How can you stay current on industry trends and customer preferences when managing categories?

1 Monitor your data

One of the best sources of information on your customers and your industry is your own data. You should regularly analyze your sales, inventory, margin, and market share data to identify what is working and what is not, what are the best-selling and the slow-moving products, and how your categories are performing compared to your competitors. You can also use customer feedback, surveys, reviews, and loyalty programs to understand your customers' needs, preferences, and satisfaction levels. This will help you adjust your category strategies, pricing, promotions, and merchandising accordingly.

3 Collaborate with your suppliers

A third way to stay current on industry trends and customer preferences is to collaborate with your suppliers. Your suppliers are experts in their products and categories, and they can provide you with valuable insights, information, and support. You can communicate with them regularly, share your data and feedback, and ask them for their recommendations and suggestions. You can also invite them to present their new products, trends, and innovations, and negotiate with them on the terms and conditions of your category agreements. This will help you build trust and partnership with your suppliers, and access their resources and expertise.

4 Attend trade shows and events

A fourth way to stay current on industry trends and customer preferences is to attend trade shows and events related to your industry and your categories. Trade shows and events are great opportunities to network with other retailers, suppliers, experts, and influencers, and to discover new products, trends, and innovations. You can also learn from the speakers, workshops, and demonstrations, and get inspired by the best practices and case studies. You can also showcase your own products, categories, and brand, and get feedback from your potential customers and partners. This will help you expand your knowledge and exposure, and generate new ideas and opportunities.

5 Experiment and test

A fifth way to stay current on industry trends and customer preferences is to experiment and test new products, strategies, and tactics in your categories. You can use various methods, such as A/B testing, pilot programs, focus groups, and online platforms, to test your hypotheses, assumptions, and innovations. You can also measure the results, collect the data, and evaluate the impact and effectiveness of your experiments and tests. This will help you validate your decisions, optimize your performance, and learn from your failures and successes.

6 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?