How should retailers adapt their traditional category management practices to the greater influence of online shopping as well as greater competition from the likes of limited-assortment and dollar stores?
Interactive Edge’s CEO, Zel Bianco comments:
I think Chris Petersen said it best, “category management has become increasingly complex based on omnichannel consumer (actually shopper) expectations.” And Phil’s point about using data beyond POS, like psychographic data, cannot be overstated.I would go further and add data such as shopper 360 data or the like — survey data as to why customers shop where they shop, how often and WHY, is also important in order to be able to understand the cycles of buying certain categories on subscription, pick up in-store and so on.The challenge will be, how does the retailer solve for the shopper who perhaps wants what they want when and where they want it? How can the physical retailer possibly be all things to all shoppers all the time? It’s a tough one to crack but it must be the goal if retail as we know it is to survive.