Attribute-Driven Category Definition After internal alignment has been reached (step 1 of the CatMan 2.0 process), covered in detail in this post here, it is time to define the category. This step was previously step one in the CatMan 1.0 process and can be considered a critical part of the process. It is in this stage where the category management team will take a look at organizing and defining the types of products that are to be considered in the category, and what sub categories of products it will include. Initially this sounds like a fairly standard step, but in fact, there are critical tools such as Markov Chain Analysis, Clustering and the Category Decision Tree (CDT), that are utilized that will have fundamental implications on the entire category management plan and in particular the category definition. It is therefore very important to evaluate these tools to understand how they may benefit from high-order attribute data and an attribute-driven approach.
Consumers’ minds are susceptible to subtle subconscious cues. It is estimated that up to 40% of consumers change their minds at the point of purchase because of something they see, learn, or do (Source: Huffington Post). For example, if a shopper goes to the store and gets a craving for chocolate, she will value options with that ingredient differently than she would on a normal day. But consumer choices are getting more complicated and more diverse over time. Brands and retailers who want to succeed in attracting and retaining customers will need to rely on data to make strong business decisions. That's where we come in!
As we work our way into the final quarter of 2019 we are excited to look back at some of the progress we made and to celebrate some of the content we launched to support the community. This post covers some of the highlights. Groceryshop: Label Insight was thrilled to sponsor the first-annual Groceryshop conference in Las Vegas, which was hosted by the same folks as Shoptalk. We mingled with CPG (consumer packaged goods), retail, and technology's biggest players, including Kraft Heinz, Coca-Cola, Albertsons, Publix, and Google. You can get a more in-depth post about our learnings here, or peek at our social media accounts (@labelinsight on Twitter and Instagram) for real-time updates from last week. CatMan + Transparency White Paper: Early in the month we launched our CatMan + Transparency white paper to an amazing reception. It was launched right on the heals of the FMI & Label Insight Transparency Imperative 2018 report and so we weren't sure we'd get as much traction. But it has been by far the most successfully received whitepaper we have produced to date.
Key players from up and down the food chain – consumer packaged goods (CPG), grocery retailers, fast-moving consumer goods (FMCGs), and technology providers – gambled – er, gathered – in Las Vegas last week for the first-ever Groceryshop conference. The conference producers filled 2,200 seats, primarily, due to past success with Shoptalk, their massive, retail-focused parent event. As the U.S. economy soars through the fourth industrial revolution with disruptive technologies of artificial intelligence (AI), robotics, the Internet of Things (IoT), 3-D printing and more, the conversation at the Aria Convention Center revolved around how companies large and small need to keep up to remain relevant, and to earn shoppers' dollars.
Attribute-Driven Category Management Plan The aim of this attribute-driven category management plan example is to demonstrate the implications of an attribute-driven approach across the CatMan 2.0 process. As outlined in the introductory post of this series, we will work through the 8 stages of the CatMan 2.0 process and at each stage, we will highlight where Label Insight high-order attribute data can augment the process for better results. To ensure the credibility of this example, we collaborated with Mr. Gordon Wade, Director Emeritus of the CMA, whose infectious enthusiasm helped to make the compilation of this work a pleasure.
In support of the launch of our Category Management Solution, we begin the new content series, "Beyond the Basket." In this series, we'll discuss ways to innovate in category management through the example of fictitious grocery store Jones Grocery. We'll document, in detail, the influence that attribute-driven category management can have on the CatMan 2.0 process.
We're excited to report that one of our founders, Dagan Xavier, was interviewed by the online entrepreneur publication BizcastHQ. In their conversation, Dagan Xavier discusses how the best innovative solutions are the ones based on actual needs in the real world. "A company should establish and follow a set of important values, and use those values to help get everyone on the same page and all moving in the right direction. One of the most important values is intellectual honesty." Watch the full video on their website here, or watch it below.
In 2019, we have a goal to work towards joining the thought leadership conversation in the area of E-commerce & Omnichannel. This conversation is already taking place on properties such as (to mention a few places where we see interesting content):
This post represents the launch of a post series that seeks to curate news, posts, content and activity on the topic of Retail Health and Wellness from LabelInsight and across the market.