Quantzig conducted an assortment optimization study for a global retailer to improve assortment planning. The client wanted to determine the type of products, define the initial buying quantity, and develop powerful inventory plans. The client also wanted to analyze the performance of the product.
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Assortment optimization study to help in meeting changing preferences (Graphic: Business Wire)
Consumers these days are less loyal and are finding alternative platforms, such as online stores, social channels, and mobile phones, to purchase the products of their choice. Preferences of the consumers have changed due to the availability of many alternative platforms. As a result, retailers are resorting to strong marketing strategies to influence their choices. Retailers are also relying on assortment optimization for better merchandise plans and tracking competitors' products in real time.
According to Quantzig's assortment optimization experts, "To meet the rising preferences of the consumers, retailers are adopting assortment optimization solutions to control and improve the products that the buyers can purchase."
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This assortment optimization solution provides benefits such as:
- Analyzing and comparing competitive product assortment by brand
- Analyzing the prices of identical products
- Tracking real-time assortment changes for the competitors
- Initializing plans and make recommendations based on customer attribute preferences
- Identifying the right mix of products based on consumers' preferences
This assortment optimization solution offers predictive insights such as:
- Gaining valuable insights on how competitive the product's assortment is
- Adjusting their product mixing based on competitors' product assortment
- Staying relevant to their target audience
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View the inventory optimization study: https://www.quantzig.com/content/assortment-optimization-study
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig's services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
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Contacts:
Quantzig
Anirban Choudhury
Marketing Consultant
hello@quantzig.com
https://www.quantzig.com/contact-us
