Retail Planning Software

In order to get closer to their customers, increase market share and thrive in a highly competitive marketplace, leading retailers turn to best-in-class retail planning software solutions.

It’s imperative that organizations in today’s marketplace gain more insight into which products customers demand, how much inventory to allocate to stores and channels and how to put merchandise financial planning at the core of all planning processes. And, all of this needs to happen with lightning-fast speed and accuracy in order to keep up with customer demand and shifting market conditions. Retail planning software ultimately drives an organization in the right direction for increased sales and margins, lower inventory costs and stock-outs and improved customer satisfaction. How do you get there? Let’s look at several key strategies and capabilities you should consider.

Put Merchandise Financial Planning First

Retail planning software

Merchandise financial planning should be the epicenter of your retail planning process. Retailers that drive internal decisions and processes around financial targets perform better and achieve more profitable growth.

Driving planning based on financial targets requires a workflow-driven and well-defined process including approvals and reconciliations. Targets should include sales revenue units, margin, promotional spend, markdown spend, open-to-buy and stock projections. Combined with the end-to-end process, these metrics guide all departments as they drill down into more detailed planning and then execute to those plans.

As an example, if during the retail planning process, a planner identifies a trend in a specific category, it can be incorporated into the financial plan. This trend could be missed in the merchandise assortment planning process if there isn’t one overarching financial plan driving the process. Having one version of the truth, as opposed to many disparate plans, guides all the planning processes for better decision making to ensure margins and sales targets are met.

Proper Merchandise Assortment Planning Ensures Financial Performance

Precision merchandise assortment planning is critical for bridging the gap between the financial targets and customer demand and expectations. Retailers know they need to make sure they are planning assortments that are profitable as well as appealing to their customers. Using the right retail planning software with an effective merchandise assortment planning process helps to overcome challenges such as increasingly sophisticated customers and the need to grow revenue while maximizing margins.

An effective merchandise assortment planning solution should be able to not only control the amount of inventory buyers purchase, but also make sure the organization is working from a single master plan that meets the company’s financial goals.

In order to meet customer expectations, leading retailers are turning to localized assortment planning approaches. Even though a retailer may have a solid view of their customer base, they oftentimes have problems reflecting that in their plans, even with point-of-sale and loyalty data. By taking a localized assortment approach in the overall merchandise assortment planning process, it’s possible to better satisfy customer demand. By clustering stores that have like attributes such as location, seasonality, customer preferences and profiles, retailers can gain lower-level visibility into buying behaviors to ensure their customers can find what they’re looking for, where and when they want it.

Merchandise Allocation Planning

merchandise assortment planning

The goal of a merchandise allocation planning solution is to provide the optimal inventory availability while keeping markdowns and waste to a minimum. Each decision made in this process needs to take into account set business rules and product strategies across each channel to meet financial objectives and keep customers happy. The last thing a retailer wants is a potential customer that cannot purchase what they want to, where and when they want to. If the right merchandise is not in the stores or online channels when and where customers want it, customers could be lost forever.

Leading retailers no longer take a one-size-fits-all approach to merchandise allocation & replenishment planning as it doesn’t incorporate true customer demand, behaviors and location-based preferences. By infusing customer demand into the planning process, costly markdowns and lost sales can be avoided while increasing margins and sales.

Merchandise allocation & replenishment planning should combine intelligence from demand forecasts, real-time POS data and the most effective order planning functionality to ensure the right inventory gets to the right location, warehouse and channel.

JustEnough Retail Planning Software

JustEnough provides accuracy, flexibility and automation to your retail planning process – from merchandise financial planning all the way to assortment planning, allocation and replenishment. Retailers must integrate their overarching retail plans as new channels emerge. Linking accurate plans across channels helps to maximize sales, increase brand awareness and customer satisfaction.

JustEnough’s retail planning software provides organizations with the insight they need to make profitable decisions based on customer demand. With flexible, easy-to-use interfaces and options for both OnSite and OnCloud deployments, JustEnough provides the accuracy you need to optimize business performance.

Benefits of JustEnough Retail Planning Software

  • Improved customer satisfaction and retention
  • Increased margins and sales
  • Integrated omni-channel planning
  • Decreased stock-outs and overstocks
  • Improved business performance and productivity

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