How do you define product assortment?

How do you define product assortment?

Product assortment, sometimes referred to as merchandise mix, refers to the variety of products that a retailer stocks and sells.

What is assortment example?

A collection of varying but related items. This box has an assortment of chocolates, there’s a picture on the cover so you know which is which. Assortment is defined as a group of things that vary in type. An example of an assortment is a box of chocolates with varying flavors and kinds.

What are the types of assortment?

Types of Assortment Strategies

• Wide assortment. A wide assortment strategy is used when retailers aim to offer a lot of different product lines or categories, but with lesser depth in each category.
• Deep assortment.
• Scrambled assortment.
• Localized assortment.
• Mass-market assortment.

What is core assortment?

n. 1 the central part of certain fleshy fruits, such as the apple or pear, consisting of the seeds and supporting parts. a the central, innermost, or most essential part of something. the core of the argument. b (as modifier)

What is assorted service?

Assorted-Service –some level of service is offered to consumers. It includes handling the point-of-sale transaction; assisting in product selection; providing different payment options; offering delivery; and many more. The store employees assist the consumers in every phase of their buying process.

What is assortment in e commerce?

In general terms, product assortment in e-commerce is the product mix a business presents before the customer to maximize sales. The more variations, the deeper the store’s product assortment. Meanwhile, a ‘Product breadth’ is how many different products a store is selling.

What is eCommerce assortment?

In retail, the strategy of assortment is a product planning process, in both brick-and-mortar and eCommerce platform, of how merchants allocate their variables in stores. This brilliant tactic is created to help match merchandise with customers’ interests and preferences in order to enhance the brand’s value.

What is an assortment gap?

Gap analyses show where your assortment overlaps with the competitor and where you’re a unique seller. Think of it as a Venn diagram. Each circle represents one retailer’s assortment, and the overlap is where you share products.

How do I create a product assortment?

How is an effective assortment strategy developed?

1. Give similar stores similar assortments.
2. Build assortments around product families.
3. Account for changing consumer preferences.
4. Use specialized tools for assortment planning.
5. Analyze your data carefully.

Why is an assortment plan important?

Planning an Assortment provides you with a clear direction as to how to break up the spend to give each and every store a meaningful range, which supports their sales, fits in their space and works to their strengths.

What is share of assortment?

Assortment Share or Share of Assortment is the number of SKUs of a brand (or company) available in a store (or channel) as compared to the total number of SKUs of a brand (or company) in the respective category.

What is an assortment?

According to Investopedia, an assortment is a collection of goods or services that a business provides to a consumer. This concept usually deals with the number of products carried as well as the variety of products sold.

How to use product assortment as a strategy to maximize profit?

You can use product assortment as a strategy to maximize your market share and profit by mixing up various aspects of your product assortment, such as focusing on two or more of the product assortment characteristics, like developing a broad, long, and consistent product assortment, but forsaking product depth.

What are the two components of an assortment strategy?

The strategy is comprised of two major components: A deep assortment—the opposite of a narrow assortment—of products means that a retailer carries a number of variations of a single product. A wide variety—the opposite of a narrow variety—of products means that a retailer carries a large number of different products.

Does depth of product assortment help attract customers?

Although the depth of product assortment may help attract customers, there are certain caveats to relying only on an assortment strategy. If items in an assortment are placed incorrectly, the demand for these products may vary drastically.