Today, apparel and footwear brands are using data about their shoppers to help inform key business decisions around assortment, pricing and positioning. Traditionally, brands look to competition and general trends to formulate a strategic direction. With the addition of consumer data, brands have the opportunity to enhance what they already know about their shoppers and incorporate these findings into key business decisions.
By implementing technologies to optimize available data, retailers are gaining a better understanding of the wants and needs of each individual shopper. Styles and sizes populate based on preference and data rather than gut-feel or generalizations.
True Insight offers brands the intelligence that helps them make data-driven marketing, merchandising, and product design decisions that exceed consumer expectations. Through a combination of key dashboards that map aggregate views of shopper and product trends, retailers can make key decisions with confidence and accuracy.
How are these dashboards shaping the way the industry understands their consumer and their assortment?
Here are 8 ways brands are leveraging
True Insight to drive better business:
1. | Identify white space within a category or brand
True Insight provides the retailer a view of how their consumer behaves across different categories and brands, giving them the information they need to identify areas for expansion into a new category or size range.
2. | Identify a collaboration or wholesale partner
With shoppers purchasing in many different price ranges and brand types, True Insight enables retailers to identify a collaboration or partner that would help them build and establish their brand.
3. | Produce in a
new category or size range
True Insight’s view into customer data helps brands make decisions to begin producing in plus sizes, petite sizes, offer a large range of inseams or even how they allocate specific sizes for their wholesale business.
4. | Identify price opportunities & strategies
The Purchase Brand and Price Point Dashboard enables merchandising teams to understand new opportunities like selling apparel at an approachable price point in addition to their luxury offering or vice versa.
5. | Profile and validate your consumer and products both inside and outside your retail environment
The collection of True Insight dashboards helps retailers learn more about who they are targeting and how that consumer is perceiving their brand, fit and overall offering. True Insight brings that data together to inform strategic decisions.
6. | Examine the business holistically and compare direct versus wholesale channels
With Insight, retailers can access data from the entirety of True Fit’s network to learn how their products perform across all True Fit retailers. This provides a seamless overview of business performance and enables retailers to compare their wholesale trends directly with their direct business trends.
7. | Understand shopper demographics and buying trends
Most retailers have an idea of who their target consumer is, but after looking at shopper and product trends, they can gain a more complete understanding of who is purchasing their products. With this information, retailers can make informed marketing decisions for channel and messaging strategy.
8. | Understand product fit and benchmark returns
True Insight allows retailers to gain a better understanding of the fit of their products. The Returns Dashboard can also help retailers understand why specific products are returned. As a result, the retailer can make decisions about restocking products or making strategic changes to style, size, or fit.
Are you interested in leveraging True Insight data to power your strategic initiatives?
Contact a member of our Brand Relations Team today at firstname.lastname@example.org to learn more!