Assorting the right item into the right location at the right time empowers retailers to maximize customer satisfaction and revenue through the use of predictive and prescriptive analytics.
QueBIT’s Predictive Assortment Planning solution maximizes product availability for retailers by building store-specific assortments tailored to each retail store’s unique demands.
Features of Predictive Assortment Planning
The solution leverages predictive models that forecast sale quantities (or propensity of sale for slow-moving products) for all items (with and without sales history) at each retail location. The solution also incorporates sophisticated life cycle modeling to add items at just the right time. At the end of the life cycle, they are removed.
Additionally, the solution identifies item pairings that need to be co-located so that the customer can complete the job, look, design, or project. Then, the system forward positions key items based on customer willingness to wait, which results in higher conversion rates and increased customer satisfaction.
The solution is highly scalable and allows assortments for all stores/DC to be generated in a single day. The end result is a greater number of satisfied customers, increased availability, higher inventory turns, and lower overall inventory levels (decreased safety stock).
- Generation of improved store assortments
- Generation of improved DC assortments
QueBIT’s Predictive Assortment Planning solution has resulted in increased assortment accuracy (10-40% by category) and to date has generated more than $200M in incremental revenue. It has also resulted in tens of millions of dollars in inventory carrying costs and labor.
Why Choose QueBIT?
QueBIT is dedicated to helping organizations improve their agility and make informed decisions that create value. QueBIT has delivered analytics solutions for more than 450 organizations, including some of the largest and most successful companies in the world.