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How Product Intelligence Can Help Inform Differentiated Assortment Decisions

Sudhir Holla, Senior Vice President, Ugam,


Defining Dynamic Pricing Rules

Consumers today are spoilt for choice, and it has made staying competitive increasingly challenging. If that wasn't enough, consumer needs, preferences and buying behavior is constantly changing. How can you ensure that customers see value in your product offering amid cut-throat competition and changing market trends?
 
Launching a unique, differentiated product offering can help you stand out from the competition. But for it to resonate with your customers, you need to take several factors into account. Does the product fulfill a need? Does it suit the demographic you’ve identified? What external factors could affect sales of the product? How should the product be priced?
 
The great news is that the answers are already out there. Customers are actively telling you what they want, the reasons behind those wants, how much they are willing to pay, and even giving out information about their shopping habits. However, these answers are obscured in search data, social media activity, reviews and other online and in-store data. You need the right technology and analytics capability to be able to make sense of all this data before getting to those answers.

Product intelligence applies technology to aggregate and analyze data from a variety of online and in-store sources to help you understand customer demand signals and identify opportunities that give you a competitive advantage. You can build on these insights to offer unique and useful products that your customers might not find elsewhere. Here’s a great example of how a retailer leveraged product intelligence to identify a unique and desirable product that other retailers ignored. 



After the YouTube advertisement ‘Girls Don’t Poop’ went viral, there was a sudden spike in the Poo Pourri’s online search volume. A smart retailer who saw how popular the video had become was among the first ones to add the product to its assortment. It attracted tons of reviews and went on to become one of the most sought-after gifts in the holiday season in 2014.



Leading retailers and manufacturers are using product intelligence to foresee demand and stay on top of market trends to ensure they do not lose their competitive edge amidst the changing retail scenario. Learn more about how you can apply product intelligence to offer a differentiated product assortment for your customers and stay ahead of the competition in our on-demand webinar Leverage Product Intelligence to Improve Category Performance this Holiday Season

Defining Dynamic Pricing Rules

The Author:
Sudhir is focused on leading Ugam Solutions’ drive towards actionable insight solutions for the retail industry. He comes with a wealth of knowledge of the retail industry, having over 18 years of consulting experience helping leading retailers improve their digital commerce and supply chain performance. Sudhir has previously worked with Accenture and Infosys, where his last role was to establish and lead the multi-channel commerce practice.


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