How Assortment Planning & Optimization is Changing: AI Can Now Simulate Assortment Strategies, Compare, and See Impact in Minutes
In today's dynamic retail landscape, businesses must continuously refine assortment strategies to stay ahead. AI can aid retailers and suppliers in optimizing assortments by simulating alternate strategies and assessing their impacts on categories, manufacturers, brands, and subcategories. It considers constraints, store fixtures, and space and assortment rules at the store level.
With cutting-edge AI technology's aid, assortment planning and optimization are progressing remarkably. In just a few minutes, businesses can simulate a broad range of assortment strategies and evaluate their consequences, allowing them to make well-informed decisions more efficiently.
Why Does Simulating Alternate Category Strategies Matter?
Adopting AI technology will revolutionize how category management, consumer insights, and strategy teams operate, leading to significant improvements for retailers and CPG manufacturers. Those who embrace this technology can expect to see positive changes in their operations.
- Gain a competitive edge: In a competitive market, it's essential to tailor assortment strategies to consumer needs. AI tools such as HIVERY Curate enable you to simulate multiple scenarios, providing insights into decision impacts and helping you choose the most effective approach.
- Optimize product mix: AI algorithms can analyze the effects of various strategies on category goals, such as revenue and volume. Testing multiple approaches helps identify the optimal product mix to maximize sales and profitability.
- Make informed decisions: HIVERY Curate uses store-level data to help you make informed decisions and quickly qualify and compare assortment strategies.
HIVERY Curate allows you to simulate alternate strategies and measure their impacts on the category, manufacturer, brand, and subcategory levels. This enables informed decisions based on data-driven insights, leading to better outcomes and increased shopper satisfaction
So, how does HIVERY Curate work?
HIVERY Curate is a powerful tool that utilizes advanced AI and operations research to optimize retail assortments and space at the store level. By implementing space-aware assortment, users can run unlimited strategy simulations and compare different strategies to ensure that their assortment plans are relevant to the local market, well-merchandised, and operationally efficient. This tool can help make strategic assortment and category decisions. For instance, users can run assortment simulations to determine the impact of a 3% negative or positive change on a particular manufacturer's Point-of-distribution (POD). Additionally, Curate can provide recommendations for incrementally adding products to the assortment while keeping the core brands' PODs constant.
Here are some ways that HIVERY Curate can help:
- Store-Level AI-Driven Model: HIVERY Curate refines assortment-space menus, aligning them with shopper preferences and offering better assortments at the store level.
- Space-aware assortments: Not only does the HIVERY Curate AI model analyze store-level data to discover assortment patterns and relationships at the store level, but it also understands the space constraints at the store level. This means assortments are space-aware from the store level up.
- Rapid Strategy Impact Predictions: Run unlimited rapid simulations to understand the financial impact of any decision, qualifying your strategy and responding quickly to trends.
- Transparent Collaboration: HIVERY Curate's single platform fosters collaboration between suppliers and retailers, improving decision-making processes.
In a world of ever-changing consumer preferences, retailers and suppliers must stay agile and adapt strategies to remain competitive. HIVERY Curate's powerful simulation and optimization capabilities help measure the impact of strategic approaches, enabling data-driven decisions and retail success.
Connect with our team of experts and explore the benefits of using HIVERY Curate as your reliable co-pilot. By leveraging store-specific data, you can elevate your strategy with tailored assortment plans that cater to local tastes, are expertly showcased, and streamline store operations.
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