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Determining the right product assortment is essential to drive the success of retail. The capability to comprehend in-store conditions in the context of sales and space helps brands to improve stock-keeping-unit (SKU) productivity. It is useful in earning a better return of investment on space and also augments retailer confidence. Assortment and space optimization are techniques to keep the right product in the right space to enhance customer experience and sales. The cloud-based assortment optimization solutions are becoming most demandable, which is positively impacting the market growth. Retailers have started adopting a customer-centric, demand-driven assortment optimization strategy, which is the critical factor responsible for driving the global market growth. As the assortment drives inventory decisions, it affects overall cost, further enhancing the demand for space and assortment optimization solutions. The proliferation of advent technologies, including artificial intelligence and machine learning, augments and automates the operations. Thus, the automation and intelligence provided by the advanced technologies are expected to drive significant market growth in the coming years.
Cumulative use of data-driven algorithms by retailers enhance the demand for the store’s assortment planning. The ASO system's ability to increase margins, customer satisfaction, and opportunities would boost its demand.
Key Market Driver -
• Increasing demand for optimizing assortment and space to drive the market growth • Increasing demand for customer-centric approach to stimulate the adoption
Key Market Restraint -
• Lack of knowledge about the advantageous features of the solutions is hampering the market growth
The global assortment and space optimization market represents highly competitive business landscape where key players are adopting various strategies to sustain their competence. Vendors are focusing on devoloping their existing product portfolio by utilizing innovative technologies such as artificial intelligence, machine vision and others. Executing customized, demand-based, more frequent assortment planning and optimization is the key strategy that market players have adopted. Prominent players are developing assortion and space optimization solutions to meet the needs of retailers.
Key companies summarised includes Kantar Group Limited, Oracle Corporation, Solteq, Symphony Retail Solutions S.à.r.l, TRAX TECHNOLOGY SOLUTIONS PTE LTD., The Nielsen Company, LLC., SmartDraw, LLC, and among others.
North America is expected to emerge as the dominating region in the global assortment and space optimization market as the region is leading in the adoption of technologies. Major retail chains such as Walmart across the United States drive the significant demand for assortment and space optimization solutions. Significant adoption of cloud computing drives the substantial adoption in cloud-based space and assortment optimization solutions. The increasing need for shelf space optimization entices small and medium-sized retailers to adopt the solution.
Europe is likely to exhibit significant market growth owing to the considerable technology adoption in the retail industry. The presence of prominent retailers and market players would further expected to fuel the market growth across Europe.
Asia-Pacific is expected to record a noteworthy growth rate during the forecast period owing to the increasing adoption of merchandising technologies. The region would be the most opportunistic area for the market to grow, as most of the key players have started expanding their presence across the region.
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