What do you do if you're a Merchandising professional looking to invest in analytics tools?

The retail landscape has undergone a radical transformation. Today's advancements in Artificial Intelligence (AI), advanced analytics, and data visualization tools have rendered the question of "if" to use analytics tools in merchandising obsolete. The real question is "how" to leverage these powerful resources for optimal decision-making. By harnessing the power of analytics, Merchandisers can gain a deeper understanding of consumer behavior. Analytics empowers them to make accurate decisions on crucial aspects like Demand Forecasting, Strategic Product Placement, Dynamic Pricing Strategies, and Targeted Promotional Activities. Factors to consider when selecting the tool are Budget, Usability, Data Integration, and Scalability.

First, make sure your core data is correct—sales, stock, purchases, and commitments. Then, use a robust Financial/Merchandise/OTB planning tool, e.g., Darwin Retail Planner. Move away from spreadsheets. They are fault-sensitive, require much manual work, and can't handle the amount of data in larger environments. In a purpose-built solution such as Darwin, the data is organized and structured. Tools like MS Reporting Services or Power-BI can give you the analytics and information you require.

When wanting to employ analytical tools, my company needs to take stock and highlight where the problems and failures that are costing me advancement and loyalty are centralized. an investment and that the renovation will bring me loyalty and new customers

Strategic Analytics for Merchandising: Goals and Challenges: In the dynamic world of merchandising, setting strategic goals is paramount. Whether aiming to elevate sales, foster customer loyalty, or streamline inventory, analytics provide the roadmap to success. Yet, challenges abound—from integrating diverse data sources to ensuring data quality. Overcoming these obstacles requires selecting analytics tools that offer actionable insights and align with your business objectives. As you navigate this landscape, what strategies have proven effective for you? Share your experiences to enrich our collective understanding and drive the conversation forward. Your insights contribute to a richer dialogue and collective learning.

In my view, as Merchandising professionals, evaluating data sources and quality is paramount when investing in analytics tools. Understanding where our data originates from and its reliability, accuracy, and comprehensiveness are crucial factors in making informed decisions. Whether it's from our website, social media channels, point of sale systems, loyalty programs, surveys, or third-party platforms, we must ensure that our analytics tool can effectively manage and integrate this diverse array of data sources. By prioritizing data integrity and security, we pave the way for actionable insights that drive success in our merchandising?endeavors.

éléments incontournables à notre métier, la qualité de la donnée est primordiale et la possibilité en interne d’actualiser celle-ci. La fréquence, la période, l’antériorité etc… Nous avons une dimension de gestionnaire et d’optimisation. Notre r?le est tant de générer du business et d’être une plus value ??

Ao considerar as fontes e a qualidade dos dados, é crucial avaliar de onde esses dados estao vindo e o quanto s?o confiáveis, precisos e abrangentes. Temos diversas fontes, como sites, as proprias redes sociais, pontos de venda, programas de fidelidade, pesquisas e plataformas de terceiros. O ponto crucial é dados + seguran?a + qualidade. Essas 3 coisas resultam em um sistema eficaz de armazenamento, gest?o e integra??o de dados para garantir que estejam prontamente disponíveis para análise. Além disso caso seja respondido pelo time de campo, ter auditoria para verifica??o dos dados e assertividade do mesmo.

Ensuring robust data quality and integration is paramount for merchandising teams. We source data from various channels including our website, social media, point of sale, loyalty programs, surveys, and third-party platforms. It's crucial that our analytics tools can handle diverse data types while maintaining accuracy and security. I prioritized platforms that manage the volume and velocity of data, facilitate seamless integration, and uphold stringent quality standards.

As the name says, it is a tool, and every tool has its price to implement and to have it in use at its maximum performance, I have to implement an analytical tool and have qualified people to develop this function, there is no point in me having an analytical tool. tip, but whoever is in charge of it doesn't know its strength. I need to bring tools and people with skills to operate them, if I don't have these professionals I will have to invest in people management and training for my employees

Analytics capabilities are crucial for informed decision-making. I typically assessed the skill level of our team, available resources, and budget for learning and implementing new analytics tools. Effective communication and insight-sharing with stakeholders are also priorities. Whether we have a dedicated analytics team or rely on a few analysts, we seek tools that match our expertise, budget, and collaboration requirements to maximize value and efficiency in our operations.

Take Advantage of Training Resources: Look for analytics tools that offer training resources, tutorials, and customer support to help you get up to speed quickly. Many platforms provide online training courses, documentation, and support forums to assist users in mastering the tool's features. Utilize Templates and Presets: Many analytics tools offer pre-built templates and presets for common analysis tasks, such as sales performance tracking, customer segmentation, and inventory management. Take advantage of these resources to simplify your analytics workflow and save time.

In my view, as a Merchandising professional exploring analytics tools, understanding our team's capabilities and resources is essential. Assessing our proficiency in utilizing these tools, alongside the time and budget allocated for their implementation, guides us towards the right fit. Effective communication and sharing of insights with stakeholders further enhance the value derived from analytics investments. Whether we boast a dedicated analytics team, a handful of analysts, or are navigating without such resources, selecting an analytics tool aligned with our expertise, budget, and collaboration requirements is key to maximizing its impact on merchandising?strategies.

When assessing analytics tools for merchandising, it's essential to evaluate your team's capabilities and resources. Determine the level of expertise and experience in using analytics tools, as well as the availability of skilled personnel. Consider the time and budget you can allocate to learning and implementing these tools. Evaluate how insights will be communicated and shared with stakeholders, whether through reports, dashboards, or presentations. Depending on your resources, opt for analytics solutions that align with your team's proficiency level, budget constraints, and collaboration requirements, whether you have a dedicated analytics team, a few analysts, or limited analytical resources.

I prioritize analytics tools that integrate AI for automation, streamlining processes, and boosting team productivity. AI-driven features are highly sought after for their ability to automate tasks, optimize workflows, and deliver actionable insights. Additionally, visual options like customizable dashboards, detailed reports, and automated alerts are invaluable. These features cater to diverse learning styles within the team, enabling members to grasp insights effectively. They also empower less experienced team members by providing guidance on what to look for, leveraging pre-existing alerts and insights for enhanced decision-making.

In finance and sales, evaluating analytics features and functions is pivotal. Determine the analytics types needed to bolster your merchandising decisions, preferred data visualization methods, and automation preferences. Whether you require descriptive, diagnostic, predictive, or prescriptive analytics, choose tools that offer dashboards, reports, charts, maps, alerts, AI, ML, or NLP based on your specific needs and preferences. This ensures optimal support for your decision-making processes.

In my view, when investing in analytics tools as a Merchandising professional, delving into the array of features and functions is crucial. Identifying the types of analytics required to bolster merchandising decisions, alongside preferred data visualization methods and automation capabilities, streamlines our selection process. Whether it's descriptive, diagnostic, predictive, or prescriptive analytics, or leveraging AI, machine learning, or NLP, choosing a tool that aligns with our specific needs and preferences is paramount. By harnessing the right analytics features and functions, we equip ourselves with the tools necessary to drive informed and impactful merchandising?strategies.

Analytics capabilities and resources that can skill your team in that road,train 2 or 3 of your team so they may pass on the skill to other and monitor is its a success

Evaluate Features: Compare the features of different tools. Consider ease of use, integration capabilities with your existing systems, scalability, mobile access, and the quality of customer support. Consider Costs: Analyze the cost of each tool not just in terms of subscription or purchase price, but also the cost of implementation, training, and maintenance. Read Reviews and Case Studies: Look at reviews from other users in the merchandising field to see how the tools perform in real-world scenarios. Case studies can also provide insight into how other companies have successfully implemented these tools.

Your analytics vendors and partners are a crucial factor to consider. Identify the providers of the analytics tools you're interested in and assess their reputation, reliability, and responsiveness. Consider how they support and update their products and services, and whether they align with your organizational culture and values.

In my view, as a Merchandising professional venturing into analytics tool investment, evaluating potential vendors and partners is paramount. Assessing the reputation, reliability, and responsiveness of these providers ensures a fruitful collaboration. Understanding how they support and update their offerings, and whether they align with our organizational culture and values, guides us towards the right fit. Whether opting for a large, established provider or seeking innovation from smaller players, establishing trust and mutual respect with our analytics vendor is essential for long-term success in merchandising analytics?endeavors.

When delving into analytics for finance and sales, assessing your vendors and partners is key. Look into the reputation, reliability, and responsiveness of potential analytics tool providers. Consider their support, updates, and alignment with your company's culture and values. Whether you prefer established, innovative, or strategic partners, choose a vendor you trust for a long-term, fruitful partnership that complements your business goals.

When evaluating analytics vendors and partners, we prioritize reliability, responsiveness, and compatibility with our organizational culture. We seek providers with a track record of delivering quality products and responsive support services. Long-term strategic partnerships are crucial for us, so we look for vendors that align with our values and can adapt to our evolving needs. Additionally, we value innovation and seek partners who continuously update their products with the latest technologies and features. Ultimately, we aim to collaborate with vendors that we trust and respect, ensuring a mutually beneficial and successful partnership.

I think in retail, specifically merchandising having vendors and suppliers that deeply understand your problems is important. Vendors with industry experience can be true partners. Vendors with industry insights will also be more valuable in helping you think ahead and understand how technology and analytics can help solve your business problems.

Selecting analytical tools requires a careful approach. Start by comparing and contrasting available options, testing their performance and value, and considering factors such as cost and customer satisfaction. It's crucial to choose a tool that meets the organization's specific needs and provides real value.

Básicamente todo se analiza de manera en que las dos partes de la negociación salgan ganadores de parte y parte analizando las ventajas y desventajas de parte y parte y así lograr un consenso para tomar las mejores decisiones

Being able to calculate your true business ROI from the beginning is important. For example, at Sizeo we know that by using our solution for better optimize inventory our customers drive revenue and save margin on markdowns. We help them estimate the ROI early on and can provide the business case. Make sure the business case holds water!

The very first thing to do is to instill the mindset of being open about changing your processes and the way of work with new analytics tools coming in. Phase out the old processes slowly. Then you set up a team(change champions sorts) who will help you understand the challenges of different teams and then devise 2-3 major challenges to dive into using the pareto principle(top 20% will solve 80% of your challenges). Then you go about market research on the specific tools and a detailed analysis of various factors:market standing, testimonials, achievements, use cases solved, etc.

Training and Onboarding: Once you choose a tool, ensure that you and your team receive adequate training. Effective implementation often depends on everyone knowing how to use the new tools properly. By following these steps, you can find an analytical tool that enhances your merchandising strategies, improves efficiency, and drives sales.

I really require an analytical tool to capture the actual stock on hand daily which is provided by the merchandisers in various outlets or stores. From this data, we can assist the other stake holders understand the inventory daily level to do sales to increase the product sales volume.

Remember your people when making this decision, at the end of the day they are the ones who will be using it so bringing them on the journey is super important. Failure to suitably encourage with your people will end in project failure.

Analysis of Plano gram, placement of products and promotions. Marketing activities need to be incorporated also. Events and customer engagement programme is important. Customer loyalty program and it's effectiveness.