If your business deals in consumer packaged goods (CPG), such as food, beverages, cosmetics, and cleaning products, then you know how important it is to have accurate data in order to promote profitable growth. At Versiant, we strive to be the best data analytics provider by delivering exceptional services and solutions to CPG customers.
Whether you own a specialty market, grocery store, or you manage the product on the shelves, you need systems that ensure seamless transactions, recordkeeping, data storage, backups, and information technology (IT). With Versiant, you can integrate the processes you need and advance your utilization of technology so you can worry more about keeping your business running smoothly.
There are a number of ways that advanced analytics can be used in Retail & CPG enterprises. Our team can help identify the unique needs and best data strategy for your business, integrating the appropriate analytics in the ideal places. With Versiant, you can transform your disconnected data from multiple sources into real-time actionable insights.
Retail Data – Analytics from price and promotional data can be used to map your customers’ shopping experience and adapt your marketing strategies accordingly. The data can enable you to enact different strategies that allow you to understand the market and potentially influence customer purchases
Operational Data – These analytics offer insights on factors that ultimately impact profit and customer satisfaction. This data can be layered with existing sales data to more effectively forecast inventory needs and sales for
Behavioral Customer Data – views, clicks, and shares, provides faster insights and adds context to where consumers are in their path to purchase.
Assortment Optimization Data – Also known as “market basket analysis”, one of the most underutilized and valuable data in retail CPG. The purpose of this analysis is to better predict the purchasing behavior and market share
Data is integral to the profitability of your business, but what types should you be looking for within your analytics? Our team can help you decipher which data is most useful, including observational data, activity data, and sales data. Observational data shows where in the store the CPG are located, while activity data relays what measures have been taken to promote certain products. With sales data, you’re able to see what products are selling at a certain point in time.
While you may understand why data analysis is important, you might not be sure on the benefits it can provide to your business. With properly applied data analytics, you can simplify your supply chain management, focus your inventory, and create value-driven marketing efforts that engage with your customers. You’ll also be able to personalize the customer shopping experience and remain nimble when market changes arise, such as shifting demographics or supply issues.