Retail TouchPoints Announces Lucky Brand as Winner of 2019 Retail Innovator Award

We are thrilled to share the announcement of Lucky Brand as a winner for the 2019 Retail Innovator Award because of their work with Celect to optimize inventory decision-making! Retail TouchPoints (RTP), the industry's go-to source for the latest retail trends, strategies and technology innovation, has announced the 2019 Retail Innovator Award winners and names Mike Relich, Chief Operating Officer at Lucky Brand, and Miles Barger, Vice President of Merchandise Planning, Allocation, and Inventory Optimization at Lucky Brand, as winners in the category of Data Guru.

In its sixth year, the Retail Innovator Awards honor retail executives and thought leaders who: 

“[T]hink outside the box to develop and foster innovative concepts and strategies that help move the overall retail industry forward.” 

There were 100 nominations in total and the list of 18 winners was announced at today’s Retail Innovation Conference in New York City. Those who attended the event heard directly from Miles Barger, who shared Lucky Brand’s success story on using advanced analytics to optimize allocation and store fulfillment using Celect.

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Topics: allocation, artificial intelligence, inventory optimization, brick-and-mortar retail, physical stores, machine learning, fulfillment optimization, advanced analytics, awards

Why I'm Excited for the Future of AI & Retail

I’ve spent most of my career in the retail industry. Throughout that time, I witnessed a great deal of change – from the evolution of the stores’ role, to the seismic shift in how retailers sell within the context of convenience, service and compelling experiences. Most noticeably, the fundamental core of how retailers think has changed: Managing at averages will no longer suffice. 

Despite these ongoing transformations, the one constant—and what, for me, is the most enticing aspect of the industry—is the intimate connection retail has with the consumer. With a background in astrophysics, my passion for science and innovation fuels my desire to help retailers use technology and data to make smarter decisions and preserve this crucial connection.  

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Topics: artificial intelligence, inventory optimization, brick-and-mortar retail, advanced analytics

The Subtle Art (and Science) to Successful Retail Allocation

Knowing how and where to allocate products to the right stores can make or break a retailer. We live in a consumer-centered world. For better or worse, thanks to companies like Amazon, customer delivery expectations have changed so that they expect to get what they want and when they want it at the single click of a button. Often, this product can arrive on their doorstep the very next day.

Not wanting to be left in the dust, many brick-and-mortar stores are utilizing tools enhanced with artificial intelligence to master the subtle art of retail allocation. In today’s retail landscape, companies who do not utilize advanced analytics to allocate their products will be left behind or even fail completely. 

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Topics: data overload, allocation, artificial intelligence, inventory optimization, ecommerce, brick-and-mortar retail, data, cross-channel demand, advanced analytics, technology adoption, customer preference, accuracy, demand prediction, markdowns

The Seven Deadly Sins of Retail

The retail industry of today is a hyperactive and ever-changing environment, ripe with emerging technologies, competition, and an opportunity for those able to navigate through the waters of uncertainty. Retailers today not only need to be able to see through the smoke of change to determine the best path forward but also need to avoid the most common mistakes that have marked the end for past retailers. Here are seven deadly sins to avoid in today’s retail environment.

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Topics: data overload, artificial intelligence, inventory optimization, ecommerce, brick-and-mortar retail, innvoation, data, advanced analytics, technology adoption, customer preference, speed, accuracy, demand prediction, markdowns

Is Retail Going the Way of the Dodo?

Innovation and adaptation drive success in all competition-based systems. In the natural world, animals that evolve to have competitive advantages like size, speed, or cunning will exploit those competitive advantages to set themselves apart from others, fighting for shared resources. Those who do not adapt and find methods to outperform rivals they compete against ultimately face starvation and extinction. In the retail world, new competition and changing consumer habits are making it harder for retailers to survive. What can retailers do to evolve and keep from going the way of the dodo?

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Topics: artificial intelligence, inventory optimization, ecommerce, brick-and-mortar retail, retail apocalypse, advanced analytics, technology adoption, markdowns

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