Strategy
Strategy settings allow you to adjust what is important for your business. Your chosen strategy will decide what products are Winners, Losers, and Chasers and their service level. When you change your strategy, it can take up to 24 hours for the change to reflect in ForesightAI recommendations and segmentation. You can change strategy settings as you wish, but it is advisable to make these changes only a couple of times a year maximum.
Change your Strategy
In the ForesightAI app, you can set your Strategy to adjust how ForesightAI decides your Winner, Loser, and Chaser products are.
Open the ForesightAI app.
Select your user profile in ForesightAI.
Click Product Segmentation.
You can then choose between the four strategy options, Profit, Revenue, Sales Frequency, and Sales Quantity.
Profit
Profit will segment your Winners, Losers, and Chasers depending on the profit they generate for your business. Choose this strategy to help maximize your cash flow for your business.
Winner products have the highest overall profit (sales price - cost x sales volume).
Chaser products are not the highest selling, but still contribute to your revenue.
Loser products generate little to no profit.
Revenue
Revenue will segment your Winners, Losers, and Chasers depending on the sales revenue. Choose this strategy to grow your business and prioritize your sales dollars.
Winner products generate the highest amount of revenue (sales price x sales volume). Products with a low sales price can sometimes be winners if the sales volume is high enough.
Chaser products attract customers but are not generating as much revenue as the winners.
Loser products generate little to no sales revenue.
Sales Frequency
Sales Frequency will segment your Winners, Losers, and Chasers by the amount individual customer transactions (not quantity purchased). Choose this strategy to keep your customers happy with their favorite items.
Winner products are your most popular products with many different customers buying it.
Chaser products are less popular, but still ordered by a few customers.
Loser products are your least popular with very few or no customers ordering them.
Sales Quantity
Sales Quantity will segment your Winners, Losers, and Chasers depending on the sales volume (quantity sold). Choose this strategy to keep your inventory full of products that sell in large quantities.
Winner products are sold in high volume (you sell a lot of these items).
Chaser products are sold in smaller quantities than Winners.
Loser products don't sell at all, or sell in very small amounts.