Watch webinar: Age of Precision Category Management: Using Hyper-Localized Assortment Optimization to Meet Shopper Demand
The age of precision category management is upon us. Effective assortment and space localization can be a very challenging task for CPG companies and retailers, but if done right with the right methods, the incremental value generated is significant. Whether they are using a cluster approach or not, the ability for retailers and CPG companies to leverage store-level data in new ways opens up new opportunities to have the right product assortment to meet shopper demand across any store.
Deborah Weinswig, CEO & Founder of Coresight Research, was joined by HIVERY’s VP, Client Services, NA, Steve Weir, and Director of Customer Success, Zach Simpson, to discuss the signiﬁcant incremental value to retailers and CPG companies in optimizing assortment at the store level using combining technologies in Machine Learning (ML) with Operations Research (OR) - often called Data Science. They explain how combining these technologies into a "single learning engine" and harnessing store-specific SKU data delivers locally relevant and effectively merchandised shelves. The age of precision category management.
They will explore the following:
- Key industry trends that are impacting CPG and retailers with a focus on effective product localization, in-store execution, and harnessing the power of data to meet shoppers’ expectations
- How both retailers and their suppliers can achieve the goal of shopper-centricity through the hyper-localization of assortment and space
- The power of ML and DS models for driving effective localization and space planning. A key to driving category share and incremental revenue lift