Setting up Long Term Success for Category Assessment
Category assessment can be challenging for retailers: They want to understand what their customers are looking for so they can update their inventory accordingly, enhance the shopper experience, and improve category growth without chasing the wrong trends. No one wants to be overstocked on items that were only fleetingly popular. Fortunately, the right attribute data can prevent that from happening and set retailers up for long-term success.
The Challenge: Stay Competitive in the Category
Recently, a SPINS exclusive retailer was looking to identify which in-demand frozen dessert items their customers wanted but they weren’t yet stocking in their stores. They needed to get a clear view of the frozen dessert category by looking at the retail landscape and popular attributes performance to improve their growth in the category.
The Solution: Exclusive Data and Support
As a SPINS exclusive retailer, they had access to their channel data. This allowed them to look at frozen dessert product performance and understand how their sales are performing in comparison to the rest of the channel. They also had access to SPINS’ proprietary attribute data, which uses ingredient statements and nutrition fact panels to reveal insights into shoppers’ purchase drivers and motivators.
They were able to turn these findings into action items with 1-on-1 support from a SPINS analyst. The retailer’s team and their SPINS analyst were able to review the data and insights together, getting a market level view even by digging into comparison analytics.
With this comprehensive data laid out, the SPINS analyst could identify their distribution voids by key attributes (i.e., keto, paleo, gluten-free) by geography. They could spot which brands and sizes were delivering results and in what regions, as well as identify what popular items they weren’t carrying in their stores and the attributes associated with them. Armed with this data and a clear idea of where they had room to improve or double down, the retail team now had a plan to adjust the retailer's distribution to meet consumer demands.
Related Video: Shopper-centric attributes
The Result: Attributes-Based Success
The retailer revised its inventory to include innovative products that aligned with the attributes-based trends highlighted by their SPINS analyst and dialed back their underperforming products. SPINS data allowed the retailer to look at the specific SKUs they needed to start stocking to stay competitive in the category.
As a result, the retailer saw these new products outperformed their previous inventory and lifted their sales to be in line with the category trends. Now, they’re offering customers the products they’re looking for and staying competitive with other retailers.
With SPINS as their exclusive partner, they can continue to track growing trends in a variety of categories, learn about the attributes resonating with shoppers, and stay ahead of the competition.