With a myriad of products for consumers to choose from, the cross-channel markets available and the ever-increasing expectation of the consumer, retailers are faced with overwhelming challenges to accurately align product selections with consumer preferences. Retailers can no longer use a cookie-cutter assortment approach simply because stores have similar sales volumes and size. Instead retailers need to align assortments with their unique customer base that are influenced by consumer buying patterns.
Mi9 Retail shares best practices that help retailers create localized, consumer-centric assortment plans that will increase profitability and help drive the bottom line.
This webinar will include a live Mi9 Assortment Planning product demonstration and will show how the solution enables retailers to:
- How to consolidate disparate planning and inventory management processes
- Create data-driven, customer-centric assortment plans that are aligned to financial and open to buy targets
- Leverage site clustering, item placeholder logic and other machine learning techniques to seed assortment plans automatically
- Create a single picture of the assortment plan including new, ongoing, and leftover product that can be managed in-season and continuing into the preseason planning process
- Optimize Initial and flow receipt quantities down to the size level in order to maximize sales and margin while being strategic with investment in inventory coming into the supply chain