More than ever, retailers are turning their attention to one of the core aspects of planning: assortment management and optimization. Facing tepid store traffic, unpredictable top-line revenue and the emergence of off-price sales channels in traditionally less price-sensitive segments like specialty, apparel, fashion and luxury, retailers are hard-pressed to integrate their assortments with shopper insights and the overarching planning model for an ever-more consumer-centric approach.
In the latest issue of InDemand, we shared high-level findings from a new JustEnough Software-sponsored survey by EKN of about 50 retailers North American retailers, which revealed two major obstacles that are challenging the industry as a whole:
- First, more than one in three retailers lack predictive tools to forecast customer demand
- Second, about the same percentage are unable to plan assortments around multiple product attributes such as size, color and style, among others
The EKN 2016 Assortment Planning and Localization research highlights strategies and solutions that better support assortment-mix decisions in retail pre-season, in-season and end-of-season. Take a minute to download the free report and view the free infographic to learn more about the steps retailers are taking to combat the above-mentioned challenges and ultimately drive more profitable retail execution – from precision to increased full-priced sell-through of merchandise to reduced dollar markdowns. There’s also a free Assortment Planning & Localization Quickscan Assessment you can take to learn how your organization compares to others in the industry. Learn more here.
JustEnough Software Expansion: Assortment Planning and Price Management
The InDemand newsletter highlights the launch of the latest version of JustEnough Assortment Planning. We continually work with leading retailers and industry experts to ensure users have cutting-edge technology and processes to address trends in the industry – including those revealed in the EKN report. Our enhanced Assortment Planning solution offers:
- Seamless integration with Merchandise Financial Planning for target setting and open-to-buy budget reconciliation, as well as Allocation for executing inventory placement in line with assortment plans
- Rationalization of the assortment width and depth within each cluster across product groupings
- Automatic smart-start creation of a plan for each item in the assortment, including sales, buy, promotional and markdown plans using dynamic clustering and unlimited attributes with plans that automatically adjust for in-season trends
- Time-phased receipt flow with built-in size curve and prepack optimization
- Assortment visualization with the capability to drag and drop images into the assortment and to create and plan placeholders on the fly
In addition to announcing the newest version of JustEnough Assortment Planning, InDemand also spotlights advanced functionality now available in our Price Management solution.
JustEnough Price Management enables users to better manage complete lifecycle pricing – from establishing price strategies to setting initial prices through price adjustments and promotional price changes through to end of life. As a result, retailers can create a more efficient and compliant pricing process that drives sales, improves margins and increases customer loyalty.
New capabilities include:
- More powerful rules and validation engine, which enables users to ensure compliance through creating and enforcing internal and external rules including competitor, rounding, vendor, legal and financial
- New workflow engine, which supports the use of pre-configured best practice workflows or configuration of custom workflows that guide users through the pricing and approval process while also providing complete visibility into price change status so users always know where they are in the process
- Price adjustment integration to facilitate tighter integration of JustEnough Promotion Management to Price Management, which automates the population of promotional prices into the pricing lifecycle reducing planner effort while more importantly ensuring that potential human error is not introduced into the process
To learn more about our industry-leading Assortment Planning and Price Management solutions, contact us today.
And You Won’t Want to Miss…
In addition to the EKN 2016 Assortment Management and Localization report and information about our software expansions, this issue of InDemand also showcases:
- Customer Success: The Crazy Store Gets Serious Results with JustEnough
One of the largest discount variety chains in South Africa with a footprint of about 280 stores, The Crazy Store could no longer support the growth and complexity of its business using a dated and highly customized replenishment solution. The Crazy Store selected JustEnough to help it quickly overhaul its existing replenishment system. After going live on time and on budget, the retailer has benefited from a 20% hike in in-store product availability and double-digit sales growth every year since the implement. Read more here.
- Research Reports: The Future of Retail
A recent Raconteur report, sponsored by JustEnough, found that rapid transformation coupled with changing consumer behavior and digital technology has made predicting what lies ahead increasingly difficult for retailers. Executives need to become more digitally aware and informed to make the right decisions for their business, and retailers also need a better understanding of the customer in real time to enhance personalization and provide a seamless purchase journey across all channels. Read the full report here.
- JustEnough In The News: The Record
“Balancing Customer Appeal and Profit,” a byline penned by Keith Whaley, JustEnough’s Senior Vice President of Retail Strategy, was featured in latest issue of TheRecord – formerly OnWindows Magazine, Microsoft’s premier publication. The article reveals how analytics can help retailers better create visually compelling assortments that drive customer sales and profits. Check it out here.
Also, if you didn’t catch my July 26 blog post, JustEnough was recently recognized by CIOReview as one of 2016’s Most Promising Retail Technology Solution Providers. You can read the JustEnough profile here.
- Thought Leadership: The Case for Customer-Centric Transformation in Merchandising
JustEnough, Kalypso and EKN hosted a webinar to make the case for consumer-centric transformation in merchandising and to lay out “how” organizations can make this shift. Check out the jointly authored articles on our blog below, or watch the on-demand webinar featuring JustEnough’s Peter Leith, EKN’s Sahir Anand and Sonia Parekh of Kalypso here.
We hope enjoy reading the latest installment of InDemand, and click here to subscribe to receive it in your inbox each quarter.