We live in an age of artificial intelligence where, much like Piers Morgan, technology has permeated every waking aspect of our lives.
Is it any surprise, then, that technology intermingles with the way you run your brand and business?
Most businesses have a physical product they need to market to a wide demographic and develop to industry standard.
In order to ramp up your product sales and turn a profit, you need to be well-versed in product availability.
It goes without saying that customers are more likely to regularly purchase from you if your stock is always available. It’s an important supply chain performance measure.
So, why leave your stock to chance?
In this blog, we will guide you through the importance of product analytics in this area.
Analytics makes the marketing world go around, and this is something you must be clued up on before you send out a physical product for sale.
What are product analytics?
Simply put, product analytics do what they say on the tin: they analyse how customers interact with a specific product or service.
The data drawn from this analysis can determine whether a customer has had a good or bad experience with a product. Through this information, your business can optimise its product quality, removing uncovered flaws that deter the customer from purchasing again.
More confusingly, there are various different methods of product analysis! Different methods shed light on different things, for example, the utility of your product, its design or components, the technology used to produce the product and so on.
With this in mind, we elaborate on the different product analyses, below:
SWOT Analysis
Simmer down, nerds. It’s not that kind of SWOT.
SWOT Analysis is an invaluable product analysis tool. SWOT is perhaps one of the most well-known tools – itself a clever abbreviation that stands for strengths, weaknesses, opportunities and threats.
This deceptively simple capability matrix can allow your business to make better informed decisions about your product, including stock levels and availability, but also means you can keep a careful eye on how your competitors operate.
You see your product as a whole, both the positive and negative aspects, and that’s the greatest allure of SWOT Analysis. There’s no shying away from potential problems that could cripple your business or hurt your product sales.
McKinsey Analysis
The GE-McKinsey Matrix can be explained like this: products, physical or otherwise, are analysed based on their industry attractiveness and competitive strength. These criteria are drawn up into a nine-box matrix, with industry attractiveness placed on the Y axis and competitive strength on the X axis.
Based on the high, medium and low strength of these factors, you can determine whether a product provides a viable opportunity for investment or growth, or whether divestment is a more favourable route.
McKinsey Analysis, importantly, also lets you know when to protect what you already have: if your product availability is high and customers are always coming back for more, you’ll know to preserve this current state of affairs.
PESTLE Framework
Standing for political, economic, social, technological, legal and environmental factors, we advise taking advantage of the PESTLE Framework if there are a variety of outside factors impacting the availability and sale of your product.
By understanding external factors that can impact supply and demand, you can make informed decisions about issues outside the scope of your business and product.
By making decisions here, you can work your way around otherwise unmanageable issues.
How can these analytics help brands track product availability?
Honing in on analysis tools such as SWOT and McKinsey, these analytics can help your brand keep track of products because of the urgent information they can provide.
In the past, your business may have had to juggle multiple streams of information and investigation related to your products. News reports, stock levels, each different product supplier – the list of information you, personally, would have to keep track of is immense. This isn’t only overwhelming, but impractical. How can you follow this for every product you provide?
Fortunately, we’re no longer in the dark ages. AI-driven technology is fast and powerful. We at Reapp know this well!
Reapp: A shopfloor assistant in the palm of your hand
Harvesting analytic data from wide-range sources – like industry reports, company websites and even online forums – allows analytic tools like our very own Reapp to predict and exemplify where your brand can optimise your physical products in-store.
The technology is best at analysing product availability here because there’s so much rich data at its metaphorical fingertips. Essentially, Reapp is a shop floor assistant in the palm of your hand, and much of what a shop floor assistant does is keep track of your products!
We compress these multiple sources of information into one application and one analytic tool that you can rely on. This information is actionable data.
Actionable data is where Reapp’s usefulness lies: the direct insights generated from real-time data can lead to important decisions for your business’s future and the potential lifespan of your product. The accessible dashboard that Reapp provides is also a benefit, as it’s easy to follow and even easier to adjust to your requirements.
In real time, you can see what drives customer demand and why! You can understand why certain products are more available than others, as well as what lies at the crux of customer satisfaction.
Nowadays, this technology is unmatched at tracking and analysing key issues such as product availability; from the smallest of gaps to the greatest of successes, Reapp has you covered.
How does Reapp work?
Reapp Analytics can capture gaps in your product availability, allowing you to troubleshoot any issues there may be in getting your stock onto shelves and keeping it there! But, you might be wondering, how does Reapp actually work?
It’s quite simple.
Reapp harvests tasty data and gives you the information you need to make hard-hitting decisions about your business. These decisions will keep you ahead of the curve, and your competitors.
There’s so much different real-time data that Reapp can harvest, from measuring shelf stock levels to identifying potential problems in-store. A potent combination of cutting-edge AI technology and diverse reporting methods makes Reapp able to provide genuine, useful insights and solutions for your business, including valuable information about your product availability.
Artificial intelligence used in this way is a wonderful, almost magical thing! Digital technology is advancing at a rapid pace, and Reapp is at the forefront of this real-time evolution – an evolution that is permeating a range of different businesses.
We’ve seen Reapp positively impact retail business models, pushing industry boundaries for monitoring and managing the success of your business and your product. Whatever product category you’re in, we can provide analysis-based insight about it.
Physical stores, including retail stores and convenience stores, could particularly benefit from this technology! Product availability is a pressing issue in-store, as products can easily fly off the shelves quicker than you can replace them. Through Reapp, keep a close eye on what needs replacing and when; Reapp’s harvested data could lend an important glimpse into what products of yours are most popular, and which aren’t.
Start smashing your sales targets and keep up the momentum, with us.
Why choose Reapp?
Long story short, brands choose Reapp for three key reasons. As our slogan goes, we provide real tech, real data, real easy! But, of course, there’s a little more to it than that.
Real tech
Reapp provides cutting-edge software rooted in real, actual tech that you can rely on. Our understanding of analytics is second to none, and we’ve given Reapp an immense brain that allows us to produce prescriptive insights for your business using rich, top quality data.
For the Carol Vordermanns amongst you, that’s up to 150,000 rows of numbers crunched into agile dashboards. These can be downloaded, shared and pored over in marketing meets from London to John O’Groats, giving everyone on your team the power to Reapp time-effective and product efficient insights – without having to collate a thing.
It’s an almost psychic technology, predicting issues so far in advance!
As developers, we have years of experience with various mobile technologies and image recognition technologies that allow us to devise this outstanding digital tech.
Real data
Like we said, the components used within Reapp are extremely intelligent. Delivered through a sleek, easy-to-use dashboard and interface, Reapp provides data through the lens that best suits you. For example, you can prioritise the monitoring of product availability, or simply choose to track competitor activity above all else. We know the questions on every brand’s lips, which is why you can navigate your numbers through 26 of ‘em – from ‘Where is the most wastage?’ to ‘Which product has been sold the most?’
Whatever drives your business, the decision to delve lies with you.
You can pinpoint individual products at the push of a button, and all of the data we provide comes from a variety of wide-range sources; rest assured, our information is reliable and perfectly varied.
Real easy
The simple dashboard that Reapp uses is one of our major selling points! No matter how large your business is, the sophistication of our interface never changes. You should choose Reapp because choosing Reapp is more than easy – we simplify the complicated, no matter how complicated your business is.
Getting to the heart of your operations, of your physical product, has never been so convenient. There’s no better way to secure the successful future of your operations than with the knowledge that we provide.
Product availability data at your fingertips with Reapp
Interested in using Reapp to keep track of your stock? We’d love to hear from you.
If you’re the type to try before you buy, then we give you the opportunity to try our 5* app out! Don’t miss out on the opportunity to reap massive benefits for your business. Book your demo with Reapp here.
Any questions about our software or the work that we do, don’t hesitate to get in touch with our team.