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Why So Much Choice
Monday, November 12, 2018, by Chris Boydell, comments (Disabled)

Why So Much Choice Many people look at a stand of reading glasses and think - “I have a stand full, 100 different pairs of glasses - I have plenty of stock! There is plenty for everyone to choose from.” Well maybe - maybe not.

Let’s say you wanted to give everyone that walked into your shop a choice of at least 2 or 3. Three is a good number - you dismiss one straight away and then pick your favourite of the two remaining. How many glasses do you need on display in order to do this?

Different Magnifications

There are 6 of them. Customers will be one of 6 different magnifications. So that is automatically 18 different styles needed.

Mens & Womens

Consider gender - two of them. Dismissing unisex and just limiting the choices to women’s or men’s. So that is 36 different styles needed.

Different material

In broad terms, metal or plastic. People generally have a preference for either plastics or for metals. They just like the weight, feel and temperature of one or the other. 72 different styles (are you getting scared?)

What about colour?

Lets keep it simple and just talk about colourful versus neutral. People generally have a preference for either neutral colours (black, brown, tortoiseshell, gunmetal, silver, gold) or for bright colours. 144 different styles.

Of course there are different shapes

Being wildly simplistic - there are many different shapes - but let’s consider them square or round - if one of these suits you, the other usually doesn’t. 288 different styles.

And these are offered in a range of prices
We offer products in 3 different price points. 864 different options

So your selection of 100 styles is starting to look a little mean and devoid of choice - at least for some people. But which people?

And every store is a little different.

On the Nose, using a proprietary pattern finding algorithm, is able to identify which of these 288 (864/3 choices) different segments of the population are coming into each store by the pattern of each stores sales. By re-stocking according to who is coming into each store, it's possible to ensure that it does not run out of it's most popular segments (it’s always hard to track the sales missed because the store didn’t have what the customer needed) and that in order to do this they are not sitting on a whole lot of stock that isn’t required. See our Stockholding - Principles of Optimisation.

With this information to hand it's time to introduce Dynamic Merchandising so that every inch of the display is optimised for Stock Turns.


 


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Your eye health is important. Presbyopia has similar symptoms to other more dangerous eye conditions and diseases. Whilst self prescription of readers is safe for people only suffering from Presbyopia, it is important that you have your eye health assessed by a qualified optician every two years.

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