Getting the right product range in store is absolutely critical. Here are the 5 pitfalls when it comes to selecting an assortment in travel retail.
1. The Assortment Is Too Big
If the range is too big it can switch the shopper off. Countless studies have shown that too much choice prevents the shopper from making a decision for fear of making the wrong one. Cognitive Dissonance is that feeling of doubt you get after making a purchase. When there is too much choice, the greater the chance the shopper will have that feeling of doubt.
2. The Assortment Is Too Small
If the assortment is too small, the retailer can lose valuable sales. Using the right type of analysis will identify which categories to grow. Analysing the data in the right way can help identify which categories should be expanded.
3. Modular Ranging
Modular Ranging is where you turn your assortment into a kit of parts. Although I have designed Modular Ranges at the request of retailers (domestic and TR), it is not one I would recommend for Travel Retail. There are many benefits to doing this type of ranging but in our industry the disadvantages outweigh the benefits.
4. Space Is Forgotten
Shops do not have rubber walls or rubber shelves. They cannot cope with an ever growing assortment. This leaves the assortment decisions to the store manager or even the replenisher. This distorts the sales numbers and therefore the future strategy. A product won’t sell itself in the warehouse.
5. The Assortment Is Not Relevant
Often, the most powerful EPOS data available is overlooked. It can provide valuable insights into what shoppers are buying, where, when and how. Travel retailers need to harness this data to create store specific ranges. Used in the right way, you can identify the categories to grow and reduce to make the assortment highly relevant.
Making Assortment Planning Simple
Getting the assortment right can be difficult and time consuming – but it doesn’t have to be. Getting the most relevant range can be as easy as a few clicks. At One Red Kite, we have built a Travel Retail specific assortment planning tool that can build a store specific assortment with ease. To get a free trial of this unique and powerful software, contact firstname.lastname@example.org
As ever, thank you for reading.