In retail, a well structured merchandise classification gives the retail enterprise a scalable foundation to support continuous business growth and accommodate effective planning, buying, and selling to your existing and new product lines and markets.
Recent growth in digital retailing has witnessed expanded merchandise for digital natives who have until now had a fairly narrow product offering. As often the case with organic growth, they find themselves overwhelmed trying to review business performance at each SKU or UPC level. This is driving the need for a systematic way to summarize and group individual items for business insight and more effective merchandise management.
At the same time, traditional retail business complexities have increased as customer markets become more granular, presenting new challenges on how to meet these changing business needs. The tried and true merchandise structure they’ve used for decades has become too restrictive and doesn’t quite satisfy all of their wide-ranging needs.
This e-book explores the different challenges retailers face in various stages of growth when determining the merchandise structure that best suits their business. It provides strategies and best practices on how to create hierarchies to scale and support your business growth.
