The race to competitor price matching is on, but there are no winners. What happens when competing retailers are charging the same prices for the same items? And those prices all have low margins?
Retailers need to find new methods to drive sales and maintain margins. One of the best solutions is to provide a unique product assortment that responds directly to customer wants. The recent availability of rich consumer data from online sources such as reviews, ratings, search and social sites provides retailers with a new and invaluable resource to develop consumer-centric assortments. This helps them to differentiate and compete more effectively, without focusing primarily on price matching. Using real-world examples, data and charts, this ebook outlines five questions retailers should consider in order to develop a consumer-oriented assortment:
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