Many companies now use big data to optimize marketing efforts as well as their merchandising and logistics. Sophisticated companies are finding that by connecting those spheres, they are making smarter decisions on which new products to launch, which products to promote, and how to manage inventory levels online and in store.
How many companies are using marketing data to direct merchandising decisions?
While the portion of companies capable of transforming marketing data and customer insights into actual product and merchandising decisions is small, there is no lack of innovation on this front. Retailers and quick-service restaurants (QSRs) appear to be the most active in this area, though other industries are also starting to see the value in connecting both arenas.
How is marketing data informing product and merchandising decisions?
Advanced attribution practices and sophisticated data strategies are required to make the necessary connections and translate marketing data into actual product insights. Interdepartmental cooperation between people, databases and tech is mandatory.
What are the advantages of using marketing data to inform product and supply decisions?
When these connections exist, companies are capable of turning marketing data into strategic insights that can help to anticipate proper inventory levels for both in-store and ecommerce efforts and even fuel new product or service ideas. Consumers expect consistency across marketing and merchandising, and marketers must deliver. For the greatest portion of US digital shoppers polled in March 2018, consistent levels of service across digital and physical channels and the frictionless flow of information between channels were the top expectations for customer experience.
WHAT’S IN THIS REPORT? This report discusses how some companies are integrating their marketing and merchandising efforts today and shares how such integration is being used to power key product insights and initiatives.