Category role: It is the role, which your product range reflects in a retail store.Therefore, a retailer needs to review the product range as seasons change or new trends appear. For instance, if you are an apparel retailer, you will sell more sweaters during winter than you will during summer. Consider seasonality: Knowing the seasonality will help retailers to determine how many times to review your range a year.Planogram Factors to Understand When to Review the Product Range? Category strategy: It helps to determine the type of specific group of products that can be implemented in the store to drive sales.
This will help to analyze what products fall within each sub-category and satisfy the shopper’s needs. Category hierarchy: While considering the category-wise products, the retailer needs to structure the range within a level of hierarchy.This helps to track product performance and make better decisions. For instance, retailers can consider previous sales data of products to compare the growth of their business. Retail data: While reviewing the product range, a retailer should choose the relevant retail data.A retailer can complete the analysis of product range review for his retail store, by considering the following points: Retailers can also improve sales by changing the number of listings and facings of products on shelves with market trends and customer needs. This helps retailers to get a better understanding of visual representations of what the store fixtures will look like to please customers. Planograms help to evaluate the performance of in-store products with past retail sales data that can have an impact on retail sales. This can be reduced by a detailed product range review with the help of planogram software. This will result in losing customers and a drop in sales. But how? For one, if the retailer stocks the wrong items, it can displease customers and lead to fewer customers visiting the store. The product you stock can decide the success of your store. This helps to evaluate the performance of each product against the performance of the total range. It is the logical understanding of products in a retailer’s range per cluster. That is why product range review is an important tool to maximize your sales and improve profitability. To remain competitive, retailers need to assess product ranges in line with customers' needs. Sometimes your sales are down, customers attention are falling, and everything goes wrong with your retail business.
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