Most retailers often tend to have a conservative approach towards category management. They assume that it will require too much work to review inventory and refresh product mixes by category. However, retailers can adopt category management best practices to boost category sales and ensure profitability in the long term. They can utilize available data to take robust decisions regarding optimum range, merchandising, and price and promotion of product categories.
At SpendEdge, we understand that addressing customer objectives is imperative for retailers to sustain in the market. Therefore, we have listed category management best practices that will help you monitor category sales and address consumer needs.
Want to know how adopting category management best practices can help you meet customers’ demands and ensure substantial profits? Request a free proposal to access our category management solution portfolio for free.
Category Management Best Practices that You Need to Know
Trust your distributors
Retailers can lean on their distributors to improve category management. They possess detailed information regarding products that are performing well in the market. This will help retailers to create planograms based on existing sales and adopt a systemized approach to manage different product categories as strategic business units.
Put numbers on shelf tags
To track product's sales velocity, retailers can put numbers on shelf tags. They can assign numbers to items based on their sales and monitor category sales. This will help them to identify best-selling items and ensure the availability of those SKUs in the inventory. Retailers can review these numbers at regular intervals as sales velocity of product changes with trends and seasons.
Wondering how putting numbers on shelf tags will help you monitor category sales? Get in touch with our experts now!
Today, there are plenty of options available to customers. Retailers can utilize data to understand the needs of their customers and formulate a category management strategy to address them. Consolidating data will help retailers to have the most price sensitivity to the best customers and improve the efficiency of the category management process.
Interested in improving category planning for your brand? Request a free demo to gain actionable insights.
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