All you Need to Know About a Merchandise Assortment Plan
The biggest challenge facing retailers is identifying products their clients will buy, which is where a merchandise assortment plan comes in. The product type and collection displayed significantly affects the overall customer perspective. However, a merchandise assortment plan enables retailers to turn their losses into profits.
This plan entails choosing the best quantities and products for inventory while enabling these retailers to choose the suitable product collection in a particular area. The merchandise assortment plan also looks at the product’s objectivity, ensuring both you and your clients gain from the outcome.
A merchandising assortment plan also entails several product abilities in the selection process like;
Optimizing shelf space and product selection in a given space is an essential concern to retailers, and the best way to improve financial performance is by improving customer satisfaction.
What to Consider When Creating an Assortment Plan
Retailers are having a difficult time hitting the correct places when creating an assortment plan, but the solution to this depends on the following factors;
- Market trends
- Category weight
- Brand identity.
1. Manage Assortments in Real Time
Real-time data analysis is crucial for both retailers and brands. This approach enables retailers to receive quick insights on increasing or decreasing certain products from the market. Handling assortments in real time also helps in handling market visibility and discounts.
Brands and retailers can also consider improved retail solutions to study several real-time SKUs.
2. Your Store’s Purpose
The next thing to consider when making a merchandise assortment plan is your store’s purpose. Determining your store’s purpose enables you to know your brand more and what it means to potential clients. Knowing who your clients are and how they view your store will enable you to choose the best product and depth to implement.
To be precise, when you know what your brand comprises and what it means to your clients, you will make better decisions and have the edge over your competitors.
3. Study Your Inventory Data
Inventory data and sales are crucial when determining how many units you will stock and order, but they also have data that can be put in a product assortment plan. For instance, retailers might decide to expand their sales with more products to deepen their stock of that item.
The best way to analyze inventory data is by digging through reports and the most selling items and using that knowledge to have better assortments. Companies should consider using a supply chain planning software for the best results.
4. Observe Shopping Patterns
Besides checking stock numbers and levels, retailers should also study how their clients behave online and in stores. Getting insights into your client’s shopping patterns will enable you to know the best product to introduce to the market.
Both you and your associates should pay attention to how different shoppers behave and the most explored products.
A merchandise assortment plan is essential in a business setup, and the above article has discussed everything you need to know about it. Kindly reach out for more information.