As we all know, the market is becoming more and more inundated with data. Product data is no latecomer to this match. The typical grocer today runs a product catalog of over 100,000 stock keeping units (SKUs) with even more variants and a broad range of products. Range of products for a fashion retailer might be a few numbers of products, but new attributes describe these products from colors and sizes to frills and hem styles.
The amount of data must then map to large chains of thousands of stores, each with different formats, different consumer demographics, and other conditions that affect product sales. The trend for retailers is no longer relying on merchants to decide based on a quick survey of their friend and influencer circle of the next season’s hot sellers. The creativity of merchants to find the special product options through a focus group or new inspiration from their favorite showcase events is no longer the deciding factor for many retailers.
Merchants seek to find ways to drive more business goals, and sometimes their bets don’t pan out. Even if they are exceptional at selecting the right products, it becomes an ever more difficult challenge to determine initial quantities or even purchase allocations for a season.
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