Crafting Assortments That Drive Sales: A Data-Driven Approach

Brief Summary

Whether you own a brick-and-mortar store, an online boutique, or both, the goal for retailers is always the same: to drive sales and increase revenue. If you’re currently experiencing stagnant growth in your fashion business, data could be the secret weapon to stopping the slump and helping you achieve new levels of success.

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Retailers can create more effective assortments using:

• Sales data: To identify bestsellers, spot emerging trends and anticipate future demand

• Inventory data: To prevent over- and underselling
  

• Product data: To learn if an item is subject to tariffs
  

• Financial data: To optimize pricing and improve the effectiveness of promotions

• Industry data: To better market products and capitalize on consumer habit shifts

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How Can JOOR Data Help Retailers Create Better Assortments? 

The JOOR platform collects information from its expansive network of 14,000 brands and over 675,000 buyers across 150 countries, providing retailers with invaluable information about their own business and the industry at large. This data can be used in many ways to help retailers develop more effective assortments and boost revenue. 

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Use Sales Data To Spot Opportunities 

Before building your assortment, it is crucial to review your sales from the previous season to identify your top performers as well as your weakest items. It’s also a good idea to examine your sell-through data to see if you can spot any growing categories or trends that you can capitalize on. If there’s been a sudden uplift in the number of swimwear sales, for example, you can leverage the emerging swimwear trend by being reactive and buying more of what your customer is responding to. 

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Sales data can also help you spot demand. As soon as signs of knitwear sales begin to fall, for example, you know your customers have moved into a new mindset and will instead soon be looking to shop for lighter pieces and more spring-appropriate attire. This informed anticipation means you can then shop available-to-sell styles to fill in your assortment where you sense opportunity.

Understand Inventory Data For Planning and Problem Prevention   

Inventory data is an invaluable asset for crafting assortments that drive sales, and many brands on JOOR input their inventory information onto the platform to help retailers understand what’s available to order. We suggest using JOOR’s Product Sync App for Shopify to transfer product information from your wholesale orders into your Shopify POS and e-commerce store. This makes building assortments much easier as you have a complete business overview that’s constantly being updated in real time.

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With this data, you can ensure popular product is never out of stock, keeping customers happy and maximizing your chances of sales. This data also helps to prevent under-stocking, as you can easily see when something is performing well and immediately order more of it straight to the store location where it's needed. 

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Check Product Data For The Latest Customs Information

Retailers on JOOR can view a style's Product Details to fully understand the country of origin and filter products by Style Badges and Tags to find items that can be shipped tariff-free or for a special discount. This kind of information is becoming increasingly important as disruptions and decisions regarding import and export fees are changing weekly in some countries. Checking this data regularly means you can stay ahead of unwanted additional costs and craft an assortment that mitigates tariff-related risk.

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Examine Financial Data To Increase Revenue Potential

Knowing your numbers is essential in wholesale, but having direct access to financial data makes it even easier to adjust your retail prices as and when you need to. Knowing your wholesale price and retail price gives you an understanding of how much margin there is and if you can afford to offer discounts on slow-moving stock or mark-up product that is selling well.

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Come sale season, you will be able to make more informed business decisions around promotions if you are using a data-driven approach to assortments. This means an increased chance of sales and a reduction in potential losses.

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Gain Industry Insights To Help Drive Growth

Alongside the wealth of data from your own business, being a member of JOOR also grants you access to the latest wholesale industry insights gained from our network’s exclusive transaction data. We create whitepapers, reports and Passport shows based on our findings to help brands and retailers capitalize on industry shifts.

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Our insights also aim to help you better understand consumers' habits, so you can always deliver what they are looking for. Effective assortments help to increase brand loyalty, so you can build a solid customer base that shops regularly, providing a steady flow of income for your store. 

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In Conclusion 

Data-driven assortment optimization can help drive sales and build brand loyalty. JOOR makes it easy to seamlessly flow data from one area of your business to another, connecting your systems and empowering you to make the most informed decisions to help drive your retail efforts forward.

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Ready to take your assortments to the next level? Sign up for a free JOOR account today.

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