What is assortment planning in retail and how it drives revenue growth
Retail assortment planning is the process of selecting which products make it to ...
The grocery retail industry has changed dramatically in recent years. Traditional inventory and supply chain approaches will no longer work in the face of cross-channel transformation. Demand will only grow as shoppers come to expect a more seamless experience in every interaction with every passing day.
Consider this: According to Statista, “In 2019-2020, the average household consumer in the United States shopped at 16.8 grocery retailer locations. By 2023-24, the number of grocery stores the American consumer shopped at increased to 20.7.” Rising shopper expectations and the need to offer an extensive SKU lineup make managing inventory harder.
The scope of customer service is also changing and expanding rapidly. Retail establishments need real-time information so that demand forecasting can be done seamlessly. This is necessary as businesses can maintain inventory balance and optimize costs more easily when they have the data to ensure they purchase goods based on actual demand.
Now is the time to reimagine ways to serve the modern grocery customer, make fundamental operational changes to supply chain planning and reinvent how retail businesses work.
What’s included in our grocery retail playbook?
- Learn about some of the most pressing challenges of grocery retail and how to solve them.
- Find new ways to rethink, reimagine and reinvent grocery merchandising operations to turn manual reviews of small quantities of products into truly scalable processes and beacons that will help you manage by exception and make the most of every purchasing decision without getting bogged down by the details.
- Get relevant insights and strategies from industry visionaries that understand the modern business model and data-rich environment needed to succeed.
- Find a range of fresh perspectives on various topics from dark stores to fresh item waste management.
Hear what grocer retail leaders are saying about the industry
“Grocers who want to succeed in the omnichannel world need to nail both online and in-store experiences. They need to do a good job on customer experience, and they need to be ahead of the consumer.”
Justin Honaman, Head of Worldwide Consumer Products – Food & Beverage, Amazon Web Services
“Traditional metrics like in-stock, inventory turn and inventory dollars can no longer produce the desired financial or customer retention results. Today, grocers need to leverage the technology and tools to do robust demand forecasting, better inventory positioning, and better fulfillment.”
Michelle Gloeckler, Board Member: BJ’s Wholesale Club, Duckhorn Portfolio, Holley Performance
“Grocers need to implement AI/ML-based solutions anywhere where it’s possible and makes sense. These solutions hold the key to any retailer’s success in winning, serving and retaining customers. So, they should leverage AI and advanced analytics to improve their operations, reduce costs and increase sales.”
Maksym Tipukhov, Demand Forecasting Director, Fozzy Group
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