SpendEdge’s Category Management Strategy Helps a Leading Player in the Fashion Retail Industry Achieve Savings of $6 Million
Why Category Management Strategy?
The growing competitive pressure in the fashion retail industry poses major challenges for players in terms of effectively handling different categories to drive profitability. This makes it necessary for them to rethink their approach to targeting customers. A category management process supports in-depth analysis and assessment of the supply market. Category management helps in assessing sourcing destinations, monitor supplier performance, and facilitates an overall powerful category planning cycle. Moreover, category management strategy lays focus on distinct areas of expenditure and gives key insights to the companies to readjust their procurement model as well as select suppliers who befit their procurement budget.
Trends Outfitting the Fashion Retail Industry
From online shopping to aspiring customers, the fashion retail industry is encountering a slew of developments that will reshape the landscape for good. During the last five-year period, the fashion retail industry encountered reasonable growth in revenue. Although the industry has fared well in some years, growth has been volatile at times. Switching from one of the biggest economic downturns in the U.S and at the notion of fast-paced technological changes and consumer choices, fashion retail industry is facing an ever-changing landscape. Increasing saturation among players and products is increasing competition; so, to stand out and come out on top, fashion retailers must be aware of and conform to ongoing and upcoming current trends.
About the Client
The client is an American multinational retail-clothing firm, known for its fashion clothing for men, women, teenagers and children. The company exists in 47 countries with over 2,500 stores and as of 2017, the company employs around 1,23,000 people.
Interested to know more about SpendEdge’s category management process or on how our category management strategy helped a fashion retail industry client? Continue reading or request a FREE proposal.