Periscope, a McKinsey Solution, focusing on price, promotion, and assortment optimization, has announced that IDC Retail Insights has recognised it as one of the most innovative vendors in the market for Assortment Planning.
The recent IDC Retail Insights report authored by Greg Girard and entitled "Business Strategy: The Dawn of a Golden Era — Recent Developments in Assortment Planning" (July 2015), presents the findings of a survey conducted with the 12 leading Assortment Planning application vendors with particular attention to innovations released in 2013, 2014,and 1Q15. According to IDC Retail Insights, Periscope reported the second-highest number of innovations in its assortment planning solution among the 12 vendors covered by the study.
Findings in the report confirmed that;
- "Assortment planning vendors are meeting market requirements better than ever."
- "Vendors are on the right track responding to retailers' business needs: 51% focused on operational efficiencies to make planners more productive and 35% focused on revenue improvement."
- "Vendors are also on the right track responding to retailers' needs for advanced yet simply executed insights. In particular, 32% of initiatives are delivering advanced forecasting and analytics and 16% are improving rules, methods, KPIs and metrics"
According to the report, "Assortment planning is the hub of merchandising strategies and tactics with buying, pricing, space planning and omni-channel decisions flowing from localized assortment ranges and breadths. Satisfying omni-channel shoppers, financial objectives and operating constraints requires assortment planning capabilities that first- and second-generation applications simply do not offer." Commenting on this conclusion, Greg Girard, Program Director, World-Wide Omni-Channel Retail Analytics Strategies, IDC Retail Insights, said; "With its critical role in managing omni-channel complexities, retailers therefore need more sophisticated assortment planning systems."
Of the self-reported innovations submitted by Periscope to IDC Retail Insights for the purpose of the study, IDC Retail Insights credited the company's approach to innovation focused on advanced forecasting, analytics, rules, methods, KPIs and metrics.
"With the dawn of omni-channel retailing, when consumers can shop for the best offers from the comfort of their living room, in a store, or via their mobile device, it's essential that the customer is at the hub of every decision that a retailer makes," said Brian Elliott, CEO of Periscope. "Our mission is to equip retailers with the best possible level of customer insights to enable them to offer the best choice, price and customer service, thereby increasing customer loyalty. Being recognised as one of the most innovative Assortment Planning vendors in the market by an analyst firm such as IDC Retail Insights is a tremendous result and further validates our business proposition and commitment to the market."