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How can you identify emerging trends and incorporate them into your assortment plan?

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As a retail operator, you need to keep up with the changing preferences and behaviors of your customers. One way to do that is to identify emerging trends and incorporate them into your assortment plan. An assortment plan is a strategic document that outlines the types, quantities, and prices of the products you will offer in each store or channel. It helps you optimize your inventory, sales, and margins. In this article, we will share some tips on how to spot and leverage emerging trends for your assortment plan.

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Claudia Abreu

LinkedIn TOP VOICE | Board Member| CEO | Growth | Retail and Consumer Goods
Rafael Mariconi

Analista PPCP Sênior / Analista Planejamento / Programador PPCP Sênior / Planejamento Programa??o Controle Produ??o
Victor Onyedikachi

Attended Ebonyi state university

1 Monitor external sources

One of the easiest ways to identify emerging trends is to monitor external sources, such as social media, blogs, magazines, podcasts, influencers, and competitors. These sources can give you insights into what your customers are interested in, talking about, and buying. You can use tools like Google Trends, BuzzSumo, or Mention to track keywords, topics, and mentions related to your niche. You can also subscribe to newsletters, podcasts, and magazines that cover your industry or target market. By staying updated on the latest news, events, and opinions, you can spot opportunities and gaps in the market.

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Claudia Abreu

LinkedIn TOP VOICE | Board Member| CEO | Growth | Retail and Consumer Goods
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Identify trends is very much related to observation. It is crucial to understand what is the data we are getting, how we can interpretate it and what are the key insights. Also, it is important to understand what is the solution that my company′s product brings to address those trends. It is like surfing, you need to observe the waves and how you can surf them….or fall apart if the timing or the board is not the right one.

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Victor Onyedikachi

Attended Ebonyi state university
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Engage with trend forecasting services or agencies to gain insights into upcoming trends in your industry. Utilize trend reports and market studies to inform your assortment planning decisions Implement a test and learn approach by introducing a limited quantity of trending products. Monitor the performance of these products and adjust your assortment plan accordingly based on real-time data.

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Rafael Mariconi

Analista PPCP Sênior / Analista Planejamento / Programador PPCP Sênior / Planejamento Programa??o Controle Produ??o
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Toda informa??o e fonte de dados que indique possíveis tendências ou necessidades do público alvo, até mesmo do comportamento dos concorrentes, s?o válidas para identificar possíveis oportunidades no mercado.

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Michael Anthony Sandro

Store In-Charge at Waagner Biro Bridge Services
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Identify emerging trends by closely monitoring industry publications, social media, and consumer behavior. Leverage data analytics to track sales patterns and customer preferences. Engage with influencers and conduct market research to stay attuned to evolving tastes. Foster open communication with suppliers for insights. Utilize trend forecasting tools and collaborate with a trend-savvy team. Regularly review and adapt assortment plans based on real-time data. Embrace flexibility and agile decision-making to swiftly incorporate emerging trends into your product offerings, ensuring a dynamic and customer-centric assortment strategy.

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2 Analyze internal data

Another way to identify emerging trends is to analyze your own internal data, such as sales, inventory, customer feedback, loyalty programs, and web analytics. These data can help you understand your customers' behavior, preferences, and satisfaction. You can use tools like Excel, Tableau, or Google Analytics to create reports and dashboards that show key performance indicators, such as sales volume, sell-through rate, conversion rate, average order value, and customer retention rate. You can also segment your data by store, channel, product category, customer profile, or season. By looking at your data, you can identify patterns, anomalies, and opportunities for improvement.

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Rafael Mariconi

Analista PPCP Sênior / Analista Planejamento / Programador PPCP Sênior / Planejamento Programa??o Controle Produ??o
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Os dados internos, servem como histórico de comportamento ou tendências, analisar esses dados de como seus clientes atuam no seu faturamento pode ajudá-lo a identificar desvios, padr?es e oportunidades de melhoria.

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Jovenildo Santos

Gerente de Logística,Controle de Estoque, Preven??o de Perda e Inventários
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Uma boa forma de prevê as tendências é alinhar dados internos e pesquisas externas, onde você analisa seus dados e compara com a fonte adquirida e depois faz as suas respectivas.

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3 Validate with research

Before you incorporate an emerging trend into your assortment plan, you need to validate it with research. You need to make sure that the trend is relevant, profitable, and sustainable for your business. You can use methods like surveys, interviews, focus groups, or test markets to gather feedback from your customers and potential customers. You can also use tools like SWOT analysis, PEST analysis, or Porter's Five Forces analysis to evaluate the strengths, weaknesses, opportunities, and threats of the trend. By validating your trend with research, you can reduce the risk of making wrong decisions and wasting resources.

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Rafael Mariconi

Analista PPCP Sênior / Analista Planejamento / Programador PPCP Sênior / Planejamento Programa??o Controle Produ??o
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Após uma análise dos dados coletados externamente e internamente e já ter refletido as informa??es no seu plano, ainda é útil uma pesquisa de valida??o para que se confirme que a tendência é relevante. Pode consultar clientes, parceiros de negócio, utilizar ferramentas para avalia??o de pontos fortes e fracos da tendência.

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Andre Bento

Editor de Imagens | Designer gráfico | Social Media | Copywriting | Logística Interna
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Organizando a equipe para coleta de informa??o e ideias, internas e externas teremos melhores feedbacks com informa??es assertivas e qualificadas para reconhecermos a tendência relevante, lucrativa e sustentável. A redu??o de qualquer risco será a consequência da valida??o das boas escolhas. Pesquisas, arquivos, análises, banco de dados, tudo que contenha informa??o sempre ajudará qualquer setor em observar e validar antes de qualquer decis?o, o conhecimento das coisas é como se fosse a luz no escuro, ent?o tudo se torna óbvio desde que saibamos a resposta.

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4 Align with your strategy

Finally, you need to align your emerging trend with your overall strategy. You need to consider your brand identity, value proposition, target market, and competitive advantage. You need to make sure that the trend fits your brand image, supports your value proposition, appeals to your target market, and differentiates you from your competitors. You also need to consider your financial goals, such as revenue, margin, and return on investment. You need to make sure that the trend is profitable and scalable for your business. By aligning your trend with your strategy, you can create a coherent and consistent assortment plan.

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Rafael Mariconi

Analista PPCP Sênior / Analista Planejamento / Programador PPCP Sênior / Planejamento Programa??o Controle Produ??o
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Deve-se sempre lembrar que todo plano alinhado a estratégia geral da companhia trata maior valor nos resultados, com isso como premissa, pode se avaliar os pontos: a tendência se encaixa na imagem da sua marca, apoia sua proposta de valor, atrai seu publico-alvo e o diferencia dos concorrentes, torna possível o retorno esperado, é lucrativo para o negócio, esse tipo de avalia??o criar um plano coerente e consistente.

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5 Adapt to changes

Once you have incorporated an emerging trend into your assortment plan, you need to monitor its performance and adapt to changes. You need to track the sales, inventory, and customer feedback of the products related to the trend. You need to compare the actual results with the expected results and identify any gaps or issues. You also need to keep an eye on the external and internal factors that may affect the trend, such as customer behavior, competitor actions, market conditions, or technological innovations. By adapting to changes, you can optimize your assortment plan and stay ahead of the curve.

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Funsho Oyekunle

Supply Chain || Retail Sales || Geology
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Change is inevitable in all sectors of the economy, early 2000s brought mobile phones, while the GSM internet made the phone a mobile computer system in the 2010s. The emerging market of apps solving problems from health, e-commerce, transportation and banking shows that the businesses doesn't stay at a point for long. The ability to adapt strategies to emerging markets and change during assortment planning will keep companies afloat even as the market evolves.

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Rafael Mariconi

Analista PPCP Sênior / Analista Planejamento / Programador PPCP Sênior / Planejamento Programa??o Controle Produ??o
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Mesmo com um plano bem elaborado e construído com base na análise de dados, ainda sim é válido monitorar o desempenho e realizar ajustes durante o processo, ser flexível e se adaptar às mudan?as vai otimizar o plano e manter os resultados à frente do esperado.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Tahir Shah

Cost Control Manager MBA | CMA | PowerBI | Reporting & Analytics | ERP Implementation | Cost Savings Strategies | Driving Efficiency and Profitability
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1. Keep yourself updated on the trends, in your industry understand how consumers behave and stay informed about your competitors by conducting market research. 2. Get to know your customers by collecting and analyzing feedback through surveys. 3. Stay up to date on emerging trends and market predictions by reading industry publications, reports and analyses. 4. Stay ahead of the curve by monitoring media platforms for discussions hashtags and influencers that're relevant to your industry. 5. Prioritize pilot programs or test markets as they allow you to assess the feasibility and acceptance of products before integrating them into your product lineup. This approach helps minimize the risks associated with introducing items.

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How can you identify emerging trends and incorporate them into your assortment plan?

1

2

3

4

5

6

1 Monitor external sources

2 Analyze internal data

3 Validate with research

4 Align with your strategy

5 Adapt to changes

6 Here’s what else to consider

Retail Operations

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