The Top 3 Ways Competitive Intelligence Helps Your Inventory Fall into Place
With the holiday season around the corner, your assortment strategy needs to be on point. With eCommerce expanding to become a $334 billion industry, this holiday season is expected to be huge, so preparation is key. This illustrates the importance of competitive data and assortment intelligence in the inventory planning process. Our latest infographic has the information you need to maintain an optimized inventory to maximize sales.
Big data has become crucial in merchandising. According to Monetate, 62% of retailers plan to focus their big data initiatives to improve their merchandising. You can apply big data to your assortment strategy and gain an understanding of what products you need to consistently stock. Learning the sales trends of each of your products could create a more precise inventory plan. In retail, consistency is key and big data can make that a reality.
A gap analysis can improve your inventory planning process because it can close the gap between you and your competition. It allows you to find out what competitors have that you’re lacking and take this information to your distributor to try to negotiate a good deal on those items. The next step is leveraging competitors’ prices to establish a benchmark when determining your own.
Merchandising is one of the most important aspects of a retail business. Find out how you can leverage competitive intelligence to maintain an optimized inventory in our new infographic below.
Contributing Writer: Don Dao
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