Develop product strategies and plans including assortment, pricing and promotions to drive growth by focusing on products that are most valued by your most important customers.
Product Performance
Having to manage an abundance of products, it’s common for category managers who work in retailers to spend the majority of their time on short term objectives such as setting meetings, conducting negotiations and attending day-to-day tasks. There’s simply too little time to create a viable long-term, data-driven strategy, and even if there were, the existing systems seem almost impossible to overhaul or design.
What are the challenges for sales managers in formulating long-term strategy?
Limited time to evaluate product performance
Product diversity and the complexity of analyzing sales performance
Analyzing the main changes in consumer buying behavior during different time periods
Product performance analytics is designed to help optimize a business product category, as well as the hierarchies and prices within those categories. Rather than spending countless hours trying to work and re-work a product strategy around qualitative observations or market research, category analytics dives into transactional data to answer key questions. These range from questions related to product assortment to sales channel coverage, price sensitivity, and the behavior of unique customer segments associated with individual product categories.
Markight’s product analytics can be tailored to fit your existing infrastructure, helping you deliver results and create a long-term plan for better sales.
Product Performance
This feature enables you to fully review and examine your product performance by selecting a number of KPI in any category. You can select different variables to receive different reports. These include:
- Different geographical regions
- Different product categories
- Different brands
- Different sales channels
Market Basket Analysis
Market basket analysis is a powerful marketing tool that examines the relationship between purchased goods in each customer’s shopping cart. By knowing the exact needs of your customer, you can increase their level of satisfaction as well as your sales. Important benefits of using this analysis include:
- Identifying popular products
- Managing production and inventories effectively
- Identifying buying behavior patterns in each category relating to a specific product
- Product bundling and sales coverage