Can you really achieve stock unification?

Problem

Retailers have often grown with several different repositories or databases for different purposes, which now makes them lack a unified view of their stock, preventing them to take further steps into Omnichannel and advanced forecasting solutions.

Solution

The solution is not to scrape every database and start from scratch. The solution is to have a smart unification layer on top of it that can match, in a simple and fast matter, all the information you already have from your current data repositories (Magento, SAP, Oracle, IBM or others).

Having this layer allows the retailer to join all their data in a standard way, so that they can have (i) a common unified view of their data, then (ii) a business intelligence (BI) tool acting on it, and then (iii) be able to

  1. apply advanced forecasting algorithms on top of it;
  2. do customer segmentations;
  3. predict which customers are likely to churn in the short and medium term so that you can act upon it quickly before it is too late; and,
  4. reduce out of stock problems you might have, either because you don’t really know how much real stock you have across your warehouses, stores and ecommerce, or by predicting the real stock you need to have for each product in each location (store, ecommerce or warehouse).

Moreover, the power of advanced forecasting (which is now at the reach of any retailer) can even automatically suggest how much product you should buy, taking in account stock restrictions, minimum order quantities and other limitations, saving your team from value wasting and time consuming number crunching.

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But all of this is a result of a proper stock unification, which does not require a long and expensive project; only a proper tool and a partner to help you achieve this in a fast and swift matter – a couple of weeks should be more than enough for this!

How Inovretail can help

Inovretail does predictive analytics for Retail, by applying its’ machine learning expertise in helping retailers achieve much better forecasts, resulting in value added targeted and mass promotions, stock predictions, customer segmentations and churn predictors, and retailers do this by using Inovretail’s self-service tools, always supported by its’ team of data geniuses. And, to deliver all of this, Inovretail has created a database unification layer, where we connect all of the client’s databases (Magento, SAP, Oracle, IBM, and many others) and deliver this as a part of the whole service, as a first step in the process of delivering a better data-driven business.

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Welcome to the Retail Apocalypse. Are you going up or down?

2017 has been one of the most difficult years for the retail industry. On the edge of bankruptcy, companies ask – What is going on and why is this happening? 

Ruthless competition, the need to adapt to new technologies and a lack of investment in innovative solutions are causing retailers (and also other types of businesses) to collapse. This combination has led companies to deeper levels of recession.

According to Moody’s, the number of distressed US retailers has tripled since the Great Depression. In a general perspective, its report verifies that 13,5% of American retail and apparel groups are at risk of foreclosing and nearly 16% occurred during the Great Depression.

Big and small retailers such as Macy’s, Sears, Neiman Marcus, Crocs, or even Guess are some examples that are going through high levels of store closure.

Sears is closing 10% of its stores and JCPenney is shutting down 14% of its business – the equivalent to 138 stores.

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STOP. INHALE AND EXHALE.

WE MIGHT BE ABLE TO HELP YOU. 

Retail business is highly fickle and too unpredictable. So, today, organizations that make data-driven decisions are at the top of their game than businesses whose decisions are driven by instinct.

Half of all U.S. households are now Amazon Prime subscribers – a single data-driven company that has realigned its organization’s culture to make sure that everyone knows the value of the data – and how to make the most of it.

Data has the power to outshine human intuition in a broad variety of scenarios, and for this reason, retailers benefit from a clearer customer understanding.

Being a data-driven retail business means measuring everything there is to measure. However, to improve performance retailers need to make sure the insights gained from data are used to decision making and, ultimately, that are more crucial to growth.

Firstly, data-driven decision making starts with the all-important strategy. This helps focus retailers attention by putting aside all the data that’s not helpful for their business.

To become more data-driven in 5 steps retailers should:

  1. define goals and their own strategy;
  2. identify key areas for their business;
  3. optimize data targeting;
  4. collect and analyze data;
  5. lastly and most importantly – turn insights into action.

But, lets face it. Implementing these strategies and solutions it’s not easy. That is why 67% of companies still follow a traditional business model because they lack of understanding and ignore the capabilities and limitations of BI solutions. Moreover, 42% of business leaders think their company would need training and education and that they would also need to promote that culture internally among their organization. Finally, 39% are concerned about the financial investment and data management.

With small steps it is possible to improve performance and incorporate the learning into the business.

For example, companies who have enabled data-driven decision making and business intelligence solutions say that they have benefited from predictions on activity related to machines, customers or business health by 38%.

And, in general terms, 45% of organizations who have invested in business solutions and have become data-driven say that they’ve already got a positive impact on their businesses and 27% say they will have an impact on the next one to three years.

SO, BY BECOMING A DATA-DRIVEN RETAILERS ARE ABLE TO: 

  • Stay competitive among forward-thinking organizations that already use data to their leverage.
  • Concentrate their attention on the customer and enjoy a clearer insight into the customer and their circuit.
  • Be cost-effective – it can be costly to store large volumes of data. Retailers should put data to work and use it to the company’s advantage.
  • Detect new or anticipate opportunities, as well as expanding and raising more desirable conditions

In short, retailers who become more data-driven and invest in BI become more alert and are better able to answer to markets transformation and innovation. Inovretail has broad variety of solutions for your business. Define your goals and we’ll help you achieving them by leveraging your data and turning your insights into ACTION!

 

How embracing Digital Transformation helped a Retailer Double their Sales

INOVRETAIL @ GNG | USE CASE

GNG, the company which operates Levi’s, Dockers and G-Star Brands in Portugal and Spain, under a franchise agreement, needed an innovative way to better engage their Sales Staff with incoming G-Star clients. The solution was See-watch, our mobile business platform designed specifically for smartwatches.

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With See-watch, the Sales Staff is able to:

  • Identify key individual performance metrics, such as intra-day goals
  • Receive system notifications, such as cross-selling opportunities, stock information or weather forecast

 

RESULTS

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Check full use case here.

 

INOVRETAIL @ HSO

 

Inovretail was recently invited to showcase its products to a selected group of 30 attendees from areas such as retail, manufacturing and service businesses.

It was a wonderful experience and an honor to participate in HSO Innovation Day!

 

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Do you want to know more?
www.hso.com/uk/knowledge-hub/news-events/innovation-day/

 

 

INOVRETAIL @ NEXPO

In partnership with Karen Millen, Retail Assist unveiled NEXPO, the retail technology pop-up store at Hoxton Arches in London. Several retail names were taken on the customer journey of the next retailing generation, facilitated by technologies that are affordable, easily deployable and available to integrate into existing stores from different companies.

NEXPO welcomed over 100 retailers, journalists and bloggers, over the 3 days, where Inovretail showcased the Future of Retail. Our retail intelligence solutions, like our fitting room management system SEEWALL, were present in the event to show more opportunities to upsell and know more about customers, allowing to personalize suggestions and help buying decisions, improving the store overall performance.

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Do you want to know more?
www.retail-assist.co.uk/nexpo-video-round-up/