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The Age of Precision Category Management
The Age of Precision Category Management: Hyper-Localized Assortment Optimization Using Advanced Technologies
In order to meet customer demand and expectations, it is essential for CPG companies and retailers to carry the right product assortment. Effective localization of assortment and space planning can be a very challenging task, and most retailers often fall short of harnessing the true potential of technologies like Machine Learning (ML) , Data Science (DS) and Operations Research
In this report, Coresight Research analyze key industry trends and discuss how CPG companies and retailers can achieve the goal of customer-centricity through the hyper-localization of assortment. We consider challenges in using data and assortment planning, as well as the skills required to succeed in retail category management.
They also explore how HIVERY has combined ML and DS into "single learning engine", which harnesses store-level data for category management optimization, enabling precision in category management and localized assortment.
These technologies are now allowing teams in category management, shopper insight, marketing and sales the ability, for the first time, to conduct rapid retail strategy simulation & optimization.
By increasing accuracy and removing the manual process, these new methods and approaches offer a competitive advantage to both CPG companies and retailers; transforming Joint Business Planning (JBP) sessions between the retailer and CPG arming them both with win-win category strategies rapidly.
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“We are excited about the discovery of new disruptive companies such as HIVERY looking for problems to address category management in retail chains through speed and accuracy, flexibility, extending bottom up and localized assortment of consumer goods"
- Deborah Weinswig, CEO and Founder, Coresight Research
In this report you will learn:
- How ML/DS can precisely target the right assortment to the right shopper at the right place and at the right time to drive incremental sales
- How both retailers and CPG companies can achieve shopper-centricity through the hyper-localization of product assortment & space
- How to make smarter decisions by spending less time thinking about what to sell in what stores
- How to orchestrate effective and rapid retailer-supplier collaboration