Faced with the disruptive forces of savvy shoppers and intense competition, assortment planning is more complex than ever for retail brands. These forces impact your ability to provide the right products at the right prices, places and times for a superior customer experience.
What is Assortment Planning?
Product assortment planning involves determining which products to offer for sale. While traditional retail assortment planning focuses on the product, today's most successful brands focus on the customer when making retail assortment planning decisions.
To attract shopper traffic, companies now adopt a demand-driven, customer-centric assortment optimization strategy has become as a business necessity. Your retail assortment management strategy also needs to evolve from a definitive "Here's what we will sell" to an inquisitive "What should we sell? What does the customer want from us?" The right answer for you lies in consumer and competitive trends.
What's Affecting Your Product Assortment Profitability?
The following trends are reinventing retail assortment planning and profitability today:
Reinvigorate Your Product Assortment Strategy
To adapt to the new retail reality, it's time for your company to embrace innovative solutions.
Drive Consumer Traffic With the Right Assortment
What is assortment planning? It's an opportunity for retail companies to provide unique product assortments, which consumers actually want to buy. By linking assortment planning tools with consumer data insights - and staying ahead of consumer and competitor trends - you can uncover new opportunities to deliver a seamless, omnichannel shopping journey to boost sales, loyalty and lifetime value per customer.
For assortment optimization insights in retail, Intelligence Node offers Incompetitor™, a retail analytics software that gives you visibility into your competitors' pricing, promotion and catalog strategies. Its real-time insights ensure your online retail presence - including product assortment - is always one step ahead of the competition.