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Product assortment at winmart+ in ho chi minh city

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business LAM MINH TRI PRODUCT ASSORTMENT AT WINMART+ IN HO CHI MINH CITY MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2021 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business LAM MINH TRI PRODUCT ASSORTMENT AT WINMART+ IN HO CHI MINH CITY MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR TRAN PHUONG THAO Ho Chi Minh City – Year 2021 EXECUTIVE SUMMARY In order to survive in a competitive environment and to establish a strong position in the market, retailers should be able to manage their operational activities efficiently while providing an adequate customer service level Activities such as store and inventory management, establishing relationships with the suppliers, ordering and purchasing of products all contribute to operational costs, while additional costs, or rather loss of revenue, may incur due to poor quality procurement and customer dissatisfaction An important trade-off in finding the right product assortment is that increasing variety increases customer satisfaction but has a negative effect on operational costs As a result, when a retailer decides on which suppliers to work with and what product assortment to carry, it is important to understand the expectations and the purchasing behaviors of customers Assortment and inventory decisions are two of the most important decisions in retailing Marketing management and retailing textbooks highlight the importance of product assortment in achieving differentiation and satisfying the wants of target shoppers better than the competition (1) However, providing a product assortment that can optimize sales and fulfill the needs of various customers is not easy work Moreover, the expansion into a variety of locations challenges retailers to make different product assortments across their store chains (2) Particularly, recent research highlights the key role of product assortment in satisfy customers, increase sales and profit In practice, at Winmart+ in Ho Chi Minh city, the mini-mart store chain, is facing an increase in days of inventory outstanding (DIO) from July 2020 to January 2021 In addition, the sum of non-moving stock at each store in Ho Chi Minh City takes a really high percentage Based on in-depth interviews with important stakeholders, secondary data for support, and literature, the current product assortment is the main problem that leads to these symptoms This thesis will explore the root causes and propose the proper solution to solve them i|Page ACKNOWLEDGEMENT First and foremost, I would like to express my special thanks to Dr Tran Phuong Thao for her insightful advice, suggestions, enthusiasm and patience in guiding me during the master thesis period With the plentiful experience I have encouraged me to go on the right way to accomplish the thesis I would also like to thank the teachers of the 10th grade MBA who equipped me with the knowledge, skills and thinking to complete the thesis I would also like to thank my classmates for sharing experiences and practical knowledge and motivating me throughout the time of my assignment Finally, I would like to thank WinCommerce Company for assisting me so much in providing important and necessary data for this thesis Especially I want to thank Ms.Wendy, Mr.Nhan and Mr.Hieu took the time to interview and share much information that help me understand deeper about the situation so that I can complete the thesis ii | P a g e TABLE OF CONTENTS TABLE OF CONTENTS iii LIST OF TABLES vi LIST OF FIGURES vii CHAPTER 1: PROBLEM CONTEXT 1.1 COMPANY OVERVIEW 1.2 Cosmetic and Personal Care Department 1.3 Retail market in Vietnam 1.4 Business symptoms 14 1.4.1 High Days Inventory Outstanding in Ho Chi Minh City 14 1.4.2 Too many non moving items in Ho Chi Minh City’s Stores 18 CHAPTER 2: PROBLEM IDENTIFICATION 20 2.1 Problem mess 20 2.1.1 Inaccurate Demand Forecasting 21 2.1.2 Inappropriate Delivery Method 23 2.1.3 Inefficient product assortment 24 2.2 Problem validation 29 2.2.1 Inaccurate Demand Forecasting 29 2.2.2 Inappropriate Delivery Method 30 2.2.3 Inefficient product assortment 31 2.3 Main problem definitions 37 2.4 Consequences 38 CHAPTER 3: CAUSE VALIDATION 40 3.1 Potential causes 40 iii | P a g e 3.1.1 Diverse in store’s characteristic 41 3.1.2 External Influence 44 3.1.3 Lack of Product Assortment Planning 44 3.2 Justification of real causes 47 3.2.1 Diverse in store’s characteristic 47 3.2.2 External Influence 49 3.2.3 Lack of Product Assortment Planning 50 3.3 Main Cause 54 CHAPTER 4: SOLUTIONS SUGGESTIONS 57 5.1 Alternative solutions 57 5.1.1 Reducing product assortment 57 5.1.2 Management Product Assortment 62 5.2 Solution Selection 67 5.3 Action plan for solution 69 CHAPTER 5: SUPPORTING INFORMATION 72 5.1 Methodology 72 5.2 In-depth interview: 73 LIST OF REFERENCES 97 iv | P a g e ABBREVIATION Q Quarter FMCG Fast-moving consumer goods M&A Mergers and acquisitions DIO Day of inventory outstanding DC Distribution Centre SKU Stock Keeping Unit MOV Min of Value v|Page LIST OF TABLES TABLE 1: CATEGORY PERFORMANCE IN 2020 - TABLE 2: THE PROPORTION OF CATEGORY IN NON FOOD GROUP - TABLE 3: DIO OF STORES IN HA NOI, HO CHI MINH AND OTHER AREAS 16 TABLE 4: REVENUE BY SUBCATEGORY IN HO CHI MINH CITY 17 TABLE 5: NUMBER OF NON MOVING ITEMS OF COSMETIC AND PERSONAL CARE AT WINMART+ FROM JULY 2020 TO JANUARY 2021 18 TABLE 6: GOOD RECEIPT FROM JULY 2020 TO JANUARY 2021 22 TABLE 7: NUMBER OF SKU OF EACH SUB CATEGORY IN JANUARY 28 TABLE 8: THE VALUE OF GOOD RECEIPT BY TWO METHODS - 31 TABLE 9: GROWTH RATE MONTH ON MONTH OF COSMETIC AND PERSONAL CARE 34 TABLE 10: THE ASSORTMENT BASKETS CORRESPOND WITH THE STORE SIZE. - 48 TABLE 11: NUMBER OF STORE FORMATS IN HO CHI MINH CITY 48 TABLE 12: THE NUMBER OF NEW SKU LISTINGS IN 2020 51 TABLE 13: STANDARD OF FACING AGAINST ACTUAL FACING - 52 TABLE 14: NUMBER OF SKUS ACCOUNT FOR 80% SALES OF EACH SUB-CATEGORY IN JANUARY 58 TABLE 15: BENEFIT AND COST OF DEVELOPING FOR LISTING AND DELISTING 62 TABLE 16: BENEFIT AND COST OF PROVING DIFFERENT ASSORTMENT FOR EVERY STORE CLUSTER - 65 TABLE 17: BENEFIT AND COST OF USING SOFTWARE FOR ASSORTMENT PLANNING - 67 TABLE 18: DETAILED ACTION PLAN 71 TABLE 19: SUMMARY OF INTERVIEW RESULT - 96 vi | P a g e LIST OF FIGURES FIGURE 1: NUMBER OF STORE OF WINMART AND WINMART+ FIGURE 2: EBITDA OF WINCOMMERCE FIGURE 3: ORGANIZATION CHART OF COMMERCIAL DEPARTMENT FIGURE THE GROWTH RATE BETWEEN GROUPS AT WINMART+ FIGURE 5: VIETNAM'S RETAIL SALES GROWTH FROM JAN 2020 TO JAN 2021 FIGURE 6: SALES OF GOODS AND SERVICES IN RETAIL SECTOR FROM 2010 TO 2019 FIGURE 7: GROCERY RETAIL SALES BY CHANNEL IN 2019 10 FIGURE 8: THE PORTION OF IN STORE-BASED AND NON-STORE-BASED SALES 11 FIGURE 9: NUMBER OF STORES, AND SALES TREND OF CONVENIENCE STORES 12 FIGURE 10: DIO OF STORES IN HA NOI, HO CHI MINH AND OTHER AREAS 16 FIGURE 11: DIO BY SUBCATEGORY AT STORES IN HO CHI MINH CITY 17 FIGURE 12: PRELIMINARY MAP 21 FIGURE 13: MAKING AND RECEIVING ORDER PROCESS 23 FIGURE 14: CURRENT ASM VS IDEALLY ASM PLAN 27 FIGURE 15: DELIVERY METHOD AT WINMART+ 31 FIGURE 16: SALE AND STOCK OF DIRECT DELIVERY 31 FIGURE 17: GROWTH RATE MONTH ON MONTH OF COSMETIC AND PERSONAL CARE 35 FIGURE 18: UPDATED CAUSE-EFFECT MAP 37 FIGURE 19: THE POTENTIAL CAUSES THAT LEADS TO THE MAIN PROBLEM 41 FIGURE 20: IMPACT OF LOCATION FACTORS ON STORE SALES VALUE AND PROFIT 43 FIGURE 21: THE UPDATED CAUSE-EFFECT TREE 47 FIGURE 22: THE FISHBONE DIAGRAM OF POTENTIAL CAUSES 54 FIGURE 23: THE MAIN CAUSE THAT LEAD TO INEFFICIENT PRODUCT ASSORTMENT 55 FIGURE 24: THE FINAL CAUSE-EFFECT TREE ERROR! BOOKMARK NOT DEFINED FIGURE 25: THE MATRIX OF DETERMINE THE POSITION OF SKUS BASED ON UNIQUENESS AND ECONOMIC PERFORMANCE FACTOR 61 FIGURE 26: THE PROCESS OF LOCALIZING ASSORTMENT 64 FIGURE 27: THE PROCESS OF SAP ASSORTMENT PLANNING 66 vii | P a g e CHAPTER 1: PROBLEM CONTEXT 1.1 COMPANY OVERVIEW Corperation overview In November 2004, the Ruby Shipping Corporation was established Until August 2009, the name of Ruby Life Group Corporation was officially changed In that year, the big milestone was recorded which was successfully listed on the Ho Chi Minh Stock Exchange on November 2009 In July 2015, the name was again changed to Ruby Group Corporation which is consistent with the brand and practices Ruby is a holding company, which consist of members companies such as Ruby Consumer Holdings (“RCH”), Ruby MEATGreen (“RMG”), Ruby Resources (“RR”), and Ruby Services and Trading Development JSC (the owner of 100% of Win Commerce General Commercial Services Joint Stock Company with a well know “WinCommerce” grocery retailing platform) With the vision to be Vietnam’s pride by uplifting the material and spiritual lives of Vietnamese consumers and the mission is to provide quality products and services for Vietnam’s population of nearly 100 million people, enabling them to get more value for money on their daily basic needs, Ruby Group is going on their way At the end of the fiscal year 2020, Ruby Group achieved revenue of VND 77,218 billion, an increase of 106.7% compared with the revenue of VND 37,354 billion in 2019 Net profit attributable to the company's shareholders reached VND 265 billion in Q4 / 2020 and 1,234 billion VND in the whole year 2020 Profits attributable to shareholders of the company reached VND 1,234 billion in 2020, a decrease of 77.8% compared to 2019 The reason for Ruby said is due to the influence from the merger of WinCommerce (WCM) and the interests of shareholders The minority at Ruby Consumer Holdings (RCH) increased due to the dilution of Ruby's ownership ratio 1|Page them together One facing but still ensuring customers can see and choose As presented about the solution for solving the main cause, which one you think can apply in your department? Ms.Wendy: The solution I would like to implement most right now is to adjust the number of SKUs and Develop different product Product assortment planning develop different product assortment by store assortment “The solution I would like to clusters I believe in my buyers, they have adjust the number of SKUs and experience, knowledge and analytical skills to develop implement this solution We don't want to invest too implement most right now is to different product assortment by store clusters.” much and take longer to implement We will consider that solution after implementing this solution if the outcome does not meet our expectation Table 19: Summary of interview result (Source: Summarized by author) 96 | P a g e LIST OF REFERENCES Kotler P Marketing Management: Analysis, Planning, Implementation and Control Englewood Cliffs, NJ: Prentice Hall; 1997 Alba J, Lynch J, Weitz B, Janiszewski C, Lutz R, Sawyer A, et al Interactive home shopping: Consumer, retailer, and manufacturer incentives to participate in electronic marketplaces J Mark 1997;61(3):38 Vietnam retail market records $172 billion in 2020 [Internet] vietnamnet.vn 2021 Available from: https://vietnamnet.vn/en/business/vietnam-retail-marketrecords-172-billion-in-2020-702957.html COVID-19: Vietnam’s consumer changes & retail movements [Internet] Kantar 2020 Available from: https://www.kantarworldpanel.com/global/News/COVID-19-Consumer-changes-andretail-movements Vietnam among most optimistic countries despite pandemic [Internet] VNExpress 2020 Available from: https://e.vnexpress.net/news/business/dataspeaks/vietnam-among-most-optimistic-countries-despite-pandemic-4098832.html Retail in Vietnam An accelerated shift towards omnichannel retailing [Internet] Delloite 2020 Available from: https://www2.deloitte.com/content/dam/Deloitte/vn/Documents/consumerbusiness/vn-cb-vietnam-consumer-retail-2020-updated.pdf Benjamin Beauty & personal care: when will the healthy glow return? 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Retail market in Vietnam 1.4 Business symptoms 14 1.4.1 High Days Inventory Outstanding in Ho Chi Minh City 14 1.4.2 Too many non moving items in Ho Chi Minh City? ??s Stores
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