Omnichannel Assortment Optimization - Understanding Retail through Online and Offline Synergies
The Key to Store-Level Omnichannel Assortment Optimization
In the ever-changing retail environment, sales, category management, and shopper insights professionals continuously seek avenues to refine strategies and enhance in-store and online customer experiences. Analyzing store-level data can yield online and offline retail insights, informing omnichannel assortment strategies that resonate with individual stores and local shopping behavior.
Integrated Data: The New Frontier in Retail Strategy
By harnessing store-level data—which encompasses online and in-store purchase behaviors—AI models like HIVERY Curate can forge a unified strategy. This involves leveraging real-time Point-of-Sale (POS) data, including details from online pickup orders, to optimize shelf space and maintain sufficient stock levels for high-demand products, catering to in-store and online purchases.
This amalgamation of online insights with in-store data presents a golden opportunity to devise strategies grounded in consumer behavior, facilitating a more personalized shopping experience.
Revitalizing Assortment Strategies
Reenvisioning assortment strategies to accommodate both e-commerce and brick-and-mortar landscapes is essential. It aids in pinpointing products to spotlight online, potentially enhancing their presence on e-commerce platforms.
Furthermore, AI can differentiate between products intended for home delivery and those available for in-store pickup, considering the unique characteristics of various product categories. For instance, specific pack sizes — such as bulky or heavy items (e.g., toilet paper or significant beverage cases) — might sell more online than in stores. These insights affect Days of Supply (DOS) and space optimization strategies.
The Role of Ship-to-Home Data
Ship-to-home data stands as a pivotal element in this data-driven approach. At HIVERY, we meticulously dissect this data by market or zip code, allowing us to craft strategies tailored to specific locations. This method guides decisions for brick-and-mortar establishments and significantly influences online strategies. It engenders a deep understanding that fosters informed, tactical decisions and fuels strategies that echo market realities.
Leveraging Granular Market Data for Targeted Strategies
HIVERY Curate is adept at analyzing store fulfillment data alongside corresponding zip codes to formulate strategies reflective of geographical preferences and buying patterns. This initiative enables retailers to devise strategies for individual stores, perfectly aligning with the prevailing trends in specific regions.
Such a strategy promotes a harmonious relationship between online and offline strategies, facilitating a productive and mutually beneficial environment finely tuned to the evolving preferences of the local consumer base.
In conclusion, the industry finds itself at a crucial crossroads where integrating online and offline insights is beneficial and essential for sustained growth. This comprehensive approach creates a fertile ground for innovation, promising a bright future filled with opportunities for experimentation and growth, anchored in a deep comprehension of the complex modern consumer.
Would you be ready to learn more? Please don't hesitate to contact us today to learn how HIVERY Curate can transform your retail assortment management.
Related resources you might be interested in:
- Over-assorted sub-categories? HIVERY Curate Offers Solutions
- Navigating Common Pitfalls in Product Line Reviews (PLR): A Guide to Success with HIVERY Curate
- Interactive Assortment Planning: Using AI-Driven Visual Insights to Make Difficult Decisions
- Space Optimization Strategies: How AI-Driven Analytics Can Help