With the onset of the COVID-19 pandemic and the associated infection containment efforts, consumer behavior has changed in leaps and bounds. Individuals and families purchased and maintained higher levels of personal inventory, particularly food, personal care, and consumable items during this time period. Brand preferences became secondary to the purchase imperative. E-commerce purchases increased in volume, frequency, and variety. One of the biggest challenges in retailing is identifying the products that people will want to buy. The next challenge is to estimate the right amount of stock. Too little, and you miss sales opportunities. Too much, and you tie up capital in excess inventory or find yourself forced to sacrifice margin to get rid of it.
In the new normal, retail assortment planning will be more critical than ever and will determine whether or not a retailer can stay relevant in a competitive environment. To compete and win, there is a growing imperative for category teams, store & space planners, buyers, procurement heads & managers, especially in essential retailing like grocery and pharmacy to tailor their assortments to respond to local preferences, and offer shoppers the right products at the right place and the right time.
Improve Customer – Centricity with In-Store Assortment Planning
With today’s competitive pressures, assortment optimization is vital to customer satisfaction. Although the decision to optimize assortments can be seen as hard to implement, the right combination of data, strategic decisions, and enabling software will ensure that the right mix of products is offered to the right shoppers.
If you’re having trouble optimizing your shelf space, and are unable to cope up with changing customer demands, watch this webcast “A Retailer’s Guide: Optimize Your Assortment to Meet Consumer Demand” by Aspire Systems & Oracle to understand the challenges that essential retailers are facing. Get impactful insights from industry experts on how to optimize shelf space for the highest conversion rate, best assortment methodologies to improve sales, ways to increase customer loyalty, and the role of AI in retail planning.
Register today for impactful Assortment Insights:
- How to effectively manage your store capacity to offer seamless customer experience?
- How to effectively plan your assortments without affecting customer preferences?
- Optimizing assortment, respecting the available space for a given category
- Adjusting your assortments to the current pandemic situation
- Role of AI & Customer Science in Retail Planning
Implementing an effective planning strategy enables essential retailers to tailor assortments to their customers’ needs, improving customer loyalty, business revenue, and overall shopping experience. In addition to centrally collected data, retailers can now leverage the knowledge of those people closest to their customers, to create a truly bespoke customer experience.
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