Range Width defines the number of products a range comprises. The more the product, the wider the customer needs can be answered.
Notably, Range Width often showcases product attributes that customers are typically hesitant to substitute.
🧪 Example of Range Width
- In the T-shirts category: Think about variations such as long sleeve vs. short sleeve, round collar vs. v-collar, or the intricacy of double-stitched sleeves.
- Rice varieties offer another perspective: Some individuals have a distinct preference, be it Jasmine Rice or Glutinous Rice, and aren't usually inclined to swap one for the other.
In essence, understanding Range Width is crucial for businesses to ensure they're aligning with the fixed preferences of their customer base.
❓What is used for
- Increased customer base: Retailers with a wide range of products may be able to attract a larger customer base, as they are able to appeal to a wider range of customers with diverse interests and needs.
- Increased sales: Able to increase their sales, as customers are more likely to make a purchase when they have a wide variety of products to choose from.
- Increased market share: By offering a wide range of products, Retailers may be able to capture a larger share of the market, as they are able to appeal to a wider range of customers.
- Increased profitability: Retailers with a deep range of products may be able to achieve economies of scale, as they can purchase products in larger quantities and negotiate better prices with Suppliers. This can lead to increased profitability.
- Increased competitiveness: Differentiate themselves from competitors and establish themselves as a go-to destination for customers looking for a wide variety of options within a product category.