Business Reporter: Australian company delivers insights on Bricks & Mortar renewal to global audience
LONDON, UNITED KINGDOM, May 5, 2022 /EINPresswire.com/ -- Australian-based retail analytics company Scalene Group has found a global audience for its insights into how store-based data can be used to build resilience and profitability back into Bricks & Mortar retail.
Speaking to Business Reporter’s Future of Retail Campaign host Alistair Greener, Scalene Group managing director Mick Moore outlines some of the ways in which retailers are using store-level data to make stores smarter and fit for the digital age.
The interview is published on the Business Reporter website, which caters to the international business community.
Speaking from Scalene’s headquarters in Melbourne, Moore explains that savvy retailers are now using store-level data to cater to regional and socio-economic differences across their store networks.
“In our experience, stores geared to a local market see higher growth in customer numbers and these customers become more loyal and visit more frequently,” Moore says.
“In addition, when they shop, they tend to buy more and often ‘trade up’ to higher-value items. The combination of all these benefits can ladder up to sales increases of five to eight per cent, per store.”
As well as understanding how customer preferences and shopping patterns differ between geographical areas, store data analysis also allows retailers to understand how these preferences and patterns change over time. Moore says understanding these temporal changes can make stores more profitable and also more resilient.
“Throughout the course of the global pandemic, we’ve seen shifting customer preferences and shopping patterns impact retailers. What we’ve learned from this is that those who can most quickly and effectively respond to these changes can not only better survive, but actually drive sales and margin growth throughout periods of change,” he says.
“What has also become apparent over the last two years is that what worked in the past may not work in the future. But by leveraging the rich data retailers can gather from their store networks, they can continually learn and deploy better ways to engage customers and convert sales.”
You can view the full interview here. In it, Mick also talks about how store-level data is helping Bricks & Mortar retailers make key decisions around staffing and instore space allocation.
Mick is available for interviews and commentary on current retail trends and advancements in retail-based data analytics.
About Business Reporter
Business Reporter is an award-winning company producing supplements published in The Guardian and City AM, as well as content published on Business Reporter online hubs on Bloomberg.com, Independent.com, Business Insider Germany and Le Figaro, delivering news and analysis on issues affecting the international business community. It also hosts conferences, debates, breakfast meetings and exclusive summits.
www.business-reporter.co.uk
About Scalene Group
Scalene Group is a close-knit team of experienced retailers, strategists and data scientists drawing on these disciplines to help retail decision makers devise and implement strategies that are optimised to deliver maximum value. They use sophisticated data science and leading strategy thinking to identify opportunities for growth, productivity improvement and cost reduction.
For more about Scalene Group please see their website: www.scalenesolutions.com
Speaking to Business Reporter’s Future of Retail Campaign host Alistair Greener, Scalene Group managing director Mick Moore outlines some of the ways in which retailers are using store-level data to make stores smarter and fit for the digital age.
The interview is published on the Business Reporter website, which caters to the international business community.
Speaking from Scalene’s headquarters in Melbourne, Moore explains that savvy retailers are now using store-level data to cater to regional and socio-economic differences across their store networks.
“In our experience, stores geared to a local market see higher growth in customer numbers and these customers become more loyal and visit more frequently,” Moore says.
“In addition, when they shop, they tend to buy more and often ‘trade up’ to higher-value items. The combination of all these benefits can ladder up to sales increases of five to eight per cent, per store.”
As well as understanding how customer preferences and shopping patterns differ between geographical areas, store data analysis also allows retailers to understand how these preferences and patterns change over time. Moore says understanding these temporal changes can make stores more profitable and also more resilient.
“Throughout the course of the global pandemic, we’ve seen shifting customer preferences and shopping patterns impact retailers. What we’ve learned from this is that those who can most quickly and effectively respond to these changes can not only better survive, but actually drive sales and margin growth throughout periods of change,” he says.
“What has also become apparent over the last two years is that what worked in the past may not work in the future. But by leveraging the rich data retailers can gather from their store networks, they can continually learn and deploy better ways to engage customers and convert sales.”
You can view the full interview here. In it, Mick also talks about how store-level data is helping Bricks & Mortar retailers make key decisions around staffing and instore space allocation.
Mick is available for interviews and commentary on current retail trends and advancements in retail-based data analytics.
About Business Reporter
Business Reporter is an award-winning company producing supplements published in The Guardian and City AM, as well as content published on Business Reporter online hubs on Bloomberg.com, Independent.com, Business Insider Germany and Le Figaro, delivering news and analysis on issues affecting the international business community. It also hosts conferences, debates, breakfast meetings and exclusive summits.
www.business-reporter.co.uk
About Scalene Group
Scalene Group is a close-knit team of experienced retailers, strategists and data scientists drawing on these disciplines to help retail decision makers devise and implement strategies that are optimised to deliver maximum value. They use sophisticated data science and leading strategy thinking to identify opportunities for growth, productivity improvement and cost reduction.
For more about Scalene Group please see their website: www.scalenesolutions.com
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