SpendEdge’s Category Management Strategy Helps a Leading Player in the Fashion Retail Industry Achieve Savings of $6 Million
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.
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. It 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.
For more than 15 years, SpendEdge has been assisting clients across various industries with the best-in-class procurement and supply market intelligence solutions to drive sourcing and procurement excellence. Our procurement solutions have assisted procurement and sourcing professionals from the top 500+ organizations to gain actionable insights for better decision making.
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.