In the current retail environment, brands need as much information as they can get. This extends to basically every facet of a retail business, including its customers, the sellers in the company's network and the prices charged for its merchandise. These details can be invaluable for research and development, marketing and beyond, helping to shine a light on important patterns and policies held by the brand.
However, this data doesn't just fall into retailers' laps. They need specialized solutions to provide the details they're looking for – including those that can make a difference for the brand and help to differentiate it in its marketplace. In this spirit, many retailers have turned to channel reports – and for good reason.
There are a few key reasons to be thankful for channel reports, particularly during the holiday season. Let's take a look:
1) Keeping up in a fast-paced marketplace
The retail sector as a whole has come a long way in recent years. With the emergence of e-commerce came the omni channel, which required retailers to have an in-depth look into all the different platforms they use to further their brand. What's more, customers now utilize an array of channels to connect and complete transactions – a shopper's journey may begin on the company's website, but end in a brick-and-mortar store.
"Customers now utilize an array of channels to connect and complete transactions."
Statistics from BigCommerce show that the shifting nature of this marketplace is poised to continue on this track, particularly as customers use various avenues to make purchases. In fact, the holiday shopping season is a prime example of how fluid the industry has become. According to the latest statistics, 151 million people shopped for gifts over the weekend spanning Black Friday and Cyber Monday, with overlap between in-store and online purchases – 103 million people looked to online platforms to make purchases, while 102 million completed transactions in retail stores.
Things become even more complex when the mobile channel is thrown into the mix. Now, consumers can interact with brands via their devices even while they're in-store, obtaining more details about products or finding special offers and discounts. In many respects, channels aren't as clear-cut for customers, who look to utilize two or more at once, noted Jeremy Gustafson, KSC Kreate's vice president.
"People are watching television and using their tablet at the same time," Gustafson said. "They expect the same kind of integration with their shopping experience."
All of this boils down to one thing for retailers: complexity. Without a complete picture of all the channels a brand utilizes, it's not only difficult to keep up – it's nearly impossible to maintain pace with customer demands. Channel reports can help address these challenges, spanning the array of platforms a brand leverages and ensuring that each one is always under the watchful eye of the company. In this way, the brand is in the best position to provide the kind of streamlined unity customers are looking for across every available channel.
2) Monitor your price policies and your seller network
In addition to gleaning details about the brand's different platforms, advanced channel reporting solutions also enable the company to keep better track of its seller network and pricing policies across the entirety of the channel. In this way, the company has the best insight into the success of different sellers as well as their price listings.
This provides the brand with an unparalleled level of visibility, helping to ensure that resellers are maintaining pricing policies. What's more, should a seller adjust a price, the brand is able to see just how this change impacts sales on each channel.
Besides providing your brand with details about each channel and seller, the most advanced channel reporting solutions can also offer insight into customer feedback. Client reviews and ratings can be incredibly telling for a business, providing a realistic window into how consumers are utilizing the company's products and how they can be improved.
3) Get the best insight into your customers – and your competitors
A robust solution can offer up all customer comments and feedback in a single, accessible interface. This includes details from the company's own website, as well as those belonging to other sellers.
In addition, channel reports can also help highlight the competition. Gleaning information about how the brand's prices stack up against other retailers with similar offerings can go a long way toward ensuring that the right pricing policies are in place.
All the insights in one place: PriceSpider's Channel Reports
PriceSpider's Channel Reports can offer all the information your brand needs to ensure success during the holiday season and beyond. Our intuitive dashboard allows your company to access critical information like prices, seller ratings and customer feedback, as well as the competition's activity in a single place.
To find out more about why your brand will be thankful for PriceSpider's Channel Reports, contact us today.