Circana, a leading advisor on the complexity of consumer behaviour, today announced the launch of Precision Assortment for Retail, a cutting-edge solution designed to transform assortment planning, a strategic process used by retailers to decide which products to stock across different categories, locations, and channels. This new solution will enable retailers to build tailored assortment plans on demand, ensuring that the right mix of products are available to meet customer demand and deliver on commercial objectives.
In today’s hypercompetitive market, assortment planning is crucial for growing categories and retaining loyal customers. However, complex analysis with disparate datasets and lengthy workflows can delay decision-making and stall growth.
Circana’s Precision Assortment for Retail integrates product performance and advanced customer loyalty analytics to create assortment recommendations at a store geography level, based on business targets and rest-of-market items (*Data on rest-of-market items is subject to country data availability, releasability rules, and participation in the POS panel).
“Consumer markets are evolving rapidly, with customers navigating an unprecedented influx of messages and influences. This shift is reshaping categories and driving new patterns in customer demand. At the same time, retailers are leveraging more data than ever before,” commented Claire Goodhead, Global Retail Assortment Solutions at Circana. “Recognising these trends, we’ve developed a solution that aligns perfectly with the needs of today’s market.”
Key features of precision sssortment for retail:
- Real-time Flexibility: Results delivered in minutes with the ability to generate and compare unlimited scenario simulations.
- Customer-Centric Planning: Define customer need states and collate data on product performance and substitutability by store geography.
- Efficiency and Analysis: Review item performance analysis to identify targets for delist and distribution changes.
- Automated Recommendations: Run automated assortment recommendations based on business targets and rest-of-market items (subject to country data availability and participation in the panel).
Circana’s Precision Assortment for Retail empowers retailers to shape the most relevant and performant product assortments for their customers in minutes. This comprehensive solution ensures that retailers can make informed decisions quickly, enhancing their ability to compete and thrive in the market.
