Balancing act: Finding the optimal mix with assortment intelligence
Assortment intelligence is the ability to understand and optimize the mix of products and services offered to customers. It is a critical part of any successful retail business, as it can have a major impact on sales, profitability, and customer satisfaction. Finding the optimal mix of products and services requires pitting one factor against another. In that way, it can be a balancing act. Retailers need to consider a wide range of factors, including: Customer demand: What products and services are customers most likely to buy? Profitability: Which products and services are the most profitable for the retailer? Competition: What products and services are competitors offering? Seasonality: Which products are in high demand at certain times of the year? For e-commerce businesses, assortment intelligence is often a dynamic orchestration of data, strategy, and foresight. As the digital marketplace evolves, assortment intelligence becomes increasingly indispensable, additionally fost...