Cluster your retail store: The next step is to cluster the stores based on focused target customers.This helps to merchandise, and promote their stores effectively. Retailers should know the types of shoppers, whether they are impulse buyers or mission-driven shoppers. Especially when everyone shops differently and has different shopping behaviors. This helps to build the store according to shopper needs and increase retail sales. Focus target shopper groups: Knowing your target customers will help you understand how they shop and what drives them to purchase.For example, some household products will be of basic, luxury and premium types.ģ Store Clustering Steps to Drive Retail Sales This will be different from the items in other clusters. Statistical clustering:Retailers can subdivide stores where items are similar to each other, but not identical.This provides information on individual store segmentation to understand the store’s performance and helps retailers to improve their retail sales. Multi-variant store segmentation: Store analysis is used by retailers to divide the store into different classes accordingly.Category-wise store segmentation: Retailers can categorize stores into a more shopper-focused approach by considering factors such as store size, similar geographic location and climate conditions, shopper purchasing behavior, and shopper attributes such as income, age, demographics, ethnicity and more.
This helps retailers to calculate their business, whether their business is successful in appreciating shoppers' perspective or not. Store grading: Retailers grade their store by analyzing the store sales with a percentage of average sales across all other stores.So, the following are the types of store clustering in a retail store: Planogram is the visual merchandising, that helps retailers effectively plan their product range according to the store type. Therefore, retailers who have not limited their business to one channel can use clustering with the help of planogram software. This enables you to take ranging decisions for retail stores and deliver a compelling reason for customers to walk through your store doors. This helps to understand what opportunities are to match the product range to generate sales. Store clustering offers retailers a targeted approach towards sales. This helps to offer a specific range of products, and at the same time increases your retail sales. With the recent macroeconomic disruptions, retailers aim to optimize assortments for their retail growth by providing the right blend of product range for each store cluster.
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