JustEnough recently sponsored research by EKN into the current and future state of merchandise planning and uncovered many windows of opportunity for retailers. Over this and the next several posts, I’ll be sharing short, medium and long term recommendations from the study related to merchandising processes and technology that can help retailers execute on a customer-centric merchandising strategy. I hope you enjoy this series of articles.
Here is part two:
Short Term (0 - 6 months) Medium Term (6 - 12 months) Long Term (1 - 2 years)
Incorporate merchandising and assortment optimization insights from stores and other channels. Store managers and channel associates must be encouraged to share product insights and buyers/planners must use these field and social insights int he planning and assortment plan process.
Create a micro-assortment and advanced clustering strategy for precision merchandising. Establish assortment localization and advanced store clustering by using local store market category cariance analysis, unit/volume analysis, multiple product/consumer attribites and data related to other local market events including sudden demographic shifts, competitive factors, cannbalization, halo effect and specific revenue per square foot shifts.