What is Allocation? Allocation involves the optimal distribution of limited product supply across locations and channels to account for demand and supply constraints. Why is Allocation important? Allocation is important to supply chain efficiency and a driver of profitability because it ensures revenue is maximized from available inventory when optimal quantities are aligned to demand […]
What is Assortment Optimization? Assortment optimization is a data-driven analytical process that incorporates numerous variables such as sales history and consumer trends to offer a product mix that balances objectives such as customer choice, localization, sales and profitability. Why is Assortment Optimization important? Presenting product assortments that balances customer choice with inventory productivity and profitability […]
What is Category Management? Category management is the strategic management of product categories as business units to enhance the customer experience, promote loyalty, drive sales and optimize profitability. Why is Category Management important? Category management is the strategic management of product categories as business units to enhance the customer experience, promote loyalty, drive sales and […]
What is Computer Vision? Computer vision gives retailers the ability to analyze images captured in retail environments. Why is Computer Vision important? Computer vision is an important innovation because it gives retailers the ability, when used in conjunction with a store intelligence solution, to identify opportunities to improve retail operations. It can provide an efficient […]
What is CPG (consumer packaged goods)? CPG is an acronym for consumer packaged goods used to describe a broad collection of consumable products in categories such as food, beverages, personal care and household items. Why is CPG (consumer packaged goods) important? CPG is an important distinction that helps retailers and product manufactures speak a common […]
What is a Customer Loyalty Program? Customer loyalty programs can take many forms, but a common feature involves providing shoppers with rewards, incentives and content to encourage continued patronage and increased spending and trip frequency, while also providing retailers and brands valuable behavioral data. Why is a Customer Loyalty Program important? Loyalty programs allow retailers […]
What is Data Monetization? Data monetization is the practice of identifying and realizing the value of data generated by retail operations to create alternative revenue sources distinct from the sale of products. Why is Data Monetization important? Retail operations such as shopper loyalty programs, supply chains and e-commerce businesses generate large volumes of data. As […]
What is Demand Forecasting? Demand forecasting involves estimating future customer demand for products and services and is a key aspect of an efficient and productive supply chain and successful retail operation. Why is Demand Forecasting important? Demand forecasting is important because retailers and consumer goods companies need to make critical inventory and capacity planning decisions […]
What is FMCG (fast-moving consumer goods)? FMCG is an acronym for fast-moving consumer goods, a subset of consumer packaged goods distinguished by a high rate of sales velocity. Why is FMCG (fast-moving consumer goods) important? FMCG represent an important distinction in the world of consumer goods because of the focus on product categories with the […]
What is Macro-Space Planning? Macro-space planning, alternatively referred to as floor planning, is a key element of merchandising that impacts the presentation of products, the size of departments, categories and category adjacencies within a retail environment. Why is Macro-Space Planning important? A retailer conveys it value proposition to shoppers though data-driven merchandising decisions that are […]