Maximizing Retail Space Productivity: Leveraging Advanced Analytics with AI
In today's competitive retail environment, maximizing productivity within retail space is a complex yet crucial task. Retailers and CPG manufacturers face myriad challenges: optimizing shelf space, managing inventory, aligning products with consumer preferences, and balancing various sales channels, including online orders and in-store purchases. Advanced AI capabilities, such as those offered by HIVERY Curate, can streamline these processes, automating tasks that used to take months into just minutes.
The Importance of Space Optimization in Retail
Effective space management is vital in retail. It involves utilizing every square foot to ensure the product assortment meets consumer demands while maintaining operational efficiency. Retailers often confront key questions like:
- How do you allocate shelf space to maximize sales and customer satisfaction?
- How do you determine the optimal mix of products in a constrained space?
- What strategies can improve inventory turnover?
HIVERY Curate: Retail Space Optimization With AI
HIVERY Curate utilizes machine learning models and store-level data to deliver precise, actionable insights. This AI-driven tool allows users to interact with and visualize the impact of changes within their planogram view. Users can add or delete items, seeing the impact on sales revenue and volume. HIVERY Curate also supports the application of constraints, like Days of Supply (DOS) thresholds, and allows for the adjustment of specific product or store-level attributes such as location, size, merchandising styles, and fixtures.
By analyzing store-specific data, HIVERY Curate provides tailored recommendations for each retail location, ensuring space allocation aligns with local consumer preferences and shopping behaviors.
Dynamic Strategy Simulation
This feature enables retailers to simulate and assess different space allocation strategies within their existing space constraints, evaluating their potential impact on sales and customer experience.
Determining which products to keep, discontinue, or introduce is crucial. HIVERY Curate assists in effectively rationalizing SKUs, minimizing churn, and ensuring the most profitable and relevant products are on the shelves.
Demand Transfer Analysis
How will other products in the same category be affected? HIVERY Curate provides valuable information on the demand transfer within a product portfolio. If you have access to full category data, you can also understand how changes in one category can impact others. This can lead to better decision-making based on informed insights.
Customer Success Story: Achieving a $32 Million Revenue Uplift
A protein product manufacturer used HIVERY Curate for assortment optimization and significantly increased revenue. By employing store-level data analytics to refine product assortment strategies for a mass retailer, they emphasized protein-rich options in their frozen breakfast range, optimizing merchandising and space constraints and gaining deeper shopper insights. Read more and download this Customer Success Story.
Maximizing productivity in existing retail space is a multifaceted challenge that requires sophisticated solutions. HIVERY Curate offers an advanced, data-driven approach, empowering retailers and CPG manufacturers to make strategic decisions that drive growth and efficiency.
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