Retail assortment management applications (RAMAs) are a foundational component of modern category management solutions for long life cycle products. Using data & analytics and AI technology, RAMAs can curate targeted assortments to create compelling customer experiences, leading to an increase in sales conversion. Long life cycle products in retail include categories such as grocery, consumables and hard goods. The long life cycle retailers’ traditionally broad approach to assortments is not satisfying customers’ demands for more curated assortments to match their lifestyles. Local trends mean that even more granular store-specific assortments are necessary. Advanced analytics, algorithms, AI and automation will play pivotal roles in driving this transformation through better customer understanding and alignment.
Gartner defines supply chain planning (SCP) solutions as platforms that provide technological support to enable a company to manage, link, align, collaborate and share its planning data across an extended supply chain. An SCP solution supports planning, ranging from demand planning through detailed supply-side response planning, and from strategic planning to execution-level planning. It is the planning decision repository for a defined end-to-end supply chain. It is also the environment in which end-to-end-integrated supply chain decisions are managed. It establishes a single version of the truth for planning data and decisions, regardless of the underlying execution technology environment.
Gartner defines Tier 1 unified commerce platforms anchored by POS applications as integral components of multichannel retailers’ digital transformation strategy. Tier 1 multichannel retailers conduct business in any geography, operate extensive store real estate as one of many operating channels and generate annual retail revenue of at least $3 billion per year. In addition to the expected functions to complete a transaction (sales or returns) and the associated reporting (such as transaction logs), these applications are now centralized to facilitate key unified commerce activities. These activities include “endless aisle,” store fulfillment of online orders, clienteling and loyalty, as well as other functions that allow customers to search, transact, acquire and consume products across a retailer’s ecosystem.