In this new age of consumer-centricity, meeting the needs of the always-on shopper requires a new approach. Localization through automated assortment and planogram generation has become a way for companies to differentiate themselves from the competition. Data-driven insights are now becoming the norm and a way to meet consumers’ lifestyle needs.
This is an important distinction, as it is no longer just about ensuring that products on a grocery list are in stock. It’s now about delivering a shopping experience that meets consumers’ lifestyle needs. Thus, the focus can no longer be on a collection of products. Instead, companies must deliver products and services that will ensure the consumer comes back to shop from them. This goes beyond omni-channel or e-commerce; it is a unified commerce approach to fulfilling shoppers’ needs anytime, anywhere, and by any means possible. To achieve this type of success, category management must be conducted on a continuous loop and driven by data insights. We anticipate that this process will evolve into a unified and digitally driven approach to retail by 2025.
Realizing this future state will require deeper analysis of shopper personas, patterns and trend behaviors, and companies will need to have a better understanding of market basket, affinity analysis, loyalty and consumer insight information. Algorithmic retailing will be a key differentiator in how companies deploy macro-level store changes, make assortment decisions, identify upstream supply chain challenges and support causal event management – all with the goal of ensuring that products and services are available to meet the lifestyle needs of the shopper of tomorrow. To achieve this, companies need to be able to answer the following questions:
- How can I understand and know my consumer better?
- How can I enable a data-driven retail insights?
- Who can support me in predictive analytics to drive the products and services that will meet the need states of my consumers?
- How can I maximize and drive incremental value from my macro space?
Now here is where it gets exciting….
JDA, in partnership with dunnhumby, is bringing to market prescriptive and cognitive merchandising solutions that incorporate the voice of the consumer into business strategies and decisions. dunnhumby’s data science will significantly elevate JDA’s unique ability to support localization through automated assortment and planogram generation, with powerful shopper-based analytics. This will deliver incremental value to our client base that is not offered in the market today.
dunnhumby has an unmatched reputation in the industry for creating persona-based merchandising and marketing recommendations that drive incremental value to its clients. dunnhumby’s data science allows its clients to detect local preferences, as well as better understand consumer shopping behaviors and how those behaviors are impacting each category.
Companies that can move toward fulfilling consumer need states by incorporating greater data insights will be more competitive and faster to market. The success of your merchandising strategy, both now and in the future, is based on how well you understand and serve your consumers, and a great step forward in meeting consumers’ ever-changing needs is through the partnership with dunnhumby and JDA.
Learn more about the dunnhumby partnership here.