With digital transformation accelerating in the retail industry, shoppers are becoming less hands-on and more tech-enabled. As such, brick-and-mortar and ecommerce stores alike are adopting novel retail assortment technologies as part of their merchandising initiatives to boost productivity and profits.
According to a report by Research and Markets, retail sales in the U.S. reached $3,818.8 billion in 2018 and is projected to grow to $4,475 by 2023, at a CAGR of 3.2 percent.
At the core of this growth is a gamut of disruptive tech trends, fundamentally changing retail assortment management for the better.
AI is making deeper inroads into the retail assortment management space, allowing retailers to rapidly improve efficiencies. Personalization is creating a huge impact on assortment management. By understanding customer preferences, needs, and buying habits, retailers can plan their inventory and display products such that they can allow buyers to find the right products they want, creating an enhanced user experience.
Advancements in AI and automation technology equip product managers with relevant data to build data-driven assortment strategies and attract buyers. Retailers are also using predictive analytics to guess customers’ next buy, stock up on relevant products, and craft better assortment strategies. With this, they can prevent losses and increase profits.
This edition of Retail Tech Insights delivers a bird’s-eye view of the recent developments in the retail assortment management arena and insights into how companies are aligning with these trends to transform legacy practices.
We have curated thought leadership articles from industry experts, including the Vice President, Retail, Restaurant & Hospitality, AT&T Business; the Director, IT Production Support, Harbor Freight Tools; and the Director of IT - Commerce Applications and ECommerce, Kelly-Moore Paints. We also took a deep dive into the market trends to narrow down the list of companies delivering robust retail assortment management solutions. Equipped with innovative technological capabilities, the enlisted solution providers, such as Retail Space Solutions and S5 Stratos, help transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Retail Tech Insights on retail assortment management helps you build the partnership you and your organization need to foster an environment driven by efficient technology. Let us know your thoughts!