Matching the Product Mix to the Demographic – An ST Group Retail Series
Matching the Product Mix to the Demographic
Using the customer-based store footprint and independent lifestyle data, Location Intelligence helps the retailer to understand the customer. Internal product sales data (often by product type) in each store, when related to the dominant lifestyle data in the client footprint will show differences across the various products and company stores (e.g. some lifestyles prefer beef fillet, while others prefer chicken, some prefer jeans, while others prefer suits). It is also possible that there are two dominant lifestyle groupings in one store footprint. This might be a guide to splitting the store and re-establishing two differently focussed stores closer to each lifestyle. Another benefit of this sort of analysis is the decision to brand a particular product set in a completely new way to address that sector of the market. A mismatched product set will impact the stores performance.
Hear how ST Group can help you to assemble the software and external data products that help to match the product mix to the demographics.Lets Chat