Symphony EYC, a provider of consumer insights technology, has acquired category management and store planning solutions provider Fifth Dimension for an undisclosed sum. The combined companies can provide retailers and CPG manufacturers with the ability to model the impact of their decisions on assortment, resizing of category space and the overall in-store shopping experience.
As more consumers seek to focus on the store experience in addition to the products they are buying, retailers are now under even more pressure to ensure that the store’s appearance appeals to the consumer. Additionally, wasted space in a retail store can add unnecessary costs to retailers’ budgets, as poor prioritization of products on shelves can lead to weak sales. This possibility makes shelving optimization a more vital process for retailers to take seriously going forward.
The acquisition will benefit retailers by enabling them to simulate assortment and space alternatives based on shopping behavior in the store. Retailers can replace the traditional physical, resource and cost constrained approach associated with store space planning and reduce the time from concept to in-store execution.
“Changes in shopping habits are creating a strong demand for differentiation in the way stores are configured, across multiple locations and formats,” said Graeme Cooksley, President and Managing Director of Symphony EYC GOLD Solutions. “By eliminating the need for physical retail space when evaluating the viability of category concepts and in-store innovations, Fifth Dimension is able to remove cost and time from the retailer’s space planning process and enable them to accelerate delivery of the best possible shopper experience.”