Adapting To The New Retail Market With Better Inventory Planning Practices: An In-Depth Discussion With Quantum Retail
Quantum Retail Technology, creator of the revolutionary retail inventory management system, Q, with software for allocation and replenishment, forecasting and order planning, as well as the recently released module for assortment and range planning, has made several free esources available discussing retailers' need to improve their inventory planning activities. A free white paper entitled "Adapting to the New Retail Market: How to Balance the Complex Challenges of Localization, Internationalization and Channel Proliferation" can now be downloaded from Quantum's website, along with a podcast featuring Quantum's co-founder and chief strategy officer Chris Allan.
"We saw the need to start this important discussion in our industry because current markets are asking retailers some very difficult questions – questions that their existing processes and tools do not have the answers to," stated Allan. "Consumers are less predictable than ever and retail channels are becoming more complex. In order to adapt to the new market, retailers need to respond to the demands of the consumer and rationalize their inventory at a local level."
Allan discusses the need to "implement better planning practices to manage the breadth of retail assortments" with better assortment planning tools. He explains how the new Q: Assortment and Range Planning software monitors customer behavior in a real-time environment so the retailer can continually align its offering to local demand. The software automates all functions of product forecasting, assortment rationalization, intelligent store clustering and behavior modeling. Instead of managing hundreds of spreadsheets, the module constantly updates data on product performance and customer behavior, which it then uses to automate the way retailers manage and assort their stores. This allows retailers to easily determine what products should go into which locations and when.
When retailers align the breadth and depth of their merchandise offering with the localized demand of their customer, it increases full price sales, improves product availability, and ultimately lowers markdown spend. Q: Assortment and Range Planning ensures that a retailer can create a product range that will meet both its merchandise and financial objectives, simplifying the complex art of merchandising.
To download the white paper and listen to the podcast, go to: http://www.quantumretail.com/news-and-events/White_papers/adapting-to-the-new-retail-market/
About Quantum Retail Technology, Inc.
Quantum Retail has created a revolutionary merchandise optimization system, called Q, that aligns the art and science of modern retailing to the challenges of the 21st Century. Every Quantum Retail customer has achieved 100% return on investment in less than 6 months. For more information, visit www.quantumretail.com.
SOURCE: Quantum Retail Technology