Eliminate Guesswork: Leverage AI to Curate Store Targeting and Boost Sales for LTOs, Sampling, and Promotions
With countless choices, customers are constantly bombarded with new products and promotional offers. So how do brands make the right decisions when it comes to Limited Time Offering (LTO), distribution increase, sampling, or promotion? According to NielsenIQ, the CPG market is bursting with new products, with an average of 30,000 new products launching each year [2]. However, the highly competitive nature of the market makes it difficult for new products to succeed. A typical grocery store carries approximately 39,000 items, making it essential to have ongoing marketing support and access to the latest market store-level data to support a product's success is going to be essential.
However, unless that data is put to good use, considering an array of merchandise rules (at the national and store level) and distribution center constraints, the data will not offer the actionable insights needed to make an informed decision.
As a retailer or supplier, understanding which stores to target for an upcoming Limited Time Offering (LTO), distribution increase, sampling, or promotion is essential to maximize your return on investment. Leveraging machine learning and applied mathematics techniques like HIVERY Curate can help you make data-driven decisions that optimize your strategy and drive sales.
Key Insights to Drive Strategy:
The information below has been masked, but the results are real and from a recent client engagement. The analysis revealed that 45% of projected sales come from the top 30% of stores, while 20% of projected sales come from the top 10%. This insight highlights the importance of focusing on high-performing stores to maximize revenue and minimize costs. Curate enables businesses to identify these high-performing stores, allowing them to concentrate on the locations most likely to drive the success of new products and core SKUs.
Targeting the Right Stores:
Each store and shopper is unique, making it crucial to tailor your strategy to the specific needs of individual locations. Curate analyzes customer behavior and preferences, enabling businesses to craft targeted strategies for each store. By understanding the local market and customer preferences, you can design LTOs, promotions, and sampling events that resonate with shoppers and boost sales.
Conclusion:
Using AI and machine learning technology like HIVERY Curate can significantly improve the efficiency and effectiveness of your LTO, distribution, sampling, and promotional strategies. By analyzing data and identifying the most profitable stores to target, Curate empowers businesses to make informed decisions that drive sales and enhance customer satisfaction. Stay ahead of the competition by leveraging advanced analytics to optimize your retail strategy.
HIVERY Curate uses advanced machine learning algorithms and applied mathematics techniques to project revenue and movement for items new to the market or not yet in stores down to the store-item level while considering merchandising rules and other contraints. Analyzing data from store-level Curate helps retailers and product vendors identify the most profitable stores to target for LTOs, distribution, sampling, and promotions.
Talk to our expert, learn more, and request a demo of our AI offering: HIVERY Curate. Discover how hyperlocal retailing can revolutionize your operations and help you better serve your customers.