The Top 6 Hurdles to Growing Assortment-Related Revenue
Bringing attention to the importance of assortment is easy. It’s getting it right that is highly challenging. Here are the top six hurdles companies face in building an optimal assortment.You’re in the midst of planning for next fiscal year and want to come up with an assortment strategy that is going to support growth across the category. To start, you might consider adding a new product to your lineup based on what your competitors are doing, or what current trends are cropping up in the market.
However, while these factors are good indicators of whether you should add more or less variety, they shouldn’t be considered in isolation. That’s because there are a number of other conditions that also dictate a successful assortment.
Here’s a look some of the hurdles that companies encounter when trying to drive assortment-related revenue.
However, while these factors are good indicators of whether you should add more or less variety, they shouldn’t be considered in isolation. That’s because there are a number of other conditions that also dictate a successful assortment.
Here’s a look some of the hurdles that companies encounter when trying to drive assortment-related revenue.
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- E-commerce is transforming how the retail industry operates
- The sheer number of products on the shelf is cluttering the consumer experience
- Many new products are chasing the same benefit.
- Category decrementality
- Consumers are making fewer trips to brick and mortar locations.
- Consumers have more choices than ever
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