And even though the buyers in this case have the necessary experience to get it right much of the time, it’s impossible to be sure whether they’re buying the correct quantity. .fs-subtitle{font-weight:normal;font-size:13px;color:#666;margin-bottom:20px;} Finally, historical data is extremely helpful for setting organizing your ordering, planning your inventory, and setting new goals. This method gets you way closer to the actual number of units you need to buy for a particular style. This starts with assortment planning, and flows through to forecasting and replenishment – retailers need supporting technologies that can help retailers model ideal assortments by location, forecast demand, and maintain high service levels on a per-SKU basis without over inventorying. Inventory control is the process of ensuring your firm has an adequate amount of products and a wide enough assortment of them meet your customers’ needs. You need to use assortment planning to get the right buy quantities for each item based on what your customers want. Having the right products at the right time can make the difference between a loyal customer and one that’s gone forever. In order to get professional results in retail, you must use professional tools. But like many retail planning practices, the traditional wedge plan is becoming obsolete. From IT and finance, to real estate, marketing and even legal – every department’s role is to support the company’s ability to buy great merchandise and resell it for a profit. Using data to your advantage can keep you from selling out of your best items before customer demand is exhausted. Learn how GUESS improved their assortment planning by switching from Excel spreadsheets to daVinci and what the change meant to them in this case study. The Assortment Plan Framework . When it comes to understanding and defining merchandise planning, it’s easy to feel confused. regionalising assortment planning so that, for example, seaside stores receive enough swimwear at the right time or that supplies of haggis are only sent to Scottish outlets – unless it happens to be Burns Night. JustEnough makes it simple to forecast demand, plan assortments and inventory, allocate and replenish products and place orders. A few items are selected for top-stores only. If a plan for surges in space management projects isn’t already in place, it’s definitely a worthwhile effort. Apparel stores, jewelers, and health food and supplement shops, for example, would all be more likely to offer more product depth and variation as part of their assortment strategy. Provides embedded retail best practices to help you set merchandise financial goals based on past, present and future demand. Lets you create and manage localized assortments with in-plan analytics driven by consumer and trade-area demand. Again, focus on categories and having something to offer any shopper that comes in your doors. rate_reviewWrite a Review; listCategories; Log In Log In; businessFor Vendors; All Categories / Retail Assortment Management Applications / JustEnough / Merchandise Financial Planning; Merchandise Financial Planning Reviews by JustEnough in Retail … Most retailers organize their inventory by SKUs in their point of sale system. In reality, it’s about so much more. Customers share their insight and experience on how daVinci products and services helped solve their challenges. When you have read this segment, look out for the other three parts in the following three weeks. Spreadsheets solve problems at hand, but only as the minimum viable option. But what matters for assortment planning is the marginal return on an incremental SKU, not the average return on an existing SKU. The hour each Thursday night we spent … Each season, you’ll get better at … Let’s get more in-depth with several common retail assortment strategies. An authorized user must use the Assortment Mapping UI and manually request the Re-map action from the drop-down menu. The market is being driven in this circumstance - it means products can be freely experimented without following an established set of rules. A modern planning solution delivers these capabilities, Regionalised assortment planning “At Tesco, we are passionate about customer service and everything we do is focused on improving shopper satisfaction. You want to ask yourself the following questions: In the end, proper assortment planning allows business owners to better anticipate demand and therefore optimize their inventory and cash flow based on that anticipation. … Ongoing growth of eCommerce means IT is vital for success. Below are several examples of how great assortment planning can have a positive impact on a store: Even more, there are so many factors to consider when determining your assortment strategy. Inventory Control. No ads or product pitches, just solid advice for you to put into action. That being said, below are a few ways to go about correcting your assortment planning strategy. Some companies are beginning to experiment with new technologies such as electronic product codes and RFID tags in an effort to better manage … Determining the right assortment mix will give retailers a suggestion in space planning for both offline and online stores. Latest industry trends, buying, merchandise assortment and financial planning insights from our team of retail veterans. This helps retailers avoid … No matter what direction you go, a modern POS system is essential. It completely ignores the other key constrained resource: shelf space. “Good-better-best” is a classic example of a dated technique. 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