Assortment Optimization is very critical for today’s retail market and must therefore be treated as a priority.
In the retail industry, having the right products is essential for setting your business on the road to success.
Retail assortment optimization and planning require systematic analysis of products sold in each store.
Planning enables the business to drive the market instead of being reactive to the changes occurring at any given point in time.
Assortment analytics are key in removing natural biases which would normally influence the decision making adversely. Forecasting the expected sales is also important, by considering every aspect of the assortment conditions including the shelf space.
The analysis from Retailzoom explores the steps of combining purchase habits and loyalty analytics to optimize the assortment of products in a retail environment.
If you are interested in the methodology behind the optimal assortment fill in your credentials below and download the full paper.