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The world of retail is dynamic, which is a subtle way to say things are constantly changing, and retailers often feel like they are racing towards a moving finish line.
In the increasingly digital world where TikTok is the new search engine, trends are emerging daily and leaving just as quickly. Customers have increased expectations for personalization, so you have more to keep up with than ever.
To stay responsive to changing market dynamics, meet consumer demands, and maintain a competitive edge in this fast-paced environment when building assortments, you need a way to expose and prioritize opportunities, quickly.
Finding a way, or really the time, to consistently identify these opportunities can prove difficult due to time constraints, non-repeatable manual processes for analysis, or even resource and supply chain restrictions.
And, falling behind means you miss opportunities to expand your range and take market share, drive incremental revenue, and react immediately to critical trend moments to include in your assortment to stay relevant and competitive.
Whether pre-season planning or in-season trading, utilizing a retail intelligence solution takes a significant burden off of retailers when assortment planning.
This technology uses AI-fueled intelligence to identify the highest impact opportunities for driving growth when creating or adjusting assortments, allowing you to take action quickly and make data-backed decisions that drive profit.
By automating processes, this AI-driven platform removes much of the manual work from your plate, resulting in:
In practice, you can use this technology to identify the highest impact opportunities in your day-to-day functions, such as identifying trends, building your assortment, and making real-time adjustments.
With retail intelligence, you get succinct information in two-minute report reads that compile market data points to identify and reinforce trend emergence and decline. This includes access to seasonal hindsights and recaps, look-ahead reports, and pre-packaged analysis based on insights from across the market.
This platform combines data sources across your business with competitive and third-party data to enrich your range-building process with customer behavior and basket analysis insights. Based on competitor benchmarking, you can expose the gaps within your ranges and see insights into products and assortments to prioritize.
When making adjustments during crucial trading seasons, this AI-powered retail technology surfaces key insights to direct your attention to areas of the business that need your focus. These easy-to-access insights streamline weekly analysis so you can quickly identify opportunities to drive incremental revenue and reduce risk in your business.
With access to real-time metrics, you can adjust your assortments based on market and customer feedback, sales data, and emerging trends, ensuring you optimize inventory and don’t over or under-stock items. You can also identify missing products and colorways to add to the assortment that are up and coming or performing well.
The fast-paced and ever-changing retail landscape demands innovative solutions for building and maintaining great assortments. Retail intelligence, driven by AI, alleviates many of the challenges retailers face.
EDITED’s Retail Intelligence Platform automates processes and provides timely insights to empower retailers to identify growth opportunities, streamline weekly reviews, and optimize assortments based on comprehensive data sources.
Discover how EDITED can help your team identify the highest-impact opportunities to optimize assortment planning and trading today. Schedule a meeting here.
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