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Highlighting products: what, when and where

Men's fashion is flourishing. Something that becomes visible in the streets and within your friend's group. 

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Men's fashion is flourishing. Something that becomes visible in the streets and within your friend's group. More and more men are interested in styling their clothing. They have for example an extensive sneaker collection that contains some limited editions. Also nowadays, Instagram accounts focused on men’s fashion are gaining in popularity. Does that mean you have to focus mainly on men’s fashion in your store and communication? Possibly! Although, it still remains a wild guess. We wouldn’t recommend you, to throw all women’s fashion out of the window. Insights from your data will allow you to make a calculated guess, which will not only show you which gender departments perform best in your store; it will also help you visualize your bestselling product types.

Which products are crucial for a specific channel?

Of course, you can make a yearly/ monthly report based on how many products of each department you sold. Combined with your gut feeling it will give you an indication on which strategy to follow.  Nevertheless, it is more challenging to differentiate on product or channel level. Which categories/ type of products/ brands/colour of specific departments perform best online or in a particular shop? Are some products underperforming in a certain shop? Insights from your data will give you the answers to optimize your retail space and assortment planning across channels.

Assortment Planning

The combination of analytics, trend reports and past experience will give a good indication on what will be a good percentage of men’s clothing suitable for your store and how many products of each category you will have to order. The next thing is to indicate how to distribute your assortment among various shops. Some categories will be performing better in a city shop or online, while others might be more popular in a rural environment.

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For example, you read in a trend report that Dr. Martens will be next big thing next winter, for all genders. Insights derived from your data can give you an indication on how many sizes of each type you will have to order, based on the volume you sold last year and the percentage it will gain in popularity. Also, it will tell you in which shops this brand is mostly sold to men, so those shops you will have to provide with bigger sizes. When Dr. Martens decides to collaborate with Lady Gaga to design a pair of boots and brings them out in limited edition, you will know through via analytics from your data via which channel you will have the most chance to sell them.

Retail space

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As stated above, insights from your data will help you define your assortment for a specific channel. Apart from that, it will also help you see which categories, brands and specifics like color are to be highlighted in your store or online. So, when insights from your data tell you that men’s fashion becomes more important for your business, you could dedicate more retail space to that. Furthermore, you can brief your staff about the cross-and upselling opportunities and place those products next to each other in your shop. You can also decide to highlight a product that doesn’t sell in bulk but at the same time provides a lot of profit.

So… Should you?

The answer is yes, if insights derived from your data, trend reports and your gut feeling say so. Next to that, it stays important to identify which are the best products to promote on each channel. To conclude, it is equally important to map out your cross and up selling opportunities.

 

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May 15, 2019
Selma.ai invests every day in understanding your world and loves to share those findings with you.