There could be stores that over-index in specific categories compared to another. It is also being applied when retailers evaluate whether products should stay on the shelf. This also can impact your new products.
Innovation and newness will be evaluated for incrementality differently as well as being evaluated for the right store selection. However, if you are a medium or large retailer with a complex assortment and many locations of varying size, layout, and demographics — you need a more granular assortment plan.
Assortment planning is an art. Uncover how to combine art with science to craft hyper-profitable assortment plans. Answering these five questions about business priorities, constraints, goals, time periods, and specificity will help you define an ideal assortment planning process. As they say, the devil is in the details.
Your specific business will still have to address many unique questions during the planning process. For example:. By leveraging AI and Machine learning technology you can optimize your assortment planning process to fit your business-specific constraints, preferences, and goals.
But choosing the right analytics software can be a minefield. The solution must account for the above-mentioned questions. An analytics solution should be straightforward and convenient to use. A good analytics solution should also provide all the bells and whistles such as wedge view, visual assortment view, and colour pallet view.
If you are interested in optimizing and simplifying your assortment planning process, let one of our team members provide a personalized demo and see the benefits for yourself. Discover how top retailers are choosing their software. Table of Contents. Broken Assortment? We can help. See also: A daVinci customer discuss their merchandising life cycle Traditionally merchants are responsible for the product mix and allocation worries about individual locations.
Learn more about: The Assortment Planning Process At the very core of your business, you have your products and the customers who want to buy them. Additional resources and information: Why does my business need Assortment Planning?
Learn more about the product. Related Posts. Blog The right product in the right channel at the right time is still relevant and daVinci Retail assists the retailers with assortment planning. Blog Cash is king in Retail. Blog The pandemic can be the catalyst that gives retailers an opportunity to innovate.
Blog Simply put, clustering in retail is the process of grouping stores with similar characteristics to make it easier to purchase inventory for those stores. Blog A recent survey gave us insight into what makes customers happy — and unhappy — when shopping in stores and online. Blog The assortment wedge has been in use for a long time. Blog Customers expect and demand memorable, personalized shopping experiences. Blog A daVinci, we believe sales volume is the right method to cluster by, but you need to take it a step further to get value out of this strategy.
Blog You have customers around the world. Blog Imagine you have unique retail locations around the world. Blog Ongoing growth of eCommerce means IT is vital for success. Blog Whether you are single channel retailer or have multiple stores you must buy inventory to sell. Blog Spreadsheets solve problems at hand, but only as the minimum viable option. Blog Assortment planning is the process of choosing which items to buy and in what quantities to ensure you have the best practices of retailing them profitably.
Blog For those of us in fashion retail, now is no time for the weary. Ning Chiu T Read More. Alternatively, you can create any other scenarios you may want. Like location planning, merchandise planning is used to create a more detailed structure for higher-level strategic guidelines. Operative processes such as reporting or allocaton are hardly used in merchandise planning. The merchandise category hierarchy is used in the planning process but the merchandise itself is not looked at in detail.
Therefore merchandise planning does not extend to product level. Other important planning levels are the distribution chain, the season, the purchasing group and, to some extent, the price margins. SAP provides you with an example scenario of merchandise planning. The aim of assortment planning is to create assortments and define which products are listed for which stores and the quantity of these that should be allotted to individual stores.
Within an article hierarchy you can plan several levels, for example, product style , color variant or the price band. SAP provides you with an example scenario of assortment planning. The aim of slow seller management is to ensure that at the end of the selling period for merchandise - particularly for fashion and high fashion merchandise - only a small amount of stock remains.
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