The COVID-19 pandemic has changed a lot about consumer behavior, especially in sports. Fans all over the world watched their favorite teams play from the comfort of their own homes instead of live in a stadium. Being able to watch sports from the couch instead of the box means that a lot of people weren’t buying gear like their favorite player’s jersey, for example.
In 2021, sports retail is back and in a big way. With the influx of consumer demand, sports retailers are struggling to determine what the fans want when it comes to new products and releases. Sports merchandisers can use location intelligence to stay ahead of the demand curve and always hit the mark when developing new products.
Know Your Fans
A large part of being in sports merchandising boils down to understanding your customer base. When buying habits are changing faster than ever before, it’s easier said than done. By using insights from location intelligence, sports merchandisers can understand their fans’ buying habits and preferences in the real world.
Let’s say that a merchandiser for the Miami Dolphins is being tasked with finding out which products fans seem to be buying the most. In the past, this type of analysis often would take months of research and data collection. By working with a location intelligence provider, the merchandiser can get the data they need quickly via batch delivery, API, or application just in time for the upcoming season.
Always Have the Right Inventory
Location intelligence is a great data solution for sports merchandisers looking to forecast upcoming sports fan trends. Because this real-world data solution provides near real-time access to consumer buying behavior, sports merchandisers can see an upcoming trend in the space before it even takes hold.
The sports merchandiser from our previous example has been using location intelligence to understand their fan base for a little while now. Based on their data analysis, the merchandiser noticed that quite a lot of their fan base had been frequenting the Nike store more than usual. In addition to this, they also noticed that more fans were also visiting stores that sell bucket hats. The merchandiser starts selling limited edition Dolphin’s Nikes and bucket hats in response to the sudden interest from fans.
Understanding the Competition
Sports merchandisers can get ahead of their competition with location intelligence. Let’s go back to the Miami Dolphins example.
After a couple of weeks, fan demand began to decrease for the bucket hats. The merchandiser and their team turned to a location intelligence solution to find out why. They determined that fans are shopping for their shoes and hats from a long-term competitor who is also selling bucket hats. Their competitor has been selling bucket hats with the Dolphins logo and the fan’s name embroidered on the back. Before the competition has the chance to take any more customers, the sports merchandiser can adjust their business strategy and start selling custom bucket hats.
Data-Driven Sports Merchandising for 2021
Sports retail has made a remarkable comeback in 2021 and sports merchandisers are in a prime position to generate ROI for their teams. With location intelligence, sports retailers can get ahead of the game and always have what their fans want in their stores. For more information on location intelligence and how it can transform your business, contact us to speak with an expert today.