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What are the benefits of using a category management system?

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Category management is a strategic approach to retail sales that organizes products into groups based on customer needs, preferences, and behaviors. By using a category management system, you can optimize your assortment, pricing, promotion, placement, and merchandising decisions to increase sales, profits, and customer satisfaction. In this article, you will learn about the benefits of using a category management system and how to implement it in your store.

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1 Benefit 1: Meet customer expectations

One of the main benefits of using a category management system is that it helps you understand and meet your customer expectations. By analyzing data on customer segments, shopping patterns, and purchase drivers, you can tailor your product offering and marketing strategies to match the needs and wants of your target audience. For example, you can identify which categories are most important to your customers, how they perceive value and quality, and what triggers their impulse buying. This way, you can create a customer-centric shopping experience that enhances loyalty and retention.

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Christabel Biella

Financial and operational planning, Product range Strategy, Commercial development & Leadership for E-Commerce Startups to support growth ?? | Fractional Director | Consultant | Entrepreneur | Ex-Motatos, Ex-Farmdrop
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A category management system will help you to identify strengths, weaknesses and opportunities in your product portfolio. Firstly, use it to identify your strengths and weaknesses in your existing product categories. And then from there you’ll be able to better understand opportunities which could be gaps or areas not quite fulfilled yet. Systemising your categories will help you to pin point the answers faster and more clearly.

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2 Benefit 2: Optimize product mix

Another benefit of using a category management system is that it helps you optimize your product mix and inventory levels. By grouping products into categories based on their performance, role, and potential, you can allocate your resources more efficiently and effectively. For example, you can determine which products are best sellers, traffic builders, profit generators, or image enhancers, and adjust your assortment accordingly. You can also use category management to identify gaps, opportunities, and trends in the market, and introduce new or innovative products that appeal to your customers.

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Christabel Biella

Financial and operational planning, Product range Strategy, Commercial development & Leadership for E-Commerce Startups to support growth ?? | Fractional Director | Consultant | Entrepreneur | Ex-Motatos, Ex-Farmdrop
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Grouping your products in the right way will be crucial to helping you to identify areas of improvement or opportunity in your product mix. Think about the product attributes you want to use to analyse trends and what KPI benchmarks are the right ones for measuring performance. Different products do different jobs in your product mix, but have a clear idea of their purpose in driving sales and customer conversion. Make sure you have adequate products in each group to optimise the whole product assortment’s effectiveness in selling to the customer.

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3 Benefit 3: Improve pricing strategy

A third benefit of using a category management system is that it helps you improve your pricing strategy and profitability. By using category data and insights, you can set prices that reflect the value and demand of each product, as well as the competitive landscape. For example, you can use category management to implement dynamic pricing, price bundling, or price optimization techniques that maximize your margins and sales volume. You can also use category management to monitor and evaluate the impact of your pricing decisions on your category performance and customer behavior.

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Christabel Biella

Financial and operational planning, Product range Strategy, Commercial development & Leadership for E-Commerce Startups to support growth ?? | Fractional Director | Consultant | Entrepreneur | Ex-Motatos, Ex-Farmdrop
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Setting the right pricing mechanisms to meet demand is a core part of your pricing strategy. What promotional tools do you want to build into the pricing, or do you want more fluid dynamic pricing? Knowing what competitors are doing and the price landscape of the market you are in will guide you on setting the right pricing strategy. Adjusting pricing strategy by category will allow you to maximise value and margin by setting the right price position without being too high or giving away too much value at a margin loss.

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4 Benefit 4: Enhance promotion effectiveness

A fourth benefit of using a category management system is that it helps you enhance your promotion effectiveness and return on investment. By using category data and insights, you can design and execute promotions that are relevant, timely, and appealing to your customers. For example, you can use category management to select the best promotion type, frequency, duration, and mechanism for each category, as well as the optimal communication channels and messages. You can also use category management to measure and analyze the results of your promotions and refine your promotion strategy accordingly.

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5 Benefit 5: Increase shelf efficiency

A fifth benefit of using a category management system is that it helps you increase your shelf efficiency and shopper convenience. By using category data and insights, you can plan and implement shelf layouts and displays that optimize your space utilization, product visibility, and customer navigation. For example, you can use category management to apply merchandising principles, such as product adjacencies, cross-selling, upselling, or impulse buying, that increase your basket size and conversion rate. You can also use category management to test and optimize your shelf arrangements and signage based on customer feedback and behavior.

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6 How to implement a category management system

To implement a category management system, you need to follow a systematic process that involves eight steps: define the category, assess the current situation, set objectives and strategies, develop tactics and action plans, implement and execute, monitor and evaluate, review and revise, and communicate and collaborate. Each step requires data collection, analysis, and decision making, as well as coordination and alignment with your suppliers, partners, and stakeholders. By following this process, you can ensure that your category management system is effective, efficient, and consistent with your overall business goals and vision.

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7 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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What are the benefits of using a category management system?

1

2

3

4

5

6

7

1 Benefit 1: Meet customer expectations

2 Benefit 2: Optimize product mix

3 Benefit 3: Improve pricing strategy

4 Benefit 4: Enhance promotion effectiveness

5 Benefit 5: Increase shelf efficiency

6 How to implement a category management system

7 Here’s what else to consider

Retail Sales

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What are the benefits of using a category management system?

1

2

3

4

5

6

7

1 Benefit 1: Meet customer expectations

2 Benefit 2: Optimize product mix

3 Benefit 3: Improve pricing strategy

4 Benefit 4: Enhance promotion effectiveness

5 Benefit 5: Increase shelf efficiency

6 How to implement a category management system

7 Here’s what else to consider

Retail Sales

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