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The Age of Precision Category Management
The Age of Precision Category Management: Hyper-Localized Assortment Optimization Using Advanced Technologies
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. Most retailers often fall short of harnessing the true potential of technologies and techniques like Machine Learning (ML) and Operations Research (OR), often called Data Science (DS).
In this report, Coresight Research analyzes 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 data and assortment planning and the skills required to succeed in retail category management.
The report explores how HIVERY has uniquely combined these technologies into a "single learning engine," leveraging store-specific SKU data that delivers locally relevant and effectively merchandised shelves. The age of precision category management.
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