Assortment planning is a process that involves product selection for maximizing the profit and sales for a specific period. Assortment gifts and boxes have significant craze, excitement and hype in the market. Retailers are jumping on the e-commerce bandwagon before it is too late and are trying on all the trending and hyped product ideas, and assortment planned boxes cannot just be thrown out of the window. Assortment planning requires deep knowledge about customer needs and requirements, their psychology, the present market trends, upcoming trends.
Inventory mix is essential in assortment planning, which requires presenting products that define the store’s essence, their principles and also bring to the table the latest trends. It often becomes tricky and complex to tune the right products together in appropriate order and style. The idea of what to leave behind, which one to choose, what goes best with the other in the same box, and perfectly hitting the sweet spot is very difficult. If the product tuning and mix are repetitive, there is a great chance of failing, leading to competitors having the upper hand and the company’s sale crashing.
Over the years with customer reviews and improved customer-centric approaches, planning assortment boxes and catering, and planning things ahead of time for customer requirements have become easy. However, retailers are still finding it difficult with merchandise planning and interlinked decisions that are made months before the preview of the collection.
It is fundamental to first understand that the products chosen should represent the brand identity, market trends, price and budget range and several others where each effect. The right mix of:
- Versions of trend-forward styles
- Staple trending styles from the previous season
- ‘Current season’ trending style
The appropriate mix and tuning will bring to the yard all the potential customers. One of the best methods of extensively enhancing the sales is providing products that are trending in the market. Trending products raise the company above other competitors and draw the attention and of the customers.
Unique products when placed together may sometimes not have the appeal even if they abide by the latest trends. Unique designs appeal to some and their particular taste and hence, the customer base is not essentially strong and huge, the product though unique and trending may not hit the majority of the market.
The mix of trends and styles, discounts, catchy themes and phrases and several other factors together affect the sales. Seasonal clearance sales with hefty discounts bring to the company’s table the best profit stories.
For retailers, companies and brands, the best assistance is that of the real-time data analytics. These companies also have advanced retail solutions made available to them, retailers, brands and companies can analyse product revenues and various performance metrics and also utilize the latest information for future product launches; therefore, staying ahead of the competitors and even spotting the emerging trends and capitalizing on the newfound competitive advantage over other brands. The information acquired will also be fundamental and extremely essential for adapting the assortment mix to inevitable changes in the retail market. Assortment planning requires a lot of knowledge, interest, perseverance and essentially vision.