READYSET CATEGORY MANAGEMENT SOFTWARE SOLUTIONS

Perhaps the biggest hurdles in category management are the ever-changing behaviors of the consumer. To stay up-to-date with the latest trends and preferences, retailers need to execute shopper research more often, monitor category performance, and try to pull insights from sales data whenever possible. By utilizing ReadySet’s category management software, you’ll be able to pull meaningful information from online and VR studies, organize the data, and better adapt to your consumers’ needs.

There are all kinds of data points that you can pull from a VR shopper study, some of which you can’t pull from a live demonstration. Eye tracking and foot traffic will give some insight into shopper receptivity to certain displays and product groups. Furthermore, VR product interaction and purchase data show if consumers want to take the final step and convert during the simulation. All of these data points can be used to gain insight into a consumer's interpretation of a product category in your retail store.

Combine data from your ReadySet VR research studies with other internal data to create the fullest image of a retail category’s success. For example, comparing product sales data to resale data will show how often you’re able to attract repeat customers vs. brand new buyers for a product. You can also use inventory data to help tell a story of how often products are flying off the shelves or gathering dust.

While product and category layouts play an integral part in retail management, retailers should also consider the impact of product price. Sometimes consumers will interact with a product only to put it back due to the pricing. In your VR research study, try to integrate pricing by giving your shoppers a budget. Another way to improve category management is by adjusting local promotions. Use eye tracking to see if posters and displays are attracting customers to a certain group of products.

The retail category management process should be an ongoing focus for your team, rather than an on and off cycle. Customers are always evolving and keeping up with shopping trends simply isn’t enough anymore. Instead, retailers need to anticipate what the customer wants and their willingness to pay. Use our retail planning software to test ideas and gain insight into how consumers interact with an ever growing variety of complex products.