LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of category management solutions, has announced the completion of their category management study for a global retail firm.
The company wanted to assess the dynamics of the market, drivers, and niches to improve their profitability. The key objectives they aimed to achieve through this engagement are mentioned below:
- Objective 1: The company wanted to gain detailed insights into the supplier's pricing, cost structure, and price model analysis.
- Objective 2: They also wanted to analyze competitors’ category strategies to minimize their inventory spend.
- Wondering how assessing competitors’ category strategies can help retailers reduce their inventory spend? Request a free proposal to access our complete portfolio of category management solutions for free!
“With the increase in unemployment, inflation rates, and decline of the economies globally, retail companies have been forced to opt for category management studies to reduce the overall inventory spend,” says Srinivas R., Procurement Manager at SpendEdge.
Key findings and solutions offered
In partnership with SpendEdge, the client – a global retail firm – analyzed consumer purchase patterns and assessed penetration, loyalty, and frequency of products. The solution offered helped them to:
- Determine product categories and reduce inventory dollars by 15%.
- Analyze the market performance and identify factors impacting the growth of the retail market.
- Want to know how you can successfully determine product categories to address consumer demands? Get in touch with our experts now!
Outcome: The category management experts at SpendEdge adopted a two-step research methodology to cater to the specific category requirements of the retail company. They provided actionable data to help the client analyze consumer purchase patterns and devise strategies while considering recent trends in the retail sector. The category management study further helped the client to understand suppliers pricing, cost structure, price model analysis, and competitors’ category strategies. Also, the consumer decision tree provided by experts helped the client to determine assortment.
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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