Not surprisingly, retailers spend millions of dollars in merchandising and countless hours ensuring products are positioned perfectly to catch the attention of the shopper. But what affects the shopper before they enter the store?
As mentioned in a previous article about the Three A’s of Predicting Consumer Behavior, future shopping is just as similarly impacted by external factors (such as income, sentiment or employment) as they are by brand affinity and sales. Analyzing these factors will help retailers and manufacturers gain a clear understanding of future performance. Armed with this knowledge, marketers can approach business more strategically, and brands can confidently plan for what lies ahead.
In fact, these external factors are remarkably predictive and can be confidently used to make decisions about future demand for products by segment and geography.
Download the tip-sheet to better understand the not-so-obvious external factors that influence shopping behavior. Retailers examine and learn how to incorporate retail spending data and findings into existing analyses.