Retail analytics builds buyers’ trust [Case Study]

by | Nov 25, 2019

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Benchmade is widely recognized for its quality pocket knives, making it a preferred choice of law enforcement officers, government officials, and outdoor enthusiasts.

The company offers more than 300 SKUs at outdoor, hardware and sporting goods retailers nationwide.

Equip sales teams with data insights

A few years ago, a new sales executive brought in SPS Commerce and its full-service retail analytics solution. This decision was made to better equip sales teams with insight on sell-through and inventory.

This data-driven culture has developed trust with the company’s retail customers, driving confidence in and acceptance of their sales proposals.

“Retail analytics from SPS Commerce eliminates the guesswork for our sales teams.” – Alex Calnan, National Accounts Manager, Benchmade

Buyers make decisions using retail analytics

Buyers often change roles or move to other companies. Benchmade found that by demonstrating an understanding of product sales using retail analytics, their team quickly gained trust with new buyers.

“Buyers rely on us for insight. Using SPS Analytics, we gain clout by demonstrating a deep knowledge of the market and how to improve sales at our customers’ stores or on their e-commerce sites,” shared Calnan.

Benchmade uses years of historical sales data, paired with market data from The NPD Group, to approach buyers with changes to assortments. These fact-based suggestions often result in new orders.

Tracking inventory to drive sales

SKU-level inventory is the most essential metric that Benchmade tracks. “If it’s not on the shelf, you can’t sell it,” explains Calnan.

Benchmade monitors its inventory levels at retailers and proactively reaches out to buyers if quantities are low and reorders are needed, or if quantities plateau. Any of these instances may represent a misplaced pallet.

“We see a sales spike in the winter when our new products ship, as well as during the holidays,” said Calnan. “During these times, we watch our inventories closely, making sure that retailers have enough of every SKU for their in-store and online customers. SPS Analytics makes this insight easy to uncover, so we can act quickly.”

Read the case study to learn more about how retail analytics is delivering insights to transform buyer meetings and build trust.

 

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