Assortment planning plays a key role in satisfying the complex needs and wants of your customers. However, it presents great challenges to retailers, because it involves millions of possible product and location combinations.
By leveraging consumer behavior data, our Assortment Optimization solution enables you to locally match each store’s product selection to customer preferences. That delights your customers and helps you achieve greater long-term profitability.
This includes optimizing local assortments and shelf space allocation to match the product attributes most demanded by that store’s customers. As a result, each store can offer the products that attract and retain customers with higher customer lifetime value.
Why use Assortment Optimization?
Don’t React: Anticipate
- Identify growth opportunities by predicting product, brand, and category trends across product attributes
- Oversee local preferences and trends for each store
- Make efficient, store level optimal assortments.
- Add, delete and keep products optimally to maximize profitability
- Keep products that bring high incremental sales, that have no similar products (substitutes) available and bring valuable customers into the store.
Maximize long-term customer lifetime value (CLV)
- Maximizing short-term profitability may lead you to dropping some products that are key products for customers with large baskets. As a result, you may lose those valuable customers. With Invent Analytics’ Assortment Optimization, you can identify traffic driving items for your valuable customers by analyzing customer baskets
- Better understand and ultimately serve your customers while dynamically creating profitability opportunities with assortment changes.
Achieve the highest and best use of shelf
- Optimize total category profit by assigning the right number of facings to each product
- Increase availability of fast-selling products by taking into account popularity of the product, shelf-space elasticity, as well as the replenishment dynamics of each product
Turn data into value with dynamic store-SKU clustering
- Create dynamic store-SKU clustering at a season, event, geography, and demography level to mark your under or overrepresented SKUs and use them for customer-centric assortment planning
- Meet localized demand
“Invent Analytics’ Assortment Optimization solution keeps us aware of which products perform the best at which stores. It also helps us foster our customers’ loyalty, making sure they can find what they are looking for in our stores."Duygu Bayram, Customer Experience, CRM & Analytics Group Head, Teknosa
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