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What is retail planning & how does it work?
What is a retail planning strategy & roadmap?
What is the first step of the strategic retail planning process?
Why is strategic retail planning important?
May 18, 2024 · Retail planning is the process of developing a strategy for retailers to meet customer demand while maximizing ROI using data and other resources. Taking the time to plan ensures businesses have the right amount of inventory available to meet demand while minimizing risk of having too much inventory tied into capital.
- Start with a situational analysis. The first step of effective strategic retail planning is conducting a thorough situational analysis. This strategic analysis involves evaluating both internal and external factors that may impact your retail business.
- Get insights from your consumers. Consumer-centric strategies are one of the key factors in securing a successful retail business. Did you know that companies can reduce operational costs by 10 to 25 percent as a result of improved customer experience and digital transformation?
- Develop an overarching retail strategy, set objectives, and build a roadmap. In the second step of effective strategic retail planning, you'll want to outline general business intent, formulate your overarching retail strategy and build a strategic roadmap.
- Align retail operations with the overarching business strategy. Step three is all about getting your people on board! Sharing the company strategy with your teams is crucial.
- Self-Analysis to Define SMART Goals. The journey of the strategic retail planning process starts with self-analysis to understand that where your business stands right now.
- Conducting Market Analysis. Conducting market analysis means analyzing your competitors, their products, marketing strategies, shortcomings, customer satisfaction rate, and so on.
- Understand Your Consumer Behavior. Getting insights into your consumer behavior will give you clarity of their preferences, buying patterns, and spending habits.
- Design Your Retail Strategies. Now that you have thoroughly understood the market and your customers, it’s time to design and implement your retail strategies to achieve SMART goals.
- Begin with market analysis. The first step in retail planning is doing your homework on your market (AKA conducting a market analysis). This means deeply researching the marketplace (including your competitors, consumer interests, target persona purchasing habits, DTC trends, and alternate product offerings) to gain valuable insights about your customers and industry.
- Analyze your customer behavior. Where do your customers like to shop? Are they budget-conscious and always looking for a good deal? Do they get recommendations on what to buy from friends and family?
- Set SMART goals. Now that you have all these great data points, it’s time to set specific, measurable, achievable, relevant, and time-bound (SMART) goals to help you organize your priorities.
- Improve short-term, but think long-term. The retail industry is often unpredictable. Luckily, short-term planning can help you handle immediate priorities, such as seasonal fluctuations, while getting you closer to your long-term goals.
Retail planning process is a comprehensive approach that comprises multiple planning scenarios: Strategic Planning. It aligns business strategies with the overall vision of the company for long-term success. It involves analyzing the market, competitors, and your KPIs to achieve specific business goals.
Retail Planning and Optimization. Switch from a merchandise planning process that’s product-centric to one that’s customer-focused. Define your assortment, placement, pricing, promotions, and product lifecycles to grow profitability with retail planning.
May 10, 2022 · Outline the steps of retail strategy planning. Strategic planning is a formal process. Thus, it is marked by specific activities in which firms engage to build a marketing plan, ensuring that the entire organization is aligned on strategic priorities. The actions included in strategic planning are:
