The Power of “Item Pairing” in Assortment Strategy Scenario Simulation

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Retail Mavericks

61 episodes

5 days ago

Looking for the latest in retail trends? Retail Mavericks covers AI, technology, culture, and innovation with expert guests guiding you through the cutting-edge. Hosted by Milena Salmon and directed by HIVERY's Co-founder, Franki Chamaki, it offers a fresh, witty perspective. With HIVERY as our proud sponsor, you're in good hands. They're pioneering next-gen hyper-local retail assortment strategy simulation and optimization solutions developed with CSIRO's Data61. Visit hivery.com and now on with the show!

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The Power of “Item Pairing” in Assortment Strategy Scenario Simulation

Retail Mavericks

4 minutes 13 seconds

2 years ago

The Power of “Item Pairing” in Assortment Strategy Scenario Simulation

Are you looking to optimize your store's shelf space for a new product line? In this podcast episode, a team discusses their experience of using AI technology to optimize their shelf space and improve their revenue potential.

By applying merchandising constraints such as "item pairing," the team was able to run five different scenarios to analyze the impact on revenue. Specifically, they focused on item pairing and discovered that it significantly impacted their revenue potential. However, applying product orientation and front-facing rules did not significantly impact revenue potential.

This highlights the importance of taking a data-driven approach to analyzing multiple scenarios to create a final assortment strategy that meets necessary constraints while maximizing revenue potential. With the power of AI technology, you can analyze a greater number of scenarios and discover new revenue opportunities.

If you're looking to optimize your store's shelf space, consider implementing AI technology and a data-driven approach. By doing so, you can make more informed decisions and improve your revenue potential.