Sizing is the next critical step to focus upon the finalisation of assortment mixes. Other than internal understanding towards target customer sizing needs, external sizing analysis helps retailers in identifying opportunities to drive sales growth, for instance, identifying category expansion opportunities.
Like assortment planning, sizing analysis starts with an internal sizing review. Retailers are advised to conduct a sizing analysis based on the recent three to six months’ performance to understand the current market demand for the total brand and respective categories.
Paired with internal insights, here are the recommended steps for brands to carry out external sizing analysis using the dashboard:
- Identify competitors’ sizing offerings
- Review own brand vs competitors’ sizing offerings
- Develop own brand sizing ratio set
- Optimise sizing allocation with desired units allocation per SKU/category
Having an established sizing ratio set for each category allow brand to:
- Improve optimum sell-through for each size
- Optimise sales mix on best-selling sizes
- Optimise stock level and weeks cover
- Reduce markdown (MD) inventory
- Improves replenishment efficiency
Sizing analysis and planning are crucial as it depicts the reactiveness of brands towards their target customer demand and wants. Having the availability of sizes demanded by target customers drives long-term sales conversion as it shows that the brand values their customers’ needs and ensure these needs are being met. All in all, stocking best-selling sizes promotes constant customer engagement to boost sales growth for the brand.
We hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.