While brands are increasingly taking to the digital space, physical stores continue to play an important role. Two ways in which physical stores can complement online channels are by acting as local fulfillment centers and being an easy contact point for receiving returned goods from customers. Omnichannel poses a number of challenges for optimizing operations,… Continue reading The Art of Merchandise Planning for Omnichannel Retail
As omnichannel retail becomes a steady trend, conventional allocation and forecasting can cost millions and appear to be rather tedious. The omnichannel approach demands proactive and integrated strategizing across all points of sales, responsive allocation, and timely replenishment. The growth of omnichannel retail has therefore created new challenges for retailers, especially in allocation and replenishment.… Continue reading Allocation and Replenishment for Omnichannel Retail
As the global economy becomes interconnected and complex, companies find it challenging to meet customer expectations. They must make supply chain decisions faster, decisive, and accurate, and have the ability to implement those decisions rapidly and transparently. Integrated demand planning is necessary to remain competitive in today’s marketplace. It amalgamates the supply side and the… Continue reading Building Digital Supply Chains with Integrated Demand Planning
A high-low pricing strategy is one that runs a substantial gap between the regular or listed price of any product and its promoted price. The high-low method is a retail price optimization strategy adopted to give consumers the perception of a bargain without any compromise on the perceived value of the brand. The most important… Continue reading What is a High Low Pricing Strategy in Retail? Find the ideal price for your product.
What is Retail Price Optimization? Customers are comparing prices all the time and across channels – online and offline. They have apps that suggest discount codes and they are always looking for offers that give them the most value for their money. Even in such a time of changing consumer behaviour, unfortunately, many retailers rely… Continue reading Maximize profits with Retail Price Optimization
As competition intensifies across the e-commerce space, brands must offer faster deliveries and efficient order fulfillment to stay competitive. Being able to project demand accurately and maintain inventory levels according to customer expectations is crucial. A major factor influencing customers’ perception of a brand is the time taken by a retailer to deliver an item… Continue reading How Demand-Based Inventory Distribution Helps Future-Proof Your E-Commerce Business
Every business begins with a plan which, if not executed properly, impacts growth and expansion. Inventory management is a critical part of retail businesses and many businesses use Excel as their initial inventory management tool as it is user-friendly and readily available on all computers. Nearly 46% of Small and Medium businesses don’t track their… Continue reading The Cost of Human Error in Merchandise Planning: MS Excel vs New Age Merchandising Planning Software
Merchandise planning is an intensive process that gets more complicated around the holiday and discount season. Black Friday discount, which started as a one-day event spread to Cyber Monday, its digital version. In 2020, U.S. shoppers spent a record $34.36 billion on retail websites over the five days from Thanksgiving to Cyber Monday, up from… Continue reading How retail stores can plan their merchandise accurately during the Black Friday and Cyber Monday Sale
The phenomenal rise of e-commerce is hardly unprecedented. Over the last few years, the growing internet penetration, affordable data prices, persistent efforts of e-commerce companies, and the global pandemic, compelled the digital revolution on even the most unwilling customers and companies. It was an evolve or get left behind situation for many companies and the… Continue reading Reduce logistics costs and improve delivery time with Increff Regional Utilization
There are hundreds of people who walk into your store every day. This provides an opportunity to convert them into loyal customers. How do you impress them? A straightforward and data-driven way to ensure that you always meet your customers’ expectations is by investing in assortment planning. What is assortment planning in retail? Simply put,… Continue reading Assortment Planning For Profitable Retailing
