Retailers must enhance and translate key consumer insights into fine-tuned allocations with store-specific assortments to remain competitive and meet customer demand. The challenge is this must be done efficiently and profitably across the entire retail chain.
To deliver on customer expectations, executing the right allocation and merchandising strategy across all channels is critical. Allocating in an omnichannel world requires having an all-inclusive perspective on inventory so all inventory works to your benefit. Retailers need to give consumers what they want, when and how they want it.
Today’s customer-centric retail allocation software allows retailers to collect data and allocate more efficiently. Best in class retail organization ensure that their host systems provide one view of inventory across the enterprise with the ability to order, pick up and ship virtually anywhere. This gives allocators the capability to leverage inventory across retail, wholesale and e-commerce channels to fulfill customer demand.
A customer-centric allocation strategy uses up-to-date information for the host system to enhance and translate consumer insights into pinpointed allocations. This approach fine tunes and optimizes store-specific product assortments across the entire retail organization.
As a mission-critical task, impacts from improved retail allocation can be felt immediately. Being flexible in your allocation strategy results in a more tailored inventory. Retailers that maximize allocation using customer-centric retail software and strategies can reap significant benefits.
- More accurate, store-specific allocations based on the ability to leverage relevant, timely and integrated data from supporting host, planning and optimization systems
- Effective inventory and assortment plan execution
- Ability to conduct and manage complex allocations in less time
- Increase in-stock merchandise without any significant increase in inventory
- Maximize space utilization within a store
- Improve inventory turns and reduce stock outs
By using a retail allocation software to gather and analyze data on shopper behavior, you can adopt a more personalized approach to allocation for store-specific product assortments to improve customer satisfaction while increasing sales and margin.