The one question every human thinks every day is – What am I gonna eat today?
Answers differ based on cost, our surroundings, diet, availability, time of the day, mood and so many other things.
But over time things get easier. You capture a trend in your food preferences and keep shuffling the same dishes to ensure you have “variety” – the true spice of life.
Sadly, the same action gets translated in retail, where retailers try to plan their product assortments based on the buying patterns of their consumers.
And that’s where the blunder happens!
Understanding your eating pattern minutely for years and planning your meal is one thing, but planning your store sales by guessing your shopper’s shopping pattern from a five-minute shop visit, is an entirely new play.
Your retail outlets are the racehorses which will make you win the consumers. Hence, choosing the right product assortment for each store becomes a determining factor to your growth.
Therefore, the onus is on you!
While it’s not possible for retailers to have market insights at their fingertips, there are 6 must-have insights that every FMCG company should know to create the best assortment plan for each store.
Only when you have these insights for each store, it will be possible to optimize every shelf space and ace the 4Ps (Product, Price, Place Promotion) smartly.
For example, two stores in the same region might belong to different types of neighborhood. One might have high-income elderly people, while the other might have low-income youngsters who are keen on exploring both premium and pocket-friendly products.
So to get the maximum profitability from each of these stores, the product assortment has to be planned differently.
Doing this manually for all stores can take nearly a year, and by then the consumers, the competitors and even the market can chase drastically.
That’s why tools like Suggested Order does all the groundwork and creates the perfect order for each store based on many factors. Additionally, a tool for Sales and Operations Planning will study your sales data and match it with market intelligence to plan your sales targets strategically.
Your business insights are also available on real-time sales dashboards giving you 100% transparency into the market, before you start planning.
That’s the power of retail intelligence! To know more about these tools, connect with our team at email@example.com or click below to explore yourself.