Every retail business looks at the customer as the central figure of their business. Factually, it is true because without a customer any business is impossible to perform. But apart from the customer, the product is another entity without which a business can’t even exist. A product is something due to which a customer associates with a business. If there’s no product to sell, there won’t be a business to invite customers to. However, the existence of a product isn’t enough for a successful business. The business owner must have the complete knowledge of the products so as to market and sell them properly.
Retail comprises of two important entities: Customers and Products. Although, both of these are equally important to keep the retail business running, yet the major emphasis is always put on customers instead of products. In fact, the products are the primary items whose selling as per their true potential generates maximum revenue and increases profits. There is no business without products and that’s why products deserve much more respect and attention.
Businesses are always concerned about how to attract and bring customers to their store, but the true power of products is often neglected; which are capable enough to tempt customers on their own. Products are not analyzed to the extent customers are because they are taken as mere things. It is a false belief that it is only customer that drives product purchases; it is equally true that products also have the power to drive customers.
Products have their own personality and every product has the ability to draw attention and get purchased for the worth it holds. It’s just the analysis of its true demand and presentation to appropriate customers; which makes the retail business flow.
So what should be done to know products so well to yield the best from them? What measures should be adopted to know the secret of selling every product? What should be done to empty shelf and fill it with other sell-able products? Well, there’s a solution for it: Know your products and they’ll work for you in return.
Just like customers, products also have behavioral aspects. Behavioral aspects give a particular personality to each product and through their analysis– better knowledge and insights about products can be gained. Through which, product-centric campaigns can be initiated to attract customers and make them buy what attracts them.
The analysis of products’ behavior serves the insights into products that help to market them properly with a targeted approach. Imagine a business has no idea what its products are like and what is the response of customers for them, so how will it provide them to those who are really interested in them? There are already too many online stores selling similar products to attract all the customers, so it is really crucial to not lose any customers and attract as many to offer and sell what they want.
It’s obvious that it is not easy to know every product and offer them exactly to the ideal prospects. But there is a solution for this and it is called: Product Clustering. It is identical to customer segmentation and can be simply understood as the categorization of products based on similarity. Let’s get ahead and know what exactly product clustering is and how it can help retailers in knowing and increasing the sales of their products..
Advanced Clustering (11 Articles)
Enalito provides pre-defined clusters and tools that can help deeply understand product behavior. It delivers information about the products behaving differently with time and the transition as per their contribution level with the store. With advanced clustering tools, a retailer can dive into refined aspects of customer behavior, even in the historical behavior history to optimize marketing efforts for delivering a relevant and personalized experience that can boost products for better sales and uplift the revenue and profits.
Listed are the Advanced Cluster types.
Pre-Built Clusters (36 Articles)