Store Clustering
You would already have a store classification. However, store clustering can be a very different take on it. A fashion retailer with 300+ stores wanted a classification on the basis of one single variable of the AGR (Average Garment Rate) for the store. We felt this would lead to a lot of misclassification (where the wrong inferences are made just because you called a certain store an “A” store basis AGR), and there was room to look at many more variables.
So we went completely ballistic and threw 68 variables into the mix. Clearly overkill – I mean, how do you even assimilate 68 variables to cluster stores into A/B/C stores? A lot of these were customer centric variables (this brand has a loyalty program contributing over 70 per cent of its revenue) – variables like: Womenswear contribution, per cent customers who are over 40 years of age, Ability of the store to drive a repeat transaction, per cent Contribution of “Premium” products in each category and so on… for around 65 more variables.
When finally we did the classification, we reduced the 68 variables down to a much smaller set by eliminating non-contributing variables, but even then the big discoveries were that there is so much more to classifying your stores right – and things like per cent womenswear sold, or per cent product sold with a discount can have a large say!
Tracking Sell-Throughs/ Managing In Season Markdowns
Once the season has started, it’s about closely tracking sell-throughs over time. The time frame could be days or weeks depending on how fast your fashion is, but the logic is the same - If it ain’t selling quick enough what can you do, and when?
Denne historien er fra September 2015-utgaven av Images Retail.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 2015-utgaven av Images Retail.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Retail Sector Records Strongest Hi Leasing in 5 years: CBRE
Leasing in Bengaluru, Chennai, and Delhi-NCR accounted for 59% share during Jan-June 2024.
Lulu Mall Bengaluru Welcomes 5 New Brands
Lulu Mall, Bengaluru, operated by the multinational developer Lulu Group, has expanded its portfolio by welcoming five new retail brands, the company wrote on social media.
Gujarat gets its First IMAX at Palladium Ahmedabad
Mumbai-based PVR Cinemas opened a new theatre at Palladium Ahmedabad, a social media post by a company official.
Budget 2024-2025: What's in it for Retail?
An overview of all the retail ecosystem-related measures in the Budget 2024-2025 revealed by Finance Minister Nirmala Sitharaman in her 7th budget speech.
Identity As a Service (IDAAS) Simplified
An explainer on Identity and Access Management-As-A-Service (IDaaS) in the context of retail.
6 Ways in Which D2C Brands are Redefining Physical Stores
From quirky fixtures to restageable elements, D2C brands do it differently when they open brick-and-mortar stores
What Innovation Means for Different Leaders
A look at how representatives of different retail categories define innovation and how they approach and implement it in their businesses.
Elevating Experience Through Omnichannel Retail Strategies
Here's how retailers are blending online and offline to offer seamless and personalised customer experience.
How to Improve Customer Engagement with Generative AI
Ways in which retail businesses can embrace generative AI to create hyper-personalised, seamless conversations to secure a lasting competitive edge in the marketplace.
'Customers Do Not See Shoppers Stop.com as Just Another e-commerce Site'
Sreekanth Chetlur, Chief e-commerce Officer, Shoppers Stop speaks about the three-decadeold physical-first department store chain's e-commerce journey, goals and strategies