Specialty retailing (examples are the fashion or cosmetics industry) is always struggling with assortment efficiency at the store level or range efficiency overall. Whether part of a brand, standalone or integrated into an omnichannel setup, increasing the share of fast and slow movers, whilst reducing the non-movers has always been a challenge.
Integrating effective merchandise, demand, and buy planning, whilst using sales-based replenishment and supply techniques, is one of the key requirements for this industry. Consumer personalization has increased the need for brands to have adaptive product development and supply chain processes at all consumer touchpoints – traditional retail, specialty retail, e-commerce, mobile and social. This combined with an effective social and influencer marketing campaign strategy is a must to stay relevant to its consumers.