As any retailer will tell you, introducing new products and opening new stores is a necessary function of doing business. Consumers are always looking for fresh products and want to purchase them at the most convenient location. As exciting as it is to both retailers and customers, new product and location introductions can be risky – one does not want to make huge investments only to end up missing the mark.
Many retailers lack the techniques and technology to forecast demand for new products and locations. In this article, JustEnough offers the techniques for retailers looking to improve the process of new product and new location introductions.
- Leverage supersessions
- Use assortment planning & profiling
- Model new locations
- Apply allocation strategies
- Measure & react