Data products for CPG and retail: how to overcome big data challenges

Data products are ideal for retail and consumer packaged goods (CPG) companies that want to use data to their advantage. 

Nowadays, every company generates large amounts of data. Organizing and analyzing it is key to overcoming challenges like improving customer relations and optimizing operations. 

That's why CPG and retail can benefit greatly from data products to drive growth and success amid competition. 

In this article, you'll learn more about data products and how retailers can use them to their full potential. 

Read on. 

Understanding data products for retail/CPG

Data products are ideal for retail and consumer packaged goods (CPG) companies that want to use data to their advantage. 

Their main function is to use data to facilitate an end goal, which can vary according to the specific needs of a company or an industry sector. 

For CPG and retail, these  can range from sales analysis and customer behavior solutions to demand forecasting and stock optimization platforms.

With this, companies transform raw data into actionable and valuable insights, optimizing decision-making and ensuring the assertiveness of strategies. 

How data products can offer solutions for Retail and CPG

Find more about what data products offer for retail and CPG and understand how they can transform your business. 

Personalizing the customer experience

Understanding customer needs and behaviors is critical for retail and CPG companies. 

Data products, such as customer analytics platforms, aggregate and analyze information on purchases, interactions and preferences.

These tools can segment your customer base into groups with similar behaviors, allowing for more targeted and personalized marketing campaigns.

From there, you can personalize offers and recommendations to make the shopping experience more engaging. These tools can also improve stock management by identifying buying patterns and preferences. 

Optimizing stock and reducing waste

Data products can help optimize stock and cut waste through accurate forecasts and trend analysis.

Predictive models estimate future demand based on historical data and current trends,  reducing product excesses or shortages. Integrated with data visualization tools, they can streamline inventory management. Users can monitor stock levels in real time and adjust orders as necessary.

Sales performance analysis

Data products  can enhance the analysis of sales indicators. They easily identify stock performance to simplify strategic decision-making for tasks like product pricing or promotional campaigns.

Improved supply chain management 

Data products also enable logistics and supply chain optimization. 

This ensures goods are in the right place at the right time, making it easier to oversee this process. 

As you can see, data products are excellent for CPG and retail, facilitating everything from sales strategy to day-to-day organization. 

However, you need a modern data platform to implement these technologies and start using data to benefit your business.

Read on to find out more. 

The perfect combination of data products and Modern Data Stack

Organizations must have a strong foundation of a modern data platform to deliver the promise of impactful data products.

Indicium builds platforms according to our Modern Data Stack (MDS) methodology. We architect data platforms using best-in-class tooling to support high performance, reliability, and scalability. 

We follow data governance and orchestration best practices to ensure products deliver the right data at the right time. With this foundation, we customize data products to deliver granular insights for informed decision-making.

How to use data products to overcome challenges in your retail/CPG business

Now that you've become more familiar with the concept of data products, you understand that they can be an excellent tool for retail and CPG companies. 

With data products, you can: 

1. Make More Informed Decisions
   Gain accurate insights to reduce risks and increase assertiveness in decisions.
2. Optimize Operations
   Streamline company processes to improve productivity.
3. Stand Out in the Market
   More accurate trend analysis enables your business to gain a competitive edge.
4. Strengthen Customer Relations
   Send customers personalized services and campaigns, increasing brand loyalty.
5. Discover Growth Opportunities
   Uncover areas for expansion and valuable partnerships. 

Indicium can help you implement this transformation with data products in your company. 

Click here to talk to our team of experts and find out more about our data product solutions.