In the retail sector, it is very important to optimize store on multiple dimensions .
What are the various dimensions on which a store needs to be optimized ?
There are 7 dimensions on which a store performance can be tracked. They are
1. Merchandising : Do I have the right mix of products/categories in my store ?)
2. Shelf space optimisation : Have I laid this mix out optimally across shelves - at eye level, above eye level, below eye level, near checkout counters for impulse buying etc ?)
3. Pricing : How is my store doing vis a vis alternative stores in 2-3 mile radius ?
4. Footfall : How many shoppers are visiting my store ?
5. Basket profile : What is the average basket size ? What do they spend on ? Are some products cannibalizing others ?
6. Promotions : Which are promotions are driving sales to my stores
7. Supply chain : Do I have frequent stockouts ? Are some items not moving past 90 days ?
Grow: Notes from Session 6 of TEDNext 2024
3 weeks ago
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