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Beyond the Barcode: 3 Levels of Shopper Insight

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Know your customers and deliver what they want or lose them; it’s that simple. To deliver an optimal shopping experience
in the physical store, retailers need sophisticated insights into customer behavior and needs, going beyond the barcode to 3 levels of shopper data.
Here are 3 levels of data to get deeper insight into your shopper’s preferences.

Published in: Business

Beyond the Barcode: 3 Levels of Shopper Insight

  1. 1. Beyond the Barcode Levels of Shopper Insight 3
  2. 2. *RSR Merchandising Today Benchmark Report 2015 Know your customers and deliver what they want or lose them; it’s that simple. To deliver an optimal shopping experience in the physical store, retailers need sophisticated insights into customer behavior and needs, going beyond the barcode to 3 levels of shopper data. Now, more than ever, your customer is much more than just another barcode passing over the checkout scanner. Here are 3 levels of data to get deeper insight into your shopper’s preferences. of brands surveyed identified their top business challenge in merchandising as Understanding Customer Preferences.* 43% Beyond the Barcode
  3. 3. Level 1 Transactional Data How well do you know your customer? • Do you understand the Product Affinity that relates to your customer base? Which categories are purchased along with a target item or group, as well as the lift realized when these are purchased together? • Can you see how many shoppers buy product X and Y? (Overlap Analysis) • Do you have insight into Multiples Analysis —the number of units shoppers purchase in a shopping trip?
  4. 4. Shopper Identified Data Can you link shopping baskets to customers for a deeper level of behavioral analysis and understanding? Your customer’s sales behavior should enable you to answer the following: • Am I gaining or losing shoppers, and in which segments? • Are they spending more or less per trip? • Are they buying more or less of which products? Level 2
  5. 5. *Bain Consulting (Loyalty Management Second Quarter 2012) Shopper Identified Data with Shopper Segmentation To fully understand your customer, you must understand… • Segment Comparison—identifying brands in a category that over- or under-perform against key shopper segments. • Item Importance—examining a product group for a shopper segment and then charting each product in terms of overall shopper spend and item share of require- ments. • New/Lost/Retained—identifying which products are driving new shoppers to the category, losing shoppers, or performing best in terms of shopper retention. of shoppers typically drive 40% of sales. Identifying high value shopper segments can drive big improvements to the bottom line.*10% The top Level 3
  6. 6. Knowledge is power, and today knowledge is potentially deeper and more powerful than ever. Learn more about how deep shopper insights empower retailers to deliver effective, shopper-centric merchandising. Move Beyond the Barcode Download the White Paper

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