Quantum Retail Releases Q: Assortment And Range Planning
Quantum Retail announces the general availability of Q: Assortment and Range Planning, a new module running on its Q platform, which will enable retailers to optimize the way they approach the art of assortment and range planning, financial reconciliation and product exit management.
The software has the smarts to perform all functions of product forecasting, assortment rationalization, intelligent store clustering and behavior modeling. The module also offers advanced size, pack and markdown optimization as a service, focused on giving the retailer the highest return on the inventory they are buying. It does this by analyzing the demand of each store individually and rationalizing the product mix in each department to make recommendations to buyers as to which stores are over or under assorted, and identifies which products are holding back the category from reaching its goals. In turn, it has the know-how to calculate the best strategy to manage a product exit and phase in a new set of inventory.
"Q: Assortment and Range Planning redefines how buyers and merchants leverage planning applications. It starts with the one critical quality missing in conventional approaches: it's actually usable," stated Chris Allan, Quantum's chief strategy officer. "The pace and unpredictability of retail today is challenging. Local demand changes at every store on a daily basis. Q understands that - and it helps retailers monitor the changing demand at every store, so they can align their assortment in the way that is most profitable and most strategic."
Like all Q modules, Quantum decided to approach the assortment planning process from a different angle. 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, ultimately optimizing to merchandise objectives - like profitability, sales and service levels.
Continuous store insight helps Q: Assortment and Range Planning align the merchandise offering to ever-changing localized customer needs. Retailers can set strategic plans to phase out under-performing merchandise and phase in a new mix, while identifying high performing products for continuity lines. The Q module can either bolt-on to a retailer's current system, or completely replace it with the powerful Q engine which will then make sure that those categories remain stocked at the appropriate levels according to individual store demand.
Automated store clustering and assortment rationalization functions let retailers optimize their assortments immediately. Retailers do not need to wait months or years to see results; the answers from this technology are immediate and ongoing. Q helps users see the impact on their profitability and service levels with any assortment changes before they make them, as well as create several drafts to ensure that they can quickly respond when the market does not behave as expected.
The system is configured at implementation to a company's specific merchandising goals and metrics, enabling the retailer to make strategic decisions on its assortments. Similar to other Q modules, Q: Assortment and Range Planning has a value-driven implementation approach and an expected six-month return on investment. The benefits from this product are incredible for retailers seeking rapid results.
When retailers align the breadth and depth of their merchandise offering with the localized demand of their customer need, it increases full price sales and 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.
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