New Item Opportunity Identification, Old Meets New
Daymon Worldwide is applying new age technology to classic category management techniques to help its Retailer and Supplier partners find new item opportunities efficiently, effectively, and (most importantly) profitably.
Traditionally retailers are reliant upon national brand Suppliers and other somewhat non-objective sources to determine where there are key voids in their category assortments. They can also look to syndicated data sources such as Nielsen and IRI to understand POS trends, but these sources lack visibility into key retailers that do not make their data available such as Wal-Mart, Trader Joe’s, and Whole Foods.
Finding new item opportunities using traditional manual analytical techniques is a common service that Daymon provides to its Retailer and Supplier partners. But now, Daymon will be applying technology while collaborating closely with its partners to offer an additional automated tool for uncovering new item opportunities. Daymon is working with its business partners to receive electronic file feeds of master item lists (i.e. all the items in the Retailer’s assortment and all the items that the Supplier can produce). Daymon’s Gold Standard systems will then compare the Retailer’s assortment to all the private label items available and highlights where there are voids. By coupling this assortment void information with Daymon’s sales data Daymon associates can uncover what private label items are the most successful from its extensive Supplier network and then work with its Retailer partners to enhance their assortments accordingly.
Daymon’s long tradition of close collaboration with its Retailer and Supplier partners coupled with its competence in applying technology to problem solving has led to efficient, effective, and profitable solutions for all parties.
To find out more information about the Gold Standard, click HERE.
For further information, please contact the Gold Standard team at goldstandard@daymon.com.