![]() To source a new product, or products, that offer the best possible return on investment as well as the best rate of growth while inspiring consumers to make repeat purchases from your brand, calculating the brand or market demand for your products is vital. Calculate the brand or market demand for your products ![]() Now that you understand the important role of developing a solid purchase plan, as well as the benefits, let’s look at how to approach your product planning efforts. How to create a successful product buying plan (with safety stock) Read our definitive guide to growing your revenue with market research and market segment analysis to get started. Īrmed with a strategic approach to your buy plan, a sound understanding of the marketplace, and the right mix of data-driven insights, you will reap the rewards of consistent commercial growth. Conversely, a methodical, market-centric buying plan will boost your business’s profits by at least 34.2%. If you take a slapdash approach to your product planning process, you’re likely to launch items that sit stagnant on the virtual shelf, wasting vital resources while offering a poor ROI. Taking an analytical approach to product and purchase order planning will help you uncover gaps in your competitors’ inventory (gaps that you can fill to attract new customers), spot emerging seasonal trends, and deliver new products that solve the problems or pain points of different customer segments. Without gaining a solid view of market segments relevant to your business, it’s unlikely you’ll source products or work with brands that will attract the right customers at the right time. In the Age of Information, consumers have access to almost infinitive information at the swipe of a screen or the tap of a keyboard.Īs digital transformation drives an increasing number of retailers towards the online space, existing markets are expanding while new niches emerge. Plan product purchase order? Why knowing your market matters
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