The Power of Dynamic Attribution for Products and Stores
In the world of retail, where countless products roam for attention, understanding the significance of product attributes is crucial. Behind every successful sale lies a unique set of characteristics distinguishing a product from the rest. From the quality that captures our trust to the design that captivates our senses, product attributes play a vital role in shaping our retail experience.
However, the analysis of products and stores is often constrained by the rigidity of retailer and market hierarchies that hinder retailers and manufacturer partners from harnessing the full potential of their data.
At datasapiens, we recognised this challenge and developed Dynamic Attribution, a ground-breaking application in the datasapiens Advanced Insights Platform that allows users to add granular information and attributes to products and stores, empowering them to unlock valuable insights and seize new opportunities. In this blog post, we delve into the transformative power of Dynamic Attribution and its wide-ranging applications.
The Limitations of Traditional Hierarchies
Retailer product hierarchies, which form the backbone of categorisation systems, often suffer from rigidity and a lack of adaptability to emerging trends. As a result, any changes made to the hierarchy can lead to the loss of historical data and hinder accurate comparisons. These hierarchies also fail to align with market monitors, who maintain standardised structures. Consequently, both manufacturers and retailers face significant challenges when working with market data, making it difficult to identify trends, define opportunities, and make informed decisions.
Unleashing the Potential with Dynamic Attribution
Imagine attempting to analyse a product category using an array of attributes such as colours, fragrances, flavours, recipes, treatments, volumes, weights, and pack sizes. Traditional hierarchy systems prove inadequate in accommodating such complexity. This is where Dynamic Attribution is revolutionising how we approach product analysis.
By employing Dynamic Attribution, manufacturers and retailers can freely attribute products with the relevant attributes for their specific purposes and investigations. Whether it's exploring the impact of different fragrance variations on sales or understanding the correlation between packaging size and customer preferences, Dynamic Attribution empowers users to capture intricate product nuances that were previously elusive. This newfound flexibility and efficiency enable faster and more accurate trend identification, ultimately creating innovative opportunities for growth.
Dynamic Attribution in the datasapiens Advanced Insights Platform brings flexible, granular analytics to life. The chart below offers a small example of product attributes that users can add on the fly. Users are only constrained by their imagination.
The Game-Changing Impact on Store Analysis
Just as product hierarchies pose limitations, store hierarchies are also constrained by traditional geographical methodologies. These rigid structures hamper retailers' ability to effectively analyse their performance against competitors and gain insights into their store network. Dynamic Attribution extends its transformative power to store analysis, empowering retailers to break free from the shackles of outdated hierarchies.
With Dynamic Attribution for stores, retailers can define hierarchies according to their unique needs and objectives. Analysing competitor performance becomes seamless, as retailers can identify which competitors have stores in close proximity, determine their formats, sizes, and distances, and gain insights into catchment types, store age, fittings, and more. With this granular information, retailers can make informed decisions, optimise their store network, and drive growth in existing and untapped markets.
The chart below gives an example of traditional store hierarchy attributes combined with user-defined attributions that can be added on-the-fly.
The Efficiency of Dynamic Attribution
One of the critical advantages of Dynamic Attribution is its remarkable efficiency. The process is as straightforward as deciding on the attributes relevant to the analysis. Once the details are determined, the implementation within the Dynamic Attribution takes mere seconds. This streamlined approach ensures that users can spend more time analysing the data and deriving valuable insights rather than getting bogged down by lengthy and convoluted attribution processes.
Dynamic Attribution has ushered in a new era of retail analysis, retailers’ and manufacturer partners’, category managers, sales teams, and analysts from the limitations of traditional hierarchies. With the ability to attribute products and stores on-the-fly, based on specific needs and investigations, users can unlock a wealth of insights, identify trends, and capitalise on new opportunities. At datasapiens, we continue to push the boundaries of retail analytics, empowering businesses to thrive in a rapidly evolving marketplace. Embrace the power of Dynamic Attribution and revolutionise your business.