clientes finais. Grandes oportunidades e insights surgem de um olhar atento e crítico dos nossos concorrentes.

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4 Test and experiment

A fourth strategy to identify trends and forecast sales is to test and experiment with your products and strategies. This means trying out new ideas, variations, or combinations of products and measuring their impact on your sales and customer satisfaction. You can use methods such as A/B testing, multivariate testing, or split testing to compare different options and select the best one. By testing and experimenting, you can validate your assumptions, optimize your results, and discover new insights. For example, you can test different product features, prices, or displays to see which one generates more sales or feedback.

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5 Update and revise

A fifth strategy to identify trends and forecast sales is to update and revise your data and decisions regularly. This means keeping track of your performance, evaluating your results, and adjusting your plans accordingly. You can use tools like dashboards, reports, or feedback loops to monitor and communicate your data and decisions. By updating and revising, you can ensure that your products and strategies are relevant, effective, and aligned with your goals. For example, you can update your forecasts based on the latest sales data, customer feedback, or market trends.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best strategies for identifying trends and forecasting sales using product performance data?

1

2

3

4

5

6

1 Analyze historical data

2 Segment your customers

3 Monitor the competition

4 Test and experiment

5 Update and revise

6 Here’s what else to consider

Merchandising

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What are the best strategies for identifying trends and forecasting sales using product performance data?

1

2

3

4

5

6

1 Analyze historical data

2 Segment your customers

3 Monitor the competition

4 Test and experiment

5 Update and revise

6 Here’s what else to consider

Merchandising

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