Hey there retail enthusiasts! ??
How are you keeping up with the latest academic research? In this edition of "Strategically Speaking," we are taking you on a journey through 5 fascinating academic research papers, diving from the most recent discoveries back through the last decade. At HIVERY, it's not just a practice but our DNA to stay abreast with the latest in the field. Our co-founders, the wizards with Ph.Ds in Operational Research and Reinforcement Machine Learning, have cultivated this culture right from our inception at the Coke Entrepreneurial program and CISRO's Data61 data science labs - yes, the very place where the world-changing WiFi technology was conceived!
Let's dive in with a short summary of each:
- Mapping Market Structures for Large Retail Assortments (2019) - The authors of this article have created a new way to analyze market structures, which is understanding how different products in a market relate to each other and how they are bought together. This is very useful for retailers, the people who own the shops, because it helps them understand what products to keep in their shops and how to arrange them to encourage people to buy more. This paper maps market structures for large retail assortments, offering fresh perspectives for assortment-related decisions. ??? Read more
- The Perils of Category Management: The Effect of Product Assortment on Multicategory Purchase Incidence (2016) - In this article, the authors investigate whether the product range in one category has an impact on consumers' decision to purchase in another independent category that shares a common display space, such as frozen meals and ice cream. This research warns about the limitations of individual category management in grocery retailers' product assortment decisions. ?? Read more
- Competitive Effects of Wal-Mart Supercenter Entry: Moderating Roles of Category and Brand Characteristics (2016) - Exploring strategies that can aid supermarkets in competing more effectively with giants like Wal-Mart. ?? Read more
- The effect of shelf layout on satisfaction and perceived assortment size: An empirical assessment (2016) - A guideline on organizing products on shelves to enhance customer satisfaction. Interestingly, the experimental study shows that displaying assortment breadth horizontally and depth vertically leads to increased perceived selection and satisfaction. ?? Read more
- Integrated assortment planning and store-wide shelf space allocation: An optimization-based approach (2017) - Unveiling the secret to promoting shopping convenience and unplanned purchases through optimized shelf space allocation. They tested their model in a medium-sized grocery store and found it very effective. This helps retailers and GPC suppliers in selecting the right mix of products that are bought frequently and those that are bought on impulse and in arranging them in a way that makes shopping convenient and encourages people to make unplanned purchases ?? Read more
HIVERY Curate is at the forefront, being the most advanced analytics tool for simulating and optimizing portfolio, assortment, and space strategies at the store level. We have incorporated several years of academic research into our models. Curious to know more? Slide into our DMs! ??
