Posts Tagged ‘Merchandise Planning’
How Can AI Support Speciality Retailers?
Artificial Intelligent applications are potentially powerful tools for many industries and retail in no exception. The volume of data which is now available at any retailer today typically is not in short supply. One of the key challenges which many retailers do face is the quality of that data. However, with the right quality and…Read More
What is Artificial Intelligence?
We are all familiar with hearing the term artificial intelligence (AI) and recognize that the phrase is becoming more and more prevalent across every industry. AI is defined in the English Oxford Living Dictionary as “The theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech…Read More
Assortment planning versus merchandise planning
A question we frequently hear is what is the difference between Assortment planning and Merchandise planning. In simple terms, one is the Financial view of the world. The other is translating those financial plans into a framework of the actual product range that will be sold, to achieve those financials. Your start point is Merchandise…Read More
The importance of timely retail planning by all stakeholders
Retail Financial Planning Process The Financial planning process can start with a 5-year high level plan to set a strategy for the longer term. However, most retailers start their detailed planning 18 -24 months ahead of the planning season. The optimum, of course, is to plan as close to the season as possible, as every…Read More
Size Profiling & Pack Optimization The Benefits Of Getting It Right
Getting the right size of an item into the right retail store or channel is something which has been a cornerstone of merchandise inventory management. Inevitably by fine tuning this process retailers can have a huge impact on a number of factors including: 1. Happier customer: Right size, right stock, right place right time ultimately…Read More
Merchandise Planning Software Benefits
Today’s retailers are more adept than ever before of ensuring that any new software has to integrate seamlessly with existing systems, be future proof and above all deliver a rapid Return On Investment. Many retailers today planning process have evolved by using spreadsheets. The investment is not customer facing it is not immediately visible on…Read More