Assortment Planning involves determining the quantities of each product that will be purchased to fit into the overall merchandise plan. Details of color, size, brand, materials, etc. have to be specified. The main purpose of creating an assortment plan is to create a balanced offering of merchandise for the customer.
In-depth analysis on sales & inventory is carried out regularly to maintain right assortment. This activity is carried out by preparing certain reports & lists.
Basic Stock List
This is for planning of staple merchandise. This is a planning instrument retailers use to determine the assortment and support for staple merchandise. Staples are product items for which sales are either very stable or highly variable but very predictable.
Model Stock list
It is used while planning the schedule or listing of the SKU’s for non-staple (e.g. fashion goods) items. The model stock list differs from the basic stock list because it defines each SKU in general rather than precise terms. The likelihood of style or demand change within a short period of time and the high probability that sales will also fluctuate with this require a more general stock planning. As an example, a garment chain might require some quantity of fashion style, in some basic colours etc.
Never-Out List
The never-out list is a specifically created list of merchandise items that are identified as key items or best sellers for which the retailer wants extra protection against the possibility of a stock-out. This is done especially in the case where stock-outs reflect permanent loss of sales to the chain. These items may include best sellers, fast selling staples, key seasonal items and bestselling fashion merchandise. This list is regularly and frequently revised.
Apply for Multichannel Retail Certification!
https://www.vskills.in/certification/certified-multichannel-retail-professional
