Retail Planning is a data-driven strategy implemented to meet consumer demand and maximize ROI by delivering the right product to the right channel at the optimal price, all the while, reducing the need for discounting and maximizing product margins.
Retail planning teams develop detailed and actionable plans to optimize selling, inventory, product mix and pricing. In industries with a high refresh rate, complex product assortments and/or a high number of SKUs, such as fashion, consumer goods, outdoor and luxury, retail planning teams need to constantly adjust plans in response to the latest data.
Supply chain teams, made up of a variety of roles, have a critical part to play in merchandise planning by ensuring that the right products are in the right place at the right time. These teams provide valuable insights into downstream factors such as demand forecasting, inventory levels, and transportation costs to create a more efficient and effective supply chain that can help to improve customer service, increase sales, and reduce costs.
