How to Create a Successful Assortment Strategy
You’re in the midst of planning for next fiscal year and want to come up with an assortment strategy that’s going to support growth across the category. To start, you might consider adding a new product to your lineup based on what your competitors are doing, or what current trends are cropping up in the market. However, while these factors are good indicators of whether you should add more or less variety, they shouldn’t be considered in isolation. That’s because there are a number of other conditions that also dictate a successful assortment.
In this white paper we’ll look at two main hurdles affecting assortment-related revenue:
In a recent validation study, we helped a number of stores make changes across condiment categories by focusing on their expandable features. In the end we found the stores that closely followed our assortment changes (as shown in the dark blue bars) strongly outperformed competitors who minimally changed their selection or did not participate in the study (as shown in the light blue bars).