How HIVERY Curate uses CDT and store-level data to improve model transferability.
Understanding product transferability is like holding the key to unlocking hidden revenue streams in the ever-evolving retail landscape. HIVERY Curate, the groundbreaking AI-powered assortment optimization tool, takes this concept to the next level by seamlessly incorporating Consumer Decision Tree (CDT) and store-level data into its capabilities
What is Transferability?
Transferability, in the context of retail, refers to the likelihood that a product or SKU will perform equally well when moved from one store to another or placed in a different location within a store. It's a critical factor for retailers and consumer packaged goods (CPG) manufacturers looking to maximize their sales potential while minimizing wasted space and resources.
The Power of Consumer Decision Tree (CDT)
At the heart of HIVERY Curate's transferability prowess lies the utilization of the CDT framework. CDT offers deep insights into consumer behavior and preferences. It's a comprehensive roadmap of how shoppers make choices and navigate through various product categories - but with AI and store-level data, this is where the unlock happens.
How HIVERY Curate Incorporates CDT
HIVERY Curate's approach to transferability is a game-changer. Here's how it works:
- Store-level data, not demographic: HIVERY Curate integrates store-level data into its AI-driven analytical model. This data becomes a valuable ingredient in the assortment optimization recipe instead of looking at demographics, HIVERY Curate uses store-level data which reflects shoppers' decisions.
- Predictive Modeling: Using advanced machine learning algorithms, HIVERY Curate leverages CDT and store-level data to predict how products will perform in different store locations. It discovers "latent" shopper behavior, preferences, and purchase patterns. More on this in our Demand Transfer whitepaper.
- Simulations and Scenarios: With this predictive power, HIVERY Curate empowers retailers and CPG manufacturers to simulate scenarios. What if you moved certain products to a different section of the store? What if you expanded the offering of a specific brand? The tool provides insights into these scenarios, helping you make informed decisions.
- Optimized Assortments: The end result? Optimized assortments that take transferability into account. HIVERY Curate can recommend changes to assortments that maximize sales, minimize waste, and cater to the unique preferences of each store's customer base.
Why Transferability Matters?
Efficient transferability analysis can lead to several advantages:
- Reduced Wastage: Minimize instances where products don't sell well due to mismatches with local preferences.
- Increased Sales: By stocking products that resonate with the local demographic, sales can significantly boost.
- Better Customer Experience: Tailoring assortments to local tastes can enhance the shopping experience, fostering customer loyalty.
- Operational Efficiency: Optimal assortments improve supply chain and inventory management.
Transferability with HIVERY Curate
With HIVERY Curate's incorporation of CDT and store-level data, the power to harness transferability insights is at your fingertips. Say goodbye to one-size-fits-all assortments and hello to finely-tuned product offerings that resonate with your customers.
Related resources you might be interested in:
- Why Optimizing Demand Transfer at the Store Level with AI Matters (...and What Walmart Miami Has to Do with It?)
- Maximizing Incrementality and Minimizing Cannibalization: How AI Builds Confidence and Trust in Category Strategies
- Category Growth Strategies Through Better Strategic Questions
- Interactive Assortment Planning: Using AI-Driven Visual Insights to Make Difficult Decisions