According to the report published in November 2018 by Credence Research, Inc. “Global Footwear Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the market was valued at US$ 222.4 Bn in 2017, expected to grow at the CAGR of 3.1% from 2018 to 2026. The report states that an increasing demand for sports shoes and designer shoes are responsible for the major growth of the footwear market.
For footwear retailers to benefit from this growth in an increasingly competitive landscape, efficient inventory management is key. Integrated software planning solutions enable retailers to tailor their complex merchandise management to the consumer’s needs across all sales channels.
New technologies are not only changing the way consumers shop, but – as a consequence – the way footwear is supplied. Brick and mortar stores are one of many channels to shop, insights on price, quality and availability have never been more transparent, increasing the competitive landscape further. Exceptional service, instant product availability and fast delivery are key for any footwear retailer to meet today’s consumer expectation. As a consequence, the retailers’ core systems for demand planning and execution need to be integrated, scalable and flexible in order to unify all sales channels in one view and manage the business efficiently.
Assortment planning is an integral part of a retailer’s demand planning. At Mi9 Retail we have developed an advanced assortment planning solution based on industry best practices. It includes revenue and margin targets from the financial plan, integration with allocations, forecasting, and replenishment as well as pre-season planning and in-season adjustments from a margin and strategy perspective. This holistic approach enables retailers to be successful in the art of planning while managing the complexities of delivering effective localized assortments.
In this guide, we present our top 10 must-have features to look for in an assortment planning solution. Read on to find out how to create profitable assortments and maximize efficiency early in the supply chain process.