If you are looking for a self-usable tool for merchandising which can simplify your assortment planning exercise and ease your frequent distribution activities in a data driven manner – IRIS is the product for you. IRIS runs multiple scientific, patent pending algorithms, in the backend which were made after years of research, incorporating best practices, working directly with merchandisers of a variety of successful brands. It has been made with the vision of easing a merchandisers work, increasing their efficiency and accuracy of outputs empowered with more granular analysis of data.
IRIS can run algorithms in under 30 seconds and give accurate results which may take days for a merchandiser to achieve and that too may have limitations on the level of accuracy possible manually. This key function of IRIS enables its users and the brand to increase the frequency of distributions and cycles of planning, thereby enabling them to be more agile in this rapidly changing environment. Brands using IRIS can operate on lower inventory, achieving higher sales.
IRIS helps you:
- Find top sellers
- Create a highly optimized merchandise assortment at store level (for each month)
- What type of products to keep?
- In what size sets?
- What revenue contribution can be expected from this assortment?
- Based on target sales, what quantities to procure for these products
- How to intelligently distribute inventory from warehouse to stores
- IRIS can be used for both offline stores and online stores (i.e. e-commerce portals)
What makes IRIS so special?
- Driven by algorithms
- Automatically considers and balances most performance impacting factors and limits them under business constraints taken as input like –
- Monthly changing revenue contributions from different categories
- Product attributes
- Product discounting
- Product velocity (Rate of Sales)
- Changing size requirements of a store, because of changing local demographics
- Company revenue targets for stores
- Sales partners (e.g. EBOs, LFRs, E-Commerce) – different partners can have different
- Store planogram
- Store freshness
- Reducing broken styles at the store, thereby reducing loss of sales due to unavailability
- Optimizes positioning of inventory to maximize sales.
- And much more!
- Flexibility – All outputs are provided by way of downloadable reports. If you want to make any adjustments, before taking any decisions, you can always override them.
If you need a more robust system with more functionalities for merchandising as well as ability to solve very specific cases, please go through IRIS Enterprise offerings. You can also refer the comparison between the two versions in the following link – IRIS Offerings.