Sophisticated retailers know precision retailing as an analytics-driven approach for improving product assortments, pricing and promotions. Now, new tools are making possible the analysis of an even greater wealth of data – not just point of sale (POS) and stock keeping units (SKU) data, but also information on demographics, competitors and even potential customers. The result – enriched merchandising insights – can mean a bigger boost in customer conversion and profitability in the store and across multiple channels.

In this article, we take a closer look at the benefits and strategies for unlocking the power of the large volume of data most retailers have captured and stored. As precision retailing evolves with new analytic tools, a retailer can gain more of the insights needed to adapt efficiently and effectively to ever-changing market trends. In fact, precision retailing could be the secret to such cutting-edge merchandising strategies as personalized shopping experiences or integrated multichannel merchandising.

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