Consumer-centric retail environment calls for data-driven planning

Luxury Daily – Despite the potential of leveraging consumer insights to guide merchandising decisions, many retailers are failing to effectively incorporate shopper data into their planning stages.

According to a new report from BRP, retail consulting firm, 54 percent of retailers are looking to better integrate consumer data into their planning process, making it the top priority for the next year. As retailers look to deliver the assortments and seamless shopping experiences that consumers crave, being able to mine real-time data from a wider set of sources can help stores drive sales and loyalty in a competitive environment.

“Many retailers aren’t using customer data in their planning because is difficult from many perspectives,” said Gene Bornac, senior vice president and practice lead at BRP. “Gathering customer data from multiple sources and systems and integrating it into planning systems and process is a lot of work and many retailers don’t have the time, or think they don’t, to solve this challenge.

“The retailers that use customer data in their planning process enjoy the benefits of more accurate forecasts, assortments and allocations, which results in optimized inventory and sales,” he said.

BRP’s 2018 Integrated Planning & Inventory Management Survey is based on an online survey of retailers.

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