5 Benefits of SPINS Data for Retailers: Why Joining the SPINS Retail Community Leads to Innovation

Successful retailers know that strong relationships with their customers are vital to success in today’s competitive market and for future growth. You want to offer the best experience at every touchpoint, from marketing to eComm to in-store. The right data makes that happen. When you take sales figures, shopping patterns, and consumer behavioral data beyond just numbers on a report but to insights, you can create experiences that connect you to your shoppers 24/7. It begins with the SPINS retail community.

5 Benefits of SPINS Data for Retailers: Why Joining the SPINS Retail Community Leads to Innovation Infographic

What Is the SPINS Retail Community?

The SPINS retail community is where retailers securely share their data with SPINS to gain access to rich, actionable market insights. SPINS collects point-of-sale information, a transaction log, and loyalty details from you and other retailers in the community, combing to create a market rich data set for benchmarking and overall market analysis.  We created the SPINS retail community to empower retailer executives with the information they need to ensure they stay relevant and competitive, innovative, distinct, and focusing on delivering the experiences their shoppers expect.  The SPINS retail community continues to grow and evolve moving beyond just natural and specialty retailers to include vitamin and supplement to regional grocery to pet and e-commerce. Now, retailers like you have the ability to collaborate, benchmark, and understand your shoppers and market trends with the foundation of rich data.  

Here are 5 ways the SPINS retail community helps you learn, adapt, and grow in a competitive and ever-changing environment:

1. Collaboration with Partners

SPINS retail community provides an opportunity for collaboration with SPINS and SPINS partners, where desired.  SPINS partners with retailers understanding goals and objectives then proactively share insights and recommendations for enhancing strategies.

2. Benchmarking Performance

Having access to anonymized industry-wide data from thousands of doors allows you to see how your performance compares: Is your pace matching market growth? Are the market’s fastest-growing categories, brands, and channels the same as yours? With these insights, you’re empowered to have open discussions and innovate in order to stay competitive.

3. Product Intelligence and Shopper Insights

We know that shoppers are loyal to their needs and preferences, not to retailers. Price and assortment are the top reasons most of your customers are also shopping elsewhere. With SPINS data, you can evaluate what experience you’re offering your customers from start to finish—online and in-store. Identify the lifestyle trends, ingredients preferences, pricing, and promotions that attract customers—and discover the products they’re looking for that you don’t yet carry.

SPINS proprietary product intelligence adds a level of product and shopper insight retailers can’t find anywhere else.  As an example, Plant-Based products are on the rise.  Do you know which categories and products are moving today or will be moving tomorrow?

4. Access to Industry and Product Trends

You want your shelves to reflect the trends that emerge and shift. When you understand what matters to consumers right now—whether it’s dietary choices or ingredient preferences—you can identify which products to research, try, and get on your shelves as quickly as possible. Because SPINS data lets you take a deep dive into changing habits and preferences, you can ensure you’re stocking upcoming and current in-demand products in place of underperforming products. Armed with a clear view of the market, you can make more informed decisions about assortment, promotion, and pricing.

5. Innovation

Being a SPINS exclusive retailer, you gain access to SPINS Product Intelligence, which gives the industry’s more comprehensive view of the attributes driving consumer habits. From differentiating your product assortments to personalizing the mobile experience to enhancing your e-commerce, the tangible benefits of Product Intelligence will affect your bottom line and differentiate you from the pack.

Once you’ve become an exclusive SPINS retail partner, you have the ability to continually reevaluate, retool, and revitalize the experience you’re offering customers. To become a SPINS retail partner today fill out the form or contact [email protected].

 

For more information on how SPINS
can help you grow, contact us today!