Circana Bows New Assortment Planning Solution

Consumer behaviour and purchase data firm Circana has launched an assortment planning solution called Precision Assortment for Retail.

Formed after the merger of consumer data firms IRI and The NPD Group in the Spring of 2022 and given its new name shortly after, Circana combines advanced analytics, cross-industry data and decades of expertise to help clients understand spending and trends across retail sectors, and take action accordingly. Its core Liquid Data platform integrates market, consumer, frequent shopper, media, supply chain and other data in an on-demand, cloud-based technology hub to recommend action for brands and retail stores. Recent additions / upgrades include Liquid AI and smaller client option Liquid Data Go.

The new tool promises to help retailers build tailored assortment plans rapidly and efficiently, getting the right mix of products to meet customer demand and deliver on commercial objectives. Data on product performance is integrated with advanced customer loyalty analytics and on business targets to create assortment recommendations at a store geography level. Data on rest-of-market items is also included in the calculation where available in the country concerned.

Precision Assortment for Retail promises results delivered in minutes, with the ability to generate and compare unlimited scenario simulations; and supplies automated assortment recommendations. The solution defines and assesses customer needs depending on store geography, collates data on product performance and substitutability; and reviews the performance of items to identify targets for delist and distribution changes.

Claire Goodhead, Global Retail Assortment Solutions Director comments: 'Consumer markets are evolving rapidly, with customers navigating an unprecedented influx of messages and influences. This shift is reshaping categories and driving new patterns in customer demand. At the same time, retailers are leveraging more data than ever before. Recognising these trends, we've developed a solution that aligns perfectly with the needs of today's market'.

Web site: www.circana.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.