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 one:
Short Term (0 - 6 months) Medium Term (6 - 12 months) Long Term (1 - 2 years)
Apply a balanced top-down and bottom-up planning approach for seasonal selling by adopting real-time financial forecasts and merchant models. This will help merchants to build potential changes to assortments and see changes on sales and margin in real-time.
Adjust short-term demand forecasts according to buyer persona and customer-segment buying behaivior trends for developing localized assortments that attain full-priced sell-through.
Provide incentives to the merchandising team for increasing full-priced sell-though, inventory turns and lower markdowns rather than open-to-buy (OTB) budget attainment.