The Retailer Spring Edition 2021

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But what if supply chain operators were able to monitor current inven - tory at the shelf level alongside their product and categorymanagement teams and respond proactively, for example, as supplies run low? This would require harmonized data in one place, integrated with the whole supply chain. A single source of truth is essential for providing as close to real-time insights as possible, while cross-organization collaboration and communication enables even more agility. This is where the future of analytics resides. Delivering on the demands of today’s shopper, who now constantly questions all their shopping habits, brands and preferred retailers, is nearly impossible for brands to manage on their own. The shared visibility of end-to-end supply chain analytics and co-developed strategies is the only way forward if retailers are to be flexible, and it is that flexibility that will determine their ability to respond to ever-changing consumer needs and habits. Access to this kind of data has in the past year especially become the dividing force between successful retailers and brands, and those that are struggling to keep up. At the same time, the current environment is bringing to light existing deficiencies and opportunities to address evolving demands that may have otherwise been missed. Retailers with - out the foundations of successful data-driven category management in place will be challenged to respond to customers quickly and efficiently enough to survive in the long run. Knowing what the customer will want, however, is only half of the battle. For this new strategy to be truly successful, a much more informed, collaborative strategy needs to be developed to not only address shifts in demand for the types of products consumers need andwant, but also to consider when or where theywill want them, and which avenues can deliver on demand the fastest. Granular and localized demographics, region, geography and climate data, as well as news and especially public health situations is necessary. Only through this understanding will retailers, from the beginning of the supply chain to the end, be able to optimize today’s results while also preparing for tomorrow’s uncertainties.

If alternative sales, early warning indicators, and supply chain data are integrated, as a category manager, you’d know where demand changes are occurring at large and will be able to evaluate whether your current inventory is equipped to meet those changes with real-time stock availability and future orders. From there, managers can plan inventory adjustments; if it is too late, those same data tools will be able to suggest suitable alternative products for customers, increasing satisfaction and loyalty. Retailers that invest in their data infrastructure right nowwill have the information they need to adapt and respond to consumer demand faster than their competitors and capture customer loyalty in the long run. The consumer trust and confidence built during these “unprecedented times” will last long after the pandemic has been resolved. About the Author Inna Kuznetsova is CEO of 1010data, a leader in analytical intelligence and alternative data, enabling financial, retail and consumer goods companies to monitor shifts in consumer demand and market conditions and rapidly respondwith highly-targeted strategies. She can be reached at Inna@1010data.com or @innakuznetsova_.

Inna Kuznetsova 1010data.com info@1010data.com