Symphony Exe Summary 210617 high res · Customer-Centric Merchandising and Category Management...
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Extremely important Very important Important Retailer’s focus on customer-centricity is being reflected through product pricing, planning & promotions - four out of ten retailers feel that the aforementioned factors are extremely important in the merchandising and category management process. In addition, space and assortment management are very important for retailers. The major challenges faced by retailers when attempting to take a customer-centric approach include inconsistent and disparate data, availability of effective analytics capabilities and a lack of efficient collaboration among business functions throughout their organization. 73% Those retailers that attempt to customize their processes at a local or store level benefit from an increase in overall customer satisfaction however this is not necessarily translating into the same level of operational efficiencies. Executive Summary Customer-Centric Merchandising and Category Management Symphony RetailAI, in collaboration with EnsembleIQ, conducted the Customer-Centric Merchandising and Category Management survey with 52 retailers (grocery, DIY and consumer electronics, >350m turnover) in the United States. The survey benchmarks current market trends and clearly points to a desire by retailers to utilize insight in order to place their customers at the heart of their decision making. The results suggest that local store-level category management is the most widely adopted strategy with seven out of ten employing it to align to local customer’s needs. Retailers also revealed that local store-level customization has led to a substantial increase in customer satisfaction. To tap into most valuable customer segments, six out of ten retailers customize pricing & promotions at store or format level. Key highlights from the survey Product pricing Planning 40% 37% Promotions Space Management 19% 42% 21% 27% 29% 35% 17% 25% 46% 19% Inconsistent or incomplete data Uncertainty over the ROI Insufficient data analytics talent and capabilities Legacy processes and disintegrated systems Lack of collaboration among business functions 54% 52% 40% 38% 33% Retailers focus on customer-centricity Major challenges in the customer-centricity focus of retailers
Transcript of Symphony Exe Summary 210617 high res · Customer-Centric Merchandising and Category Management...
Extremely important Very important Important
Retailer’s focus on customer-centricity is being reflected through product pricing, planning & promotions - four out of ten retailers feel that the aforementioned factors are extremely important in the merchandising and category management process. In addition, space and assortment management are very important for retailers.
The major challenges faced by retailers when attempting to take a customer-centric approach include inconsistent and disparate data, availability of effective analytics capabilities and a lack of efficient collaboration among business functions throughout their organization.
73%Those retailers that attempt to customize their processes at a local or store level benefit from an increase in overall customer satisfaction however this is not necessarily translating into the same level of operational efficiencies.
Executive SummaryCustomer-Centric Merchandising and Category Management
Symphony RetailAI, in collaboration with EnsembleIQ, conducted the Customer-Centric Merchandising and Category Management survey with 52 retailers (grocery, DIY and consumer electronics, >350m turnover) in the United States. The survey benchmarks current market trends and clearly points to a desire by retailers to utilize insight in order to place their customers at the heart of their decision making.
The results suggest that local store-level category management is the most widely adopted strategy with seven out of ten employing it to align to local customer’s needs. Retailers also revealed that local store-level customization has led to a substantial increase in customer satisfaction. To tap into most valuable customer segments, six out of ten retailers customize pricing & promotions at store or format level.
Key highlights from the survey
Productpricing
Planning
40%
37%
Promotions Space Management
19%
42%
21%
27%29%
35%
17%
25%
46%
19%
Inconsistent or incomplete data
Uncertainty over the ROI
Insufficient data analytics talent
and capabilities
Legacy processes and disintegrated
systems
Lack of collaboration among business
functions
54%
52%
40%
38%
33%
Retailers focus on customer-centricity Major challenges in the customer-centricityfocus of retailers
