How can you balance new products with consistent assortment?

1 Know your customer

The first step to balance new products with consistent assortment is to understand your customer's needs, preferences, and behavior. You need to segment your market, analyze your data, and conduct research to identify your target segments, their buying patterns, and their feedback. You also need to monitor your competitors, industry trends, and market opportunities to anticipate your customer's expectations and demands.

2 Define your assortment strategy

The next step is to define your assortment strategy, which is the set of rules and criteria that guide your product selection, allocation, and presentation. Your assortment strategy should align with your brand positioning, value proposition, and financial goals. You should consider factors such as breadth, depth, diversity, uniqueness, and relevance of your products, as well as their price, quality, margin, turnover, and availability.

4 Manage your inventory effectively

The fourth step is to manage your inventory effectively, to optimize your space, cash flow, and customer service. You should balance your inventory levels, replenishment frequency, and markdowns, to ensure that you have enough stock of your best-selling products, but not too much of your slow-moving or obsolete products. You should also use inventory management tools, such as forecasting, ordering, replenishment, and analysis, to improve your accuracy and efficiency.

5 Communicate your value proposition

The fifth step is to communicate your value proposition, to highlight the benefits and features of your products, both new and existing. You should use various channels and methods, such as signage, displays, packaging, advertising, and social media, to showcase your products, create interest, and generate traffic. You should also train your staff, provide customer service, and collect feedback, to build trust, loyalty, and repeat purchases.