Shopper Insights: Insider Perspectives

Shopper Insights: Insider Perspectives HARNESSING AND UTILIZING SHOPPER INSIGHT IS GOOD FOR BUSINESS As long as stores have had patrons, the retail industry has been collecting shopper data. There's a reason you see individual packages of gum by the register and this season's shoes displayed out in front. While collecting the data is important, deriving and implementing insights within comes with a learning curve. STATE OF THE INDUSTRY The retail industry recognizes the importance of insights, but it falls short on driving retail decisions based data. 81% 73% 76% of respondents say they gather shopper insights. say insights are very important or fully essential to their departments' performance. report that insights are critical to their organizational performance. BUT MANY COMPANIES DON'T KNOW HOW TO HARNESS THE DATA THEY COLLECT. UV 16% consider themselves experts. 60% say they are getting there. 24% say they are "newbies." USAGE TYPES Even today, marketing departments are using shopper insights more extensively than merchandising, but the difference is clearly diminishing. TOP 3 USES OF SHOPPER INSIGHTS IN MARKETING AND MERCHANDISING DEPARTMENTS MARKETING MERCHANDISING 55% 55% 51% 45% 43% 40% Category mix optimization Space allocation / store layout Improving Improving Improving customer targeting Developing products and services customer retention customer service MISSED OPPORTUNITIES Only 34% use shopper insights to drive pricing and markdown Only 31% use shopper insights to drive online promotions; 69% don't. Only 25% in marketing and 30% in merchandising use shopper location insights for marketing or optimization; 66% don't. assortment localization decisions. NDUSTRY AROADBLOCKS The industry still faces some skills- and technology-related roadblocks to more pervasive use of shopper insights. USERS REPORT: THE GOOD NEWS IS THAT MANAGEMENT AND IT DEPARTMENTS SEEM TO BE LARGELY ON BOARD. 60% 50% 40% 30% 20% 10% 0% 37% 57% 45% Only 22% of respondents say a lack of executive support is Only 12% say a lack of IT support is hindering adoption. Lack of skilled personnel Over-extended IT personnel Tools are too holding them back. complex FACTORS RIVING SHOPPER INSIGHTS ROI Companies that promote cross-departmental systemic sharing of data report more positive ROI than those that don't. Likewise, companies that monitor impact of shopper insights initiatives report better results than those that don't. POSITIVE ROI SYSTEMIC SHARING POSITIVE ROI DUE TO MONITORED IMPACT 57% 69% AD-HOC SHARING POSITIVE ROI WITHOUT MONITORING 24% 28% Alteryx's intuitive workflow for data blending and advanced analytics WHY CAPTURE THE DATA IF YOU CAN'T DERIVE OR helps retail analysts discover trends in shopper data for precision targeting and a better customer experience. IMPLEMENT INSIGHTS WITHIN? For more information about how 350 retailers and brand manufacturers are fueling retail progress with shopper insights, download the Alteryx Research Study. alteryx Source: How Shopper Insights are Fueling Retail Progress, Research Report