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 four:
Short Term (0 - 6 months) Medium Term (6 - 12 months) Long Term (1 - 2 years)
Others (Pricing, Promotion, Markdowns, Space Management etc)
Link merchandise plans, assortment-mix, supply planning, pricing and promotions with upstream product innovation and new product development plans. This can be done by providing internal process visibility and collaboration tools that enable unit-level coordination between merchandising, product development, inventory planning and replenishment teams.
Create a "Merchandising Innovation" executive group that recommends fast track-changes and improvements to customer-centric merchandising for all channels of sales and service.
Integrate all offline and digital merchandising functions (planning, buying, promotions, planograms, space management, replenishment etc.) into a single Omni-channel merchandising department. Offline and online channel merchandise planning and execution responsibility should be directly tied to the overall Omni-channel merchandising success factors.
Use collaborative planning and/or web mobile data sharing platforms with brands and third-party merchandising companies. Identify innovation areas and investments in new product and brand marketing/merchandising programs.