What factors influence the right product mix for your customers?

Absolutely, the needs of your customers are a crucial factor to consider when selecting your product mix. Understanding your target audience's preferences, interests, and pain points allows you to curate a product selection that resonates with them. Conduct market research, gather customer feedback, and analyze purchasing patterns to identify which products are in demand and align with your customers' needs. By prioritizing customer-centricity in your product mix decisions, you can better satisfy their requirements and enhance their overall shopping experience.

Here are some key factors: Customer needs - Essential products they purchase regularly Customer preferences - Items aligned to their tastes and preferences Customer demographics - Products tailored to their age, income etc. Purchase occasions - Merchandise for specific use cases or events Seasonality - Mix adjusted for peak seasonal demand New arrivals - Space for showcasing new product launches Competitor offerings - Points of differentiation from rivals Past sales data - Top-selling and high-velocity products Inventory performance - Phasing out slow-selling items Store space - Planning product density for each section Pricing architecture - Range of opening price points Omnichannel alignment - Consistent mix across channels

Here are some tips for tailoring product mix: Analyze past sales data and best-selling items Conduct surveys and gather direct customer feedback Monitor social media for information on popular products Study online reviews and ratings for insights Observe customer in-store shopping behavior Talk to sales associates about frequent requests Test demand through small batch orders for new products Plan store layout with key destinations upfront Feature preferred brands and products prominently Cluster merchandise by lifestyle or usage occasions Offer breadth in categories customers like to browse Provide depth in everyday replenishment categories Cater to local community preferences and demographics Accommodate needs of loyalty program members

Product Mix as per Customer Behavior: Track sales velocity, frequency, basket size metrics Analyze traffic flow and conversion rate heatmaps Identify response rates to promotions and pricing Study recurring purchase cycles for replenishment Note out-of-stock reactions to prioritize availability Spot trends in cross-category purchasing Cater to impulse shopping behaviors Feature products near high-traffic areas Create grab-and-go sections for convenience Use endcaps and displays to catch attention Optimize layout for natural shopping flow Reduce choices in overwhelmed categories Train associates on recommendations to influence Adjust mix and pricing strategies as behaviors evolve

While keeping up with market trends is important, don't let it compromise your brand's identity. I've witnessed companies go after fads and compromise their basic principles, confusing loyal customers. It all comes down to striking the correct balance between being relevant and staying loyal to your brand.