Toolio has out of the box metrics that track historical New Choice Count and Style Counts and allows referencing the productivity achieved from these product introductions and facilitates using these for future plans.
Below is a quick overview of the metrics that come out of the box to enable this.
Toolio automatically captures the first-sale-date for each Style, Choice, SKU. You can see the first sale date of a product in each of the Item Plan reports.
The first-sale-date is then used to calculated the metrics below, e.g. how many new choices were offered in each time period.
Number of new styles introduced within a time period.
Understand new style introductions and the corresponding sales lift.
New Style Productivity in Units
Gross Sales Units divided by the number of new styles
Number of new choices introduced within a time period.
Understand new choice introductions and the corresponding sales lift.
New Style Choices in Units
Gross Sales Units divided by the number of new choices
Choice and Style metrics are accessible throughout the Toolio platform. An out of the box view using these metrics are included in the Pivot view in Merchandise Plan. It is called "Toolio - Choice Planning". Please see a screenshot below.
Using this view, you can see how many New Choices were introduced last year, was the % of Sales coming from each subset of your assortment and how that compared to the % of New Choice introductions in each subset.
Using these metrics, you can plan on how many new Choices you want to introduce in your current assortment (e.g. by investing more choices into higher productivity subsets).