Siloed data? It's slowing you down
Often inventory, sales and supplier order data are housed in different systems, making it hard to take data-driven action on thousands of products in a timely manner. You want to spend less time buried in spreadsheets and manual processes. The Products application is here to help.
Make swift product decisions
Products is a central hub with all the information you need to make punchier product decisions, with the option to layer in promotion, markdown, rebuy or reallocate decisions.
It combines siloed data, surfaces key information and performance metrics about your current trade, helping you review masses of lines effortlessly.
Gaze into the future, with AI predictions of sales velocity and stock levels using weekly, product-level demand forecasts. Let the Products application automate time-consuming activities, as it flags bestsellers, stockouts and heavy stock so you can focus on large product ranges.
Drive value from your data
The Products application gives you a view of the most important KPIs across all your product lines, meaning your team can make informed decisions to avoid stockouts, increase sell-through and optimize return on capital.
Optimize return on capital
Make decisions across thousands of products
Increase team productivity
Under the hood
Products is built on Peak. It combines data from across your company, aligning all your teams to the same source of insights on performance for every product in your business. That means all your teams can make decisions based on the same data, calculated in the same way.
- Combine data
- Add intelligence
- Make decisions
Ingest, transform, and organize large volumes of data from across your company.
- Transaction metadata
- Products metadata
- Purchase orders
- Warehouse and store inventory
- E-commerce data
- Promotional calendar
- Location data
Apply AI models to each product for forward-looking weekly demand forecasts.
Customize KPIs and rule-based flagging based on your specific business needs.
Analyze performance of every product with weekly demand forecasts.
- Products to rebuy or reallocate
- Products to place on promotion
- Products to markdown
- Heavy stock
Check out Peak's Products application
Want to learn more about how Products can help your business?
What is demand planning software?
Demand planning software is a specialized technology solution designed to assist businesses in forecasting and managing the demand for their products or services. This software plays a crucial role in optimizing inventory levels, production schedules and overall supply chain efficiency by leveraging advanced algorithms, data analysis and automation.
Key features of demand planning software include:
- Forecasting algorithms: Demand planning software utilizes sophisticated forecasting algorithms to analyze historical data, market trends and other relevant factors. This allows businesses to predict future demand more accurately, aiding in strategic decision making.
- Data analytics and insights: The software provides comprehensive data analytics and insights into demand patterns, customer behavior and market trends. This data-driven approach enables businesses to make informed decisions and adapt quickly to changing market conditions.
- Collaborative planning: Many demand planning solutions offer collaborative planning features that allow different departments within an organization to contribute to the demand forecasting process. This fosters better communication and coordination across teams and, ultimately, better results with forecasts taking more information into account.
- Inventory optimization: Demand planning software helps businesses optimize their inventory levels by aligning them with expected demand. This minimizes the risk of overstock or stockouts, reducing carrying costs and improving overall supply chain efficiency.
- Scenario planning: The software often includes scenario planning capabilities, allowing businesses to simulate different demand scenarios and assess the impact on inventory, production and distribution. This helps in developing contingency plans and risk mitigation strategies.
- Real-time monitoring: Some demand planning tools offer real-time monitoring features, allowing businesses to track demand changes and adjust strategies promptly. Real-time insights contribute to agile decision making in dynamic market environments.
- Demand sensing: Advanced demand planning software may incorporate demand sensing capabilities, which involves using real-time data and external factors like weather, seasonality, events or social trends to adjust demand forecasts dynamically.
- Integration with ERP systems: Seamless integration with Enterprise Resource Planning (ERP) systems is common in demand planning software. This integration ensures consistency in data and enables a holistic view of business operations.
- Order fulfillment optimization: Demand planning software assists in optimizing order fulfillment by aligning production and distribution processes with forecasted demand. This results in improved customer satisfaction and reduced lead times.
- Reporting and visualization: Robust reporting and visualization tools are often included in demand planning solutions, allowing users to generate detailed reports, analyze performance metrics and present data in a visually intuitive manner.
Demand planning software is an essential tool for businesses looking to enhance their supply chain management and achieve a competitive edge in today’s dynamic marketplace. By improving forecasting accuracy and aligning operations with demand, organizations can optimize resources, reduce costs and better meet customer expectations.
What is the benefit of using specialized demand planning software?
Specialized demand planning software offers a range of benefits that are instrumental in optimizing inventory management, streamlining supply chain operations and enhancing overall business efficiency. Here are key advantages of using specialized demand planning software:
- Accurate demand forecasting: Specialized demand planning software utilizes advanced forecasting algorithms and data analytics to generate more accurate predictions of future demand. This precision helps businesses align their production and inventory levels with actual market needs.
- Optimized inventory levels: By providing accurate demand forecasts, specialized software enables businesses to optimize their inventory levels. This minimizes the risk of overstocking or stockouts, reducing carrying costs and improving cash flow.
- Improved customer satisfaction: Accurate demand planning ensures that products are available when and where customers need them. This leads to improved customer satisfaction as businesses can consistently meet customer demand, deliver on time and hit SLAs.
- Cost reduction: Specialized demand planning software contributes to cost reduction by preventing excess inventory and associated carrying costs. Additionally, businesses can optimize production schedules, minimize waste and negotiate better terms with suppliers.
- Enhanced supply chain visibility: The software provides a comprehensive view of the entire supply chain, from production to distribution. This enhanced visibility allows businesses to identify bottlenecks, streamline processes and make informed decisions to improve their overall supply chain efficiency.
- Collaborative planning: Many specialized demand planning solutions support collaborative planning, enabling different departments within an organization to contribute to the forecasting process. This fosters better communication, alignment and coordination across teams.
- Quick adaptation to market changes: Specialized software often includes real-time monitoring and scenario planning features, allowing businesses to adapt quickly to changes in market conditions. This agility is crucial in dynamic business environments.
- Integrated data management: Seamless integration with Enterprise Resource Planning (ERP) systems and other business tools ensures consistent and accurate data. This integrated approach streamlines operations and reduces the risk of data discrepancies.
- Advanced analytics for informed decision making: Specialized demand planning software provides advanced analytics tools, empowering businesses to make data-driven decisions. This includes analyzing historical data, market trends and other relevant factors to inform strategic planning.
- Increased operational efficiency: With accurate forecasts and optimized inventory levels, businesses experience increased operational efficiency. This efficiency extends to production processes, order fulfillment and overall supply chain management.
In summary, the benefits of using specialized demand planning software extend beyond simple forecasting. They include improved accuracy, cost savings, customer satisfaction and operational efficiency. As businesses strive for competitiveness in today’s fast-paced markets, specialized demand planning software emerges as a critical tool for achieving strategic supply chain excellence.
What is merchandising in retail?
Merchandising in retail refers to the strategic planning and execution of activities aimed at promoting and selling products to customers. It involves a combination of visual presentation, product selection, pricing strategies and promotional efforts to create an enticing and appealing shopping experience. The primary goal of merchandising is to optimize sales, enhance customer satisfaction and drive overall profitability for the retail business.
Key aspects of merchandising in retail include:
- Product selection: Merchandising starts with carefully curating the assortment of products available for sale. This involves choosing items that align with the target market’s preferences, current trends and the retailer’s brand image.
- Visual presentation: Creating an attractive in-store or online display is crucial for capturing the attention of customers. Merchandising includes arranging products in an aesthetically pleasing manner, using effective signage and creating engaging product displays to encourage browsing and purchasing.
- Pricing strategies: Merchandising involves setting strategic price points for products to attract customers while maximizing profitability. This includes considerations such as competitive pricing, discounts and promotions to influence purchasing decisions.
- Inventory management: Efficient inventory management is a key aspect of merchandising. Retailers need to ensure that products are in stock and readily available to meet customer demand. This involves monitoring inventory levels, restocking efficiently and minimizing out-of-stock situations.
- Seasonal and trend planning: Merchandising considers seasonal trends and market demands to plan product offerings accordingly. Retailers often align their merchandise with holidays, seasons or emerging fashion and lifestyle trends to stay relevant and appealing to customers.
- Promotional campaigns: Merchandising includes the planning and execution of promotional campaigns to drive sales and attract customers. This may involve advertising, in-store promotions, loyalty programs and other marketing initiatives.
- Cross-selling and upselling: Retail merchandising strategies often include cross-selling and upselling techniques. This involves suggesting complementary products or encouraging customers to consider higher-priced alternatives, thereby increasing the average transaction value.
- Customer experience enhancement: Creating a positive and enjoyable shopping experience is a central goal of merchandising. This includes factors like store layout, lighting, music and overall ambiance to make customers feel welcome and encourage longer dwell times.
- E-commerce merchandising: In the digital era, merchandising extends to online platforms. This includes optimizing product listings, utilizing high-quality images and employing effective digital marketing strategies to enhance the online shopping experience.
- Data analysis and merchandising insights: Merchandising involves leveraging data analytics to gain insights into customer behavior, preferences and purchasing patterns. This data-driven approach helps retailers make informed merchandising decisions and refine strategies over time.
In summary, merchandising in retail is a multifaceted approach that encompasses everything from product selection and display to pricing, promotions and customer experience. Successful retail merchandising not only drives sales but also builds brand loyalty and fosters a positive and memorable shopping environment for customers.
What is retail merchandising software?
Retail merchandising software is a specialized technology solution designed to assist retailers in optimizing and managing various aspects of their merchandising strategies. This software is tailored to streamline the planning, execution and analysis of merchandising activities, helping retailers enhance product visibility, drive sales and improve overall operational efficiency.
Key features of retail merchandising software include:
- Planogram management: Retail merchandising software often includes tools for creating and managing planograms. Planograms are visual representations of how products should be displayed on shelves to maximize visibility and sales.
- Inventory management: Efficient inventory management is a core component of retail merchandising software. It helps retailers track stock levels, manage replenishment and minimize out-of-stock situations, ensuring products are readily available for customers.
- Assortment planning: The software aids retailers in planning and optimizing product assortments. This involves selecting the right mix of products based on factors such as seasonality, trends and customer preferences.
- Price optimization: Retail merchandising software often includes features for price optimization. This involves setting strategic price points, managing discounts and implementing pricing strategies to maximize profitability while remaining competitive.
- Promotion management: Merchandising software assists retailers in planning and executing promotional campaigns. This includes managing discounts, special offers and other promotional activities to attract customers and drive sales.
- Visual merchandising: Visual presentation is a crucial aspect of retail merchandising. The software facilitates the creation of visually appealing displays, taking into account product placement, signage and overall store layout to enhance the customer shopping experience.
- Space planning: Retailers can optimize the use of physical space within the store through space planning features. This involves strategically placing products to maximize utilization and create an efficient and visually appealing shopping environment.
- Data analytics and reporting: Retail merchandising software provides data analytics tools to analyze sales performance, customer behavior and other relevant metrics. Robust reporting capabilities enable retailers to make data-driven decisions and refine merchandising strategies.
- Integration with POS systems: Seamless integration with Point of Sale (POS) systems ensures that sales data is synchronized with merchandising activities. This integration enhances accuracy in tracking product performance and sales trends.
- Mobile accessibility: Many modern retail merchandising solutions offer mobile accessibility, allowing users to manage merchandising tasks on-the-go. This flexibility is particularly beneficial for field teams and store managers.
Retail merchandising software is a valuable asset for retailers seeking to stay competitive in the dynamic retail landscape. By automating and optimizing merchandising processes, businesses can improve product visibility, enhance customer satisfaction and ultimately drive revenue growth.
How is AI used in merchandising?
AI can play a transformative role in modern merchandising, revolutionizing the way retailers plan, execute and optimize their strategies. The integration of AI technologies brings numerous benefits, enhancing efficiency, personalization and overall effectiveness in the merchandising process. Here’s how AI is utilized in merchandising:
- Demand forecasting and predictive analytics: AI algorithms analyze vast datasets, including historical sales data, market trends and external factors, to provide accurate demand forecasts. This enables retailers to optimize inventory levels, reduce stockouts and align their product offerings with customer preferences.
- Dynamic pricing optimization: AI is employed for dynamic pricing strategies, adjusting prices in real-time based on factors such as demand, competitor pricing and market conditions. This dynamic approach helps retailers maximize revenue and stay competitive.
- Personalized recommendations: AI-powered recommendation engines analyze customer behavior, purchase history and preferences to deliver personalized product recommendations. This enhances the customer shopping experience, increases engagement and drives cross-selling and upselling opportunities.
- Customer segmentation: AI an segment customers based on various factors, allowing retailers to tailor marketing strategies and product assortments to specific customer segments. This personalized approach increases relevance and resonance with target audiences.
- Visual merchandising and planogram optimization: AI assists in optimizing visual merchandising by analyzing the effectiveness of product placements, store layouts and displays. This helps retailers create visually appealing arrangements that attract and engage customers.
- Inventory management and replenishment: AI is applied to streamline inventory management processes, predicting when and how much stock needs replenishment. This reduces overstock and minimizes the risk of stockouts, ensuring optimal inventory levels.
- Fraud detection and prevention: AI algorithms analyze transaction data to detect and prevent fraudulent activities. This is crucial for online retailers to ensure secure transactions and protect both customers and the business from fraudulent behavior.
- Chatbots and virtual assistants: AI-driven chatbots and virtual assistants provide real-time customer support, helping shoppers find products, answer queries and facilitate a seamless shopping experience. This contributes to improved customer satisfaction and engagement.
- Market basket analysis: AI is utilized for market basket analysis, identifying patterns and correlations in customer purchasing behaviors. Retailers can use this insight to optimize product placements, bundle products effectively and enhance cross-selling strategies.
- Social media monitoring: AI tools monitor social media platforms to analyze customer sentiment, track trends and gather feedback. This information helps retailers stay attuned to market preferences, adjust merchandising strategies and address customer concerns proactively.
In summary, AI in merchandising empowers retailers to make data-driven decisions, enhance customer experiences and stay agile in a rapidly evolving retail landscape. By leveraging the capabilities of AI, retailers can achieve a competitive edge, drive sales and build longer-lasting customer relationships.