One of the most important things for retailers is assortment planning, as one of the biggest challenges most retailers face is figuring out what products shoppers are going to buy, and the other biggest challenge is estimating the correct amount of inventory they will need.

These things may push them to sacrifice a large profit margin due to the occurrence of capital restriction in their surplus perpetual inventory, so they always need a plan to meet these challenges, and this is the assortment planning that helps them avoid losing sales opportunities, and in this article we will present You have all the details about the assistance planning.

What is Assortment Planning? 

Assortment planning is the strategy by which a group of products required in a particular region is selected during a period.

Assortment planning can be of great use during seasonal fluctuations, by which the right products during the season can be selected correctly and accurately.

During the selection of the products through the assortment planning, the focus is on the characteristics of the products themselves, in order to meet the needs of customers to the fullest extent.

And the following are the most important features of the products:

• Size.
• Brand.
• Color.
• Price.

Why is assortment planning important?

Assortment planning plays a big role in choosing the right inventory size, which greatly helps the retailers, thus avoiding any possible losses.

This type of layout also helps in optimizing product management selection as well as appropriately allocating shelving space, all of which effectively contribute to enhancing customer satisfaction.

Thus increasing the financial performance of the company by offering diversified products suitable to the needs and requirements of clients, so assortment planning is the best approach to improving and fulfilling clients’ needs.

Also, with retail channels unclear, this type of planning is more needed than ever. As it responds well to local preferences, enabling retailers to deliver the right products to shoppers at the right time.

Key factors to consider when developing an assortment plan

While developing an assortment planning strategy, there are a number of things to consider, so that retailers can reach the desired results, the most important of which are:

• Category Weight
• Brand identity
• Market trends
• Price range.

All of these factors together will provide useful information to retailers, especially since retailers cannot know the type and quantity of products that shoppers prefer on their own.

Therefore, these factors contribute to clarifying multiple data sources from different channels that enable them to accurately determine the type and quantity of products required.

How to build an assortment plan

If you want to have a proper assortment planning, there are a number of basic steps that you need to follow in order to make a plan that works for you, and here are those steps:

1. Research and analyze historical sales performance

The first step you need when designing an assessment planning is to analyze historical sales performance to update trends, in addition to researching and studying a number of elements, such as:

• Cost.
• Average selling price.
• Shelf life of the products.

With that information you will be able to start creating your own plan according to the information you have.

2. Store clustering

It is a process in which stores that are similar in characteristics are grouped together, in terms of location, sales volume, customer demographics and product features.

Through this step, you will be able to apply assessment planning to similar stores, and through this step, you will be able to meet the demand of customers in different regions.

3. Decide the breadth and depth of assortments

The third step you need is to determine the quantity of items that are sold in each group, in addition to determining the depth of the items in each category,

While achieving a kind of balance between quantity and depth in order to meet the requirements of the largest possible number of customers.

4. Create a visual merchandising plan

The penultimate step when designing assortment planning is to use visual merchandising, in which products are presented in the most attractive way.

Thus, motivating your customers to consume by highlighting the benefits of each product, and you can do this by relying on the information you have about each store you own.

5. Check back and then carry out the plan

The last step you need to be able to carry out your assessment planning is to check the previous steps closely to make sure everything is going correctly.

Also in that plan you will need to check that the plan is in line with your financial budget, and then you can apply the plan directly.

Assortment planning tools and software

Good assortment planning tools help provide comprehensive analytics that enable retailers to make informed decisions about the quantity and volume of products required, which will best meet customer needs.

Here are a number of key features that you should focus on when choosing the best assessment planning tools:

• Real-time analysis of competitors’ catalogs.
• Design comprehensive and dynamic pricing strategies.
• Having a simple yet effective interface that doesn’t need a lot of integration.
• The ability to analyze the product life cycle counts for making promotions and pricing those products.
• Providing specialized dashboards as well as charts for measurements and parameters, if any.

With the assistance planning tools combined with these features, you will be able to automate your planning process and thus generate new sales very quickly.

These tools will also contribute effectively and efficiently in determining the amount of inventory that your customers expect from you.

As well as making the appropriate adjustments in the event of any urgent changes to the market or from your competitors.

Supply chain designations is the right way for those who are looking for a suitable opportunity to differentiate themselves and get a competitive business, and it is especially suitable for those who want to get a distinguished position in the supply chain.

Supply chain designations also help greatly in individuals who are starting their career in the field of logistics and they seek to continue it with a desire for excellence, and there are a set of basic certificates that these individuals need to obtain.

In this article we will talk about all the details of supply chain designations, as well as the basic certificates and what scmp designation is, as well as its costs.

What is Supply Chain Designation?

Supply chain designations are a professional designation that individuals who wish to be leaders in the supply chain apply to, after entering the supply chain profession.

And there are a number of core certifications that are required in the field of supply chain designations.

Supply chain management certifications

As we have indicated, there are a set of basic certifications that you will need to provide to elevate your skills in supply chain designations in relation to SCM.

Especially in light of the rapid development and growth facing the field of supply chain management, you always need to raise your skills and prepare to keep pace with changes on an ongoing basis.

Here are the most important supply chain management certifications you will need in order to gain a competitive advantage and complete your resume:

1. Certified Supply Chain Professional certification (CSCP)

It is one of the important certifications awarded by the American Production and Inventory Control Association (APICS).

Which signifies your complete knowledge of current core strategies, concepts and technology in supply chain management.

2. Certified in Production and Inventory Management (CPIM)

It is the second most important supply chain designations certification, awarded by ASCM, that demonstrates your experience in operations and a deep understanding of production planning, forecasting and master scheduling.

It also indicates your familiarity with materials management and how each of these components relate to the extended supply chain.

3. APICS Supply Chain Operations Reference (SCOR-P)

It is one of the important certifications in supply chain designations and digital supply chain management, which are awarded by the APICS, which helps people develop their skills.

Thus giving them a better understanding of performance metrics and business process practices.

It’s a comprehensive certification that indicates your expertise in managing, measuring and improving every aspect of supply chain performance.

4. Certified Professional Logistician (CPL)

It is one of the best certifications you will need which is provided by the International Logistics Association (SOLE) which is one of the most famous non-profit associations.

Which will give you experience in supply chain management in a number of different industries, including:

• Education.
• Government.
• Defense and commerce.

And you can apply and get it in one of those areas. It is one of the important certifications in the field of supply chain designations.

5. Certified Professional Contract Manager (CPCM)

It is one of the most important and useful supply chain management certifications, as it includes a lot of experience needed in the field of supply chain designations, which is provided to you by the National Contract Management Association (NCMA).

Possession of this certification helps you demonstrate that you have mastered the standards and skills needed to manage contracts, thus enhancing your position with the employer.

There are other important certifications, but we show you some of the most important certifications for those interested in supply chain designations and supply chain management.

SCMA designation

SCMA stands for Supply Chain Management Association, which is Canada’s largest consortium representing a group of supply chain professionals.

The Supply Chain Management professional designation is the most sought after career designation in Canada.

And there are many organizations that support individuals to be at the forefront of the supply chain throughout their career. Which will help you greatly in the field of supply chain designations

The supply chain management professional designation also requires a number of basic certifications that enable individuals to start and continue in the field.

SCMA designation cost

As for the SCMA designation cost, it varies depending on the type of applicant, i.e. whether or not he is a member of Supply Chain Canada.

Overall, the SCMA designation cost for Supply Chain Canada members is $500. For non-members of Supply Chain Canada, Supply Chain Canada costs $750.

And it includes one year membership only. You can also easily apply for SCMA designation and pay for it electronically online.

We would like to point out to you at the end of our article on supply chain designations, that in spite of these costs the field of supply chain designations is highly profitable and beneficial.

There is great importance to international trade finance, as it helps in facilitating the access of exporters and importers to manufacture and ship products internationally. Therefore, international trade finance is one of the cornerstones that help in the success of international trade in general. In this article, we will explain to you what is meant by international trade finance and its types, as well as how this type of financing helps exporters and importers to enable them to trade all over the world easily.

What is international trade finance?

International trade finance means those financial products and instruments that are granted to companies for the purposes of facilitating international trade.

International trade finance helps the various importers and exporters in facilitating international trade for them.

It is an integrated term that covers the various financial products and instruments used in the financing process.

Why is trade finance required for global trade?

As we mentioned in the introduction, international trade finance is of great importance because it is in great demand in world trade.

Through it, appropriate financing can be made available to exporters and importers to conduct global trade.

Especially since according to the estimates of the World Trade Organization, about 90% of world trade depends on some form of international trade finance, especially for the short-term period.

The international trade finance gap is about 3.4 million US dollars, which covers various forms of financing needed in trade.

Also, in 2018, according to estimates by the International Chamber of Commerce and the Asian Development Bank, that gap was about 1.6 trillion US dollars.

How Import Export Finance can benefit Your Business

Another name for international trade finance is import and export finance, which can greatly benefit your business.

Especially since cash flow and working capital management is one of the most important things for exporters and importers as well as trading companies alike.

This helps them when they produce large quantities of goods, providing dealers with upfront financing that helps them complete deposit payments.

International Trade Finance options provide financing with a term of up to 120 days, and this type of financing effectively helps in the speed of confirmation of new deals.

And it reduces the time between manufacturing and loading of goods.

Types of Import Export Finance used in Global Trade

There are different types of international trade finance or import and export finance, and the type is agreed upon between the exporter and the importer.

Through the use of different banks or financial institutions, the risks of bills or contracts between sellers and buyers can be eliminated through the so-called payment guarantees.

The following is a list that includes the most important types of international trade finance or import and export finance:

• Overdraft facilities.
• Invoice discounting.
• Mid and long term loans.
• Bank guarantees.
• Letters of Credit.
• Export invoice finance.
• Factoring.

Banks and other financial institutions can provide customized solutions, in order to mitigate the risks of negative currency movements.

How to apply for trade finance

As for the method of applying for global trade finance, there are a large number of international trade finance companies that can help you, such as:

• Corporate & Commercial Banks.
• Alternative Finance Providers & Non-Bank Lenders.
• Development Finance Institutions (DFIs)
• Export Credit Agencies (ECAs).

There are a set of basic requirements that you will need to meet in order to be able to apply for global trade finance from one of the above.

Those requirements are divided between requirements for your company and other requirements related to the import and export process.

The following points illustrate the most important requirements that the company needs to apply for global trade finance:

• Legal Company Name.
• Certificate of Business.
• Registration Information on any related companies Business.
• Registration Number.
• Registered office address.
• Details of Director.
• Contact Details.

The following are the most important requirements for import and export operations that you need in order to be able to apply for global trade finance from one of the previous institutions:

• Financial details.
• Budgets and forecasts.
• Overview of the industries that you operate in.
• Competitor landscape Types of products that you sell.
• Types of International clients and countries that you do business with.
• Details of your trading history with International partners.
• Current Invoices or Purchase Orders.