Plot your path to sustainable growth
The consumer holds more power in their hands than ever before. A hard shift to online retailing has quickly mainstreamed a Direct to Consumer model across nearly every product category, opening up a world of opportunities—and challenges—to consumer product companies.
In order to capitalize on the growth opportunities offered by this shift, consumer product companies have some catching up to do. They must begin with the basics, focusing their early energy on gaining a deeper understanding of each specific customer.
This requires companies to quickly and efficiently turn data into insights and opportunities—a process that begins at the start of every new customer relationship. Instead of applying guesswork and retrofitting legacy, store-based models to gain customer insights, companies must uncover new insights to help them understand their omnichannel customers.
Most importantly, the process and insights behind boosting growth can also extend to new product introductions and demand forecasting, allowing companies to say goodbye to guesswork altogether.
Developing predictive
customer recommendations
Forecasting demand for new
product introductions
Optimizing promotional
offers and spending
Key Challenges &
Opportunities
The core challenges currently facing consumer product companies are directly tied to their understanding of the customer. And the playing field is not equal. Customers have access to more information and options than ever before, providing unprecedented choice. They’ve transitioned from thinking in terms of channels to thinking about trust and efficiency, prioritizing data security and delivery speed more than ever before. They can learn the ins and outs of a company in minutes, yet their preferences and needs remain inscrutable.
They don’t have to be. A customer’s unique activities on your website hold the key to unlocking the power of deeper knowledge and engagement, providing you the information you need to not only understand their future purchasing patterns, but even the right personalized promotion and engagement strategies. That’s data you can use to forecast demand and determine the optimal price for new product introductions, ultimately delivering better financial outcomes.
Solution Areas
VectorScient offers the following solutions, optimized for consumer product companies:
Demand predictions for existing products
Predictions for New
Product Introductions
Price elasticity for New
Product Introductions
Product Lifecycle
Predictions
Inventory
Recommendations
Schedule a demo today.
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