December 21, 2021

Building an Effective Product Assortment Strategy

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Product assortment is not a new age term that you probably aren’t familiar with. Back in the day, when consumers shopped from physical stores regularly, even then, the product assortment played a vital role. But now, as more and more consumers have moved to digital platforms to buy goods and services, assorting products in that space is also crucial for the company’s success.

 

When you choose to assort products, you increase your ROI and KPIs. It is not something you can do in a day because it requires both creative and scientific thought processes to generate an excellent strategy.

 

What does product assortment mean?

A platform tries to sell more than one product to its customers in a digital marketplace. The product assortment should be based on product depth and breadth biases. What does that mean?

 

Product depth indicates the variety of a product that a store has. For example, if you are searching for a vanilla fragrance candle, the product depth will show the different sizes, colors, shapes, and price variations the store has related to this particular product.

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Product breadth on the other hand indicates the types of products a store is selling. For example, an e-commerce platform will have grocery, furniture, electronics, beauty, stationery, and other products.

 

How does product assortment work?

Once you know the product’s depth and breadth, you are halfway through the process. The product category and the variation in products you have in stock need to be sorted into categories to give consumers an organized set-up to buy them.

 

Assorting products into their respective categories reduces time, increases sales, and minimizes the risk of your business. One thing that you must pay attention to, is that more product does not mean more sales.

 

If you add more variation in a product line, the consumer will get confused. Instead of making a firm decision, they can find it challenging to choose one product. Therefore, maintaining a standard number for variation you want to offer is equally important.

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How to make an effective product assortment strategy?

To profit from your product assortment strategy, you need to keep the following terms in mind.

 

  1. The most important thing to decide is the market you want to target. It would help if you segregated your audience depending on their interests and needs. You will be better at asserting a product when you know who you want to precisely target. You’ll have to have a comprehensive product assortment strategy when you have multiple products.

 

  1. Assort products based on your consumer’s tastes and preferences. Suppose the customer is searching for lipstick; they will return to your website again after the first day of the search. You should analyze their taste and show them better products they’ll prefer to buy.

 

  1. Keep yourself updated with your stock inventory. It will allow you to assort your stock based on product availability under different lines of products. Unless you know what you have in stock, you won’t be able to give your customers their requirements.
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  1. Give importance to products with tremendous visual impact. Some product photographs are visually appealing, and because of it, the product sale is on the higher side. You should give them enough credit and place them first while assorting products.

 

Hopefully, with the help of these details, you’ll have better strategies at hand while assorting products on your platform. You can seek expert assistance for better strategic planning to attain more remarkable results.

 

 


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assortment, building, effective, product, strategy


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