Assortment refers to the range of products offered by a retailer to its customers. This includes the selection of products available, the different variants, brands, sizes, colors, etc. The assortment is determined by the company’s business strategy, customer preferences and market trends.
Assortment management involves making decisions on the inclusion, exclusion, promotion and pricing of products to meet customer needs, optimize sales, maximize profitability and differentiate from the competition.
