It goes without saying that 2020 has been a challenging year for everyone. The COVID-19 pandemic has negatively impacted most business. This year’s festive shopping and seasonal celebrations are quite different from what we have experienced. There are a number of factors that affect how, when and where customers shop as well as availability of items they are looking for,
In this blog we will be discussing how retailers can use planograms to make the most of their festive sales. Planogram software are a real gift to retailers. These visual merchandising tools accurately predict where and how a product should be placed to increase product visibility and sales. A well-designed planogram benefits retailer in multiple ways- better shelf space planning, reduced out-of-stocks, timely product replenishments, effective communication among team members and improved shopping experiences for customers.
Planogram features for optimizing festive sales:
1.Sales report:
When product range meets customer’s needs, it will result in maximum product sales. Sales reports are important tools that help retailers understand their product range better. Based on the outcome of such report retailers adjust their product range and assortment. A sales report provides details about all the products listed in a planogram along with its facing, sales volume, and sales profit. A look at the sales report gives retailers a clear picture of the best selling products along with the amount of shelf space they take.
2. Cross planogram analysis
Cross planogram analysis is useful for stores with multiple retail chains spread across different locations. Based on the location of the store, customer’s demand may also vary. For example, a store having outlets in Middle East and Europe many notices that the demand for Christmas specific items are much higher in European countries than Middle East. Therefore a store cluster comparison is helpful in understanding location wise performance of products in a planogram. Based on such information, product range and assortment can be optimized to meet customer’s demand better.
3. Sales versus space analysis
Store space is a limited a resource, and it should be used wisely. However, limited store space doesn’t always indicate limited profit. Challenges associated with limited store space can be effectively handled using appropriate space management solutions. Today many retailers rely on planograms to plan and execute their store layout strategies. Retailers can compare the sales and space analysis report generated by planograms to know how much sales a product brings compared to shelf space it takes up. This helps retailers in choosing products that bring higher sales relative to space taken for optimized assortment planning.
4. Days of supply
Christmas holidays are major drivers of seasonal inventory in most parts of the world. That means retail stores will see an increased demand for specific products especially greeting cards, Christmas gifts, decoration items and much more. Such products will have lower days of supply as they will be sold out quickly.
Therefore, inventory forecasting is vital for smooth functioning of the store. Planogram software can provide accurate information to retailers about days of supply for each product. Item quantities on shelf can be accurately fed into a sales-based ordering replenishment system. This ensures that stock order will be in proportion to customer’s demand at all times.
Planogramming with Nexgen POG
Nexgen POG is a robust cloud-based visual merchandising tool that allows you to create store specific planograms in few simple steps. It is a multi-device compatible planogram solution that will help you to access, share and edit planogram on any device even including your phone. This planogram software is easy to learn and use. It comes with an array of features including a customizable template, easy compliance, report generation, unlimited licenses among many others to make your planogramming experience streamlined.
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