When it comes to purchasing products, consumers often follow a set of buying patterns. These habits and routines can be influenced by many factors, including where they live, their daily schedule, their preferred brands, the quantity of products purchased, and more.
Retailers can better respond to consumer buying patterns by leveraging data, analytics, and the right technology. For example, retailers can track and analyze buying behavior using tools like Google Analytics to get a deep-dive into customer behaviors on their website (or even in physical stores). These insights will help identify current trends and potentially new behaviors that indicate a change in buying pattern.
Similarly, retailers can use Retail Business Intelligence to track market trends and understand their impact on buying behaviors. This technology will provide retailers with performance metrics such as conversion rates, customer engagement, and other KPIs to optimize product assortment and improve sales.
In a world where accelerating retail velocity is more than just a goal, it’s imperative that brands have the capabilities to adapt to changes in consumer behavior and shopping patterns. With a combination of keen consumer insight, strategic marketing, and the right technology, brands can achieve their goals and improve retail velocity.