What is retail allocation? Retail allocation, also known as merchandise allocation, is a key part of retail planning. It involves assigning individual item quantities to different stores or channels based on factors like historical sales data, customer demographics, and demand forecasts. Otherwise known as merchandise allocation, retail allocation is an in-season process in the retail […]
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? Assortment planning deserves much attention from practitioners and academics due to its […]
What is category management platform for retail? Modern retail organizations face unprecedented complexity in managing product assortments, optimizing pricing strategies, and responding to dynamic consumer demands. According to the 2024 Gartner CIO and Technology Executive Survey, the top priorities for retail CIOs in the coming year are the successful execution of a unified commerce strategy […]
What is computer vision for retail? What is computer vision in retail? Computer vision is a field of artificial intelligence that focuses on enabling computers to understand and interpret visual information from digital images or videos. In retail environments, this technology gives businesses the ability to analyze images captured throughout stores, warehouses, and customer touchpoints […]
What is Connected Retail? Connected Retail is the use of predictive and generative AI to increase the value of data by unifying disparate sources of information to accelerate and improve decision-making accuracy and business performance. Why is Connected Retail important? Connected Retail is essential for effectively serving shoppers and improving operational efficiency because it solves […]
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 in Retail? A customer loyalty program is a structured marketing initiative that provides shoppers with rewards, incentives, and personalized experiences to encourage continued patronage, increase spending frequency, and build long-term relationships. More than 90% of companies now have some form of loyalty program, making it a critical component of […]
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 for retail? Demand forecasting for retail is a critical business process that predicts future customer demand to optimize inventory levels, reduce costs, and enhance customer satisfaction. As retail markets become increasingly complex and competitive, advanced demand forecasting software has evolved from a simple planning tool into a strategic differentiator that can […]
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 […]