Circana has announced the launch of its ‘Precision Assortment for Retail’ solution, which is designed to “transform” assortment planning, the process used by retailers to decide which products to stock across different categories, locations, and channels.
The company claims that the new solution will enable retailers to build tailored assortment plans on demand, ensuring that the right mix of products is available to meet customer demand and deliver on commercial objectives.
Circana noted that in today’s hypercompetitive market, assortment planning is crucial for growing categories and retaining loyal customers. However, complex analysis with disparate datasets and lengthy workflows can delay decision-making and stall growth.
The firm’s Precision Assortment for Retail tool integrates product performance and advanced customer loyalty analytics to create assortment recommendations at a store geography level, based on business targets and rest-of-market items.
“Consumer markets are evolving rapidly, with customers navigating an unprecedented influx of messages and influences. This shift is reshaping categories and driving new patterns in customer demand. At the same time, retailers are leveraging more data than ever before,” said Claire Goodhead, Global Retail Assortment Solutions at Circana.
“Recognising these trends, we’ve developed a solution that aligns perfectly with the needs of today’s market.”
