The right product mix is key to driving conversions, customer satisfaction, brand loyalty and repeat sales. Yet, merchandising in omnichannel retail is complex and time-consuming with manual processes like importing data into a merchandising platform, evaluating inventory, creating reorders, predicting future demand and more.
The answer lies in Intelligent Merchandising Insights – the use of emerging technologies, machine learning and customer data to strategically position products online to maximise engagement and conversion. It’s an approach that helps you better understand shoppers, anticipate their needs and deliver a personalized shopping experience.
Smart merchandising solutions take into account shopper browsing behaviour and past purchasing history to deliver a personalized online shopping experience that matches each shopper’s unique preferences and purchasing journey. It also enables retailers to optimise their product portfolio by automatically updating the catalogue with new and existing stock across the homepage, product detail pages or through controlled search results.
Maximizing Customer Engagement: How Intelligent Merchandising Can Help
In addition, some solutions offer AI-powered product tagging that automates the categorization of each individual item, enabling intelligent search results. Others integrate built-in natural language processing (NLU) to understand shopper queries and deliver more relevant results.
Lastly, the best Gen AI-powered merchandising tools enable planners to spend less time in spreadsheets and more time with their customers. They combine historical and ever-changing market trends, datasets like shopper purchase patterns and social media analytics to provide accurate forecasting and planning. It’s a powerful way to create new business opportunities, reduce inventory holding costs and avoid the costly mistake of running out of stock.