What Is Product Classification 7 Tips For Optimizing Your Pr

When a retailer begins the sales process, the first step is to decide what to sell. A lot of people think this stage is simple and anyone can come up with something that might sell well. However, if you want to build a successful retail business, it’s not that simple. It is critical to develop an effective product assortment strategy to match merchandise offerings with business goals, while still optimizing floor space. So, it’s time to take a closer look at product assortment and ways to optimize your product mix. What is product classification? 7 Recommended Product Classification Tips Additional information on product classification Summarize What is product classification?

What Is Product Classification Additional assortment informs

product category Product assortment refers to the entire catalog of products a retailer sells on the shelf . Product assortment consists of 4 parts including Chinese Phone Number List and consistency. However, breadth and depth are the two most important characteristics. Choosing between the depth and breadth of the assortment is one of the most important considerations when developing a retail product assortment plan. product breadth Product breadth refers to the number of product lines in an assortment that a retailer offers. It shows the breadth and diversity of classification. Retailers are considered to have a large product breadth if they sell many different types of products. Product depth The number of variations within a product line is called product depth. This time, it’s all about how big a category is classified. Most specialty retailers have an extensive assortment of products, offering customers a variety of choices.

7 Recommended Product Classification Tips Choosing A Product

However, some retailers still choose to limit product depth for their reasons. According to clx.com, there was a study in 2000 on the adverse effects of choice. A display of 24 jams and jellies was set up on the retail floor. The result is that it attracts a lot of customers, but only 3% buy the product. The following week, only six jams and jellies were displayed on the shelves. This time, fewer customers were attracted, but 30% of them converted. So sometimes too many options can lead customers to move on without making a decision.

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