Making Assortment Planning Engaging, Interactive, and Insightful with HIVERY Curate: Lego for Retail Success
Have you played with Lego before?
Imagine interacting with your planogram as if it were a Lego game, allowing you to see the impact of every change. Envision tackling complex questions like:
- What could be the potential impact of adding or removing a specific product from my assortment?
- How will adjustments to my assortment affect sales, profit, and unit volume?
- Which products should I consider adding or removing to maximize customer interest and engagement?
- What risks are associated with removing certain products, and how can I mitigate them?
Now, could you picture this interaction with your retailer, where you can see the impact of every block of Lego on your planogram?
This is where the HIVERY Curate comes in.
HIVERY Curate is a sophisticated retail analytics tool that addresses various questions related to assortment optimization and category management in the retail industry. This powerful tool offers key functionalities that empower retailers and manufacturers to make data-driven decisions confidently.
Store-Level Assortment Optimization:
Curate goes beyond traditional approaches by analyzing every SKU and store combination. It identifies underperforming SKUs and provides tailored recommendations for improving store-level assortments, ensuring they align with the unique needs of local markets.
Cluster Size and Strategy:
Determining the optimal store cluster size and developing store-specific strategies are vital for retailers. HIVERY Curate simplifies this process, enabling retailers to manage assortments effectively across different store types and locations.
Impact of New Product Introductions:
Curate predicts how introducing new product formats will affect existing sales. This valuable insight helps businesses assess the potential impact of new items on the performance of current SKUs.
Efficiency is key, and Curate excels at optimizing assortments for specific stores or groups. It considers local shopper insights, store characteristics, merchandise rules, and constraints, such as limiting churn to just 5%.
Distribution and Revenue Growth Opportunities:
HIVERY Curate identifies revenue growth opportunities within a category and provides actionable recommendations for each store. This ensures that distribution and sales strategies are executed effectively.
Shelf Efficiency and SKU Analysis:
Curate doesn't stop at optimizing assortments; it also analyzes the efficiency of items on the shelf and proposes optimizations. This helps retailers manage their inventory more effectively.
Brand and Retailer Goals Alignment:
Balancing brand interests with retailer category goals is crucial, and Curate facilitates a collaborative approach to assortment planning that ensures both parties are aligned.
SKU Performance Insights:
Curate provides detailed performance insights for each SKU, including volume and revenue data. These insights are invaluable for effective inventory management.
Market Dynamics and Trends:
To stay competitive, retailers must adapt to market dynamics and trends. HIVERY Curate proactively adjusts assortments to ensure that retail strategies align with current market conditions.
Visual and Interactive Insights:
A New Paradigm Unlike traditional methods that rely on spreadsheets and data tables, modern retail planning tools offer visual and interactive insights directly on the planogram. Decision-makers can simulate changes to the assortment plan, observing the real-world impact on days of supply (DOS), core brand priorities, and overall store performance. This interactive approach removes guesswork and provides rapid, intuitive, and informed decision-making.
Consider a Typical Case Study:
"At Least 500 Stores" Imagine a retail buyer planning to roll out a new product in at least 500 stores. The question arise: Which stores should be selected? How will this impact other core brand items regarding demand transfer and balancing days of supply? With Curate, you can answer these questions and more. Its visual representation brings transparency and clarity, allowing retailers and suppliers to observe the impacts on DOS, core brands, and innovation items at each store's unique goals.
Focus on Collaboration, Conversation, and interaction.
Think of it as Lego for Assortment Planning and Optimization. Modern retail planning goes beyond static insights; it encourages retailers and suppliers to test different strategies iteratively, enabling confident collaboration. AI-driven tools like HIVERY Curate provide the ability to make informed and strategic choices based on visual and interactive insights.
Request a demo of HIVERY Curate and see for yourself.
Related content you might be interested in:
- Mastering Assortment Price Pack Architecture: How AI streamlines product development & distribution across multiple retailers.
- New Item Performance Analysis: How HIVERY Curate Guides Your Decisions
- Omnichannel Assortment Optimization - Understanding Retail through Online and Offline Synergies
- How To Get Assortment Space Contribution Index Optimized