Assortment Planning & Buying

Effective Assortment Planning is the cornerstone of creating superior customer satisfaction on a market-by-market, channel-by-channel and location-by-location basis

The TXT Retail solution puts you in control of the assortment planning process, taking into account all aspects of your stores, sites, merchandise, and customers. The assortment planning capabilities give life to your merchandise planning goals by guiding you to match flexible product attributes to customer segments, plan collections on a localized basis per delivery window, group stores based on customer preferences, and then create option plans that balance the number of choices to customer tastes, financial requirements and space capacities. You'll then be able conclude the Assortment Planning cycle with a "virtual style out" where the look and feel of the collection are tied to the numeric. Try doing that with a spreadsheet. You'll have the ability to preview your assortments visually, just as your customers do when they shop in your stores or on your websites. TXT Retail delivers an assortment planning solution you will leverage to ensure great looking collections while keeping control of desired financial results.

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Assortment Planning & Buying
  • Assortment Planning and Collection

    Where to begin the process of planning the next season, floorset or delivery window? Creating compelling collections requires having goals and objectives to measure against, or strategic guidelines prior to starting the product selection process. An important part of the Assortment Planning process begins by documenting assortment and collection goals. The Collection strategy starts with a thorough review of what factors drove recent success, adds in the fashion and customer shopping trends, and determines the best starting point for creating the collection.

  • Customer Segmentation

    Customer focused assortments are certainly an oft repeated mantra, but even with knowledge of customers and segments, how do you put this important goal into practice? Practical and guided sensitivity analysis supports merging customer knowledge with product selection to insure that assortments can be created that are on target to the needs of the customers you have in mind to serve.

  • Width/Depth or Range Plan

    Go deep or go home? The determination of the optimal number of customer choices is pure strategy, but strategy is made simpler with the ability to simulate the options by channel and cluster keeping factors such as the open to buy, space and capacity in sight as the season takes shape. As this portion of the plan is constructed, the correct number of placeholders are developed, with the appropriate guidance as to the quantities to be purchased for each option.

  • Item Selection

    With an assortment architecture and width and depth plan in place the merchant and planner can determine what products are the best candidates to become the new choices for the customer. Product selections can include recent or pass performing items, items that are trending with the fashion direction, choices from a manufacturers range, or net new items to be developed by sourcing and production. Each item will be described and attributed so the balance can be kept between the customer look and financial requirements.

  • Omnichannel distribution (wedge)

    Initial thoughts on product distribution and buy quantities are covered in this phase. Here we can create the plan that determines which clusters will be assigned the products, and based on setting expectations how big a buy that product deserves. Insure that a product's planned distribution fits the right channels, and respects any arrangements that may be had for exclusivity, wholesale or franchisee arrangements. Create the strategy for both the buy and flow plans with promotions and events in mind, maintain visibility to the targets set.

  • Item Lifecycle Planning

    Project the sales of key items and products across time, and with drive out the season plan for the item, inclusive of price, promotions receipt flows and exit strategies. Determine the correct size profiles to use, at both chain and store level, and prepare to purchase the approved items, with an automated capability to help generate the style information and the purchase order detail for the ERP.

  • Fat Face, a leading UK fashion retailer, selected TXT Retail to optimize merchandise and assortment planning across all channels. TXT Retail's merchandise and assortment planning solution provides Fat Face with a collaborative planning environment that balances strategic goals with merchandise plans to identify ideal product mixes and volumes. More...

Key Functionality

  • Virtual Style Out: With actual product images, review purchases from every angle and attribute. The buyer can see a completely coordinated floor set that encourages frequent visits and multiple-item purchases.

  • Excel UI, Pivot Tables edited and manipulated at all summary levels

  • Advanced What-if capabilities with multiple scenarios

  • Workflow management with ability to design sequential, parallel, nested workflows

  • Concurrent Planning and Performance Management with correlated KPIs

The Benefits

  • Customer focused assortments, meeting localized demand

  • Reduced inventory, improved visibility of excess inventory

  • Increased sales at full price by targeting the inventory in stores and categories that have a higher propensity to sell at full price

  • Increased availability in areas of greatest sales potential

  • Improved Turns: optimizing the width and depth of assortments to invest more in high producing items