Integrating Demographics with POS Data
Integrating Demographics with POS data is a key factor in improving retail business decisions because it provides clues about consumers’ buying preferences. ERS can integrate the 2020 Census data with your sales and inventory data to help you understand which consumers are buying your different products. Additionally, you can analyze by any attribute- color, size, fabric, price, material, etc.
Better product placement
Rather than sending every store a set quantity, you can allocate the right products in the right quantities based on each communities preference.
improve inventory productivity
When you improve allocation you also get a better sense of how much you need, therefore taking the guess work out of planning.
Great for testing new products because you can pinpoint test stores that match the preferences of your target market.
Additionally, the design team can also benefit from knowing which product attributes sell best in specific markets- and adjust accordingly.
The secret of success
By integrating demographics with POS data you can identify consumer profiles by location, and plan your inventory more accurately.
Since demographics tell you who your customer is, stores and products can be tailored to the stylistic preferences of their communities.
Understanding which demographic traits effect performance can help you establish the why behind what products and promotions are the most – or least – successful.
Data is run at zip code level and no personal information is needed. Therefore it does not infringe on any privacy issues.