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Choosing the Right Assortment Planning Strategy for your Retail Merchandise.

Assortment planning in retail is all about the process of selecting the right products that need to be sold during a specific period of time to boost revenue and profitability.<br><br>It involves the steps taken by retailers to decide what merchandise they should buy and market to their target segments. A holistic AI-driven assortment planning tool can bring a host of benefits to the merchandise allocation strategy for retailers.

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Choosing the Right Assortment Planning Strategy for your Retail Merchandise.

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  1. Choosing the Right Assortment Planning Strategy for your Retail Merchandise. Assortment planning in retail is all about the process of selecting the right products that need to be sold during a specific period of time to boost revenue and profitability. It involves the steps taken by retailers to decide what merchandise they should buy and market to their target segments. A holistic AI-driven assortment planning tool can bring a host of benefits to the merchandise allocation strategy for retailers. They can focus on retaining loyal customers and create a valid strategy to increase footfalls of permanent customers for a longer period of time.

  2. Assortment planning can also help monitor inventory spend with accurate estimates of the right assortment baskets needed. Retailers can restrict investments on required inventory and slash down unnecessary inventory costs and spending. The right assortment strategy can be a great value proposition to fight competition by placing S&OP Process the most popular products for sale and beat competition to optimize the most relevant traffic.

  3. With an integrated and information-driven assortment planning approach retailers can focus on cost reduction and enhance productivity. It is also important to keep in mind that there is no one size fits all strategy here. It is important to take into account each store’s location, geography, store size, historic data and trends, customer demographics and local needs. T Though it is may not be feasible to have a standard strategy when it comes to assortment planning software, it is possible to group similar outlets into relevant categories based on certain certain parameters.

  4. Two important factors determine how retailers do their assortment planning. Firstly it’s important to adapt their category and product choices to the potential, and also the limitations of their outlets. Secondly, instead of planning for each store separately , cluster them based on sales revenue range, or shopper demographics . ThroughPut – Intelligent & Smart Supply Chain management solutions with the help of AI and ML to ease the making of difficult decisions and help business growth. Previous Blog – AI-Powered S&OP and Assortment Optimization for your Supply Chain

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