Over 56% of products were discounted at some stage within their lifecycle in Q3 2018, the volume of items discounted is rising year on year.
The only way to arrest this is to ensure you have the right product for your customer in the right volume and at the right time. The best way to get this correct is to introduce customer feedback into your product development cycle to help your teams make better decisions about product in advance of stock ordering.
Product Future by Mallzee Insights helps improve gross margin by between 2.81-6.11% through improving over and understock positions for partners. Alongside this, there are less trackable benefits generated through better product targeting and store space saving. In the highly competitive retail market, this level of increase can significantly improve company performance.
When products are tested we also look at how they’ll perform with multiple demographics in your target range to help you understand who each product will appeal to and set stock volumes accordingly.
In the current trading environment Product Future has become a core tool for our teams to ensure we don’t over expose ourselves on certain lines.