4 Key Takeaways from Celect & BRP Retail Executive Event

Consumers continue to change the way they shop (buy anywhere, receive anywhere, and return anywhere), which has had a profound impact on how inventory decisions are made. Get it right, you sell more. Get it wrong, you lose sales. 

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, innovation

The ‘Art of What’s Possible’ with Celect Inventory Optimization Suite

I’ve spent my entire career in the retail industry, in various roles, both working directly for retailers and as a consultant. These experiences gave me an opportunity to view the retail industry through a number of different lenses. As a result, I’m often asked what is on a retail CEO’s mind in today’s current business climate, to which I typically answer, with certainty, one thing: inventory.

Inventory optimization, inventory effectiveness, how to improve inventory decisions in an omni-channel world. Inventory remains the top challenge for most retailers, as seen from the $1.4 trillion inventory problem stemming from lost sales and excessive markdowns. New realities force the need for a new approach. While customer expectations have changed and retail operations and execution have changed, inventory decision-making (for the most part) has not. 

The fact of the matter is that inventory is a complex problem and complex problems do not have simple answers.

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, start-up, innovation

Get the Most Out of Your Existing Solutions

The importance of solving the retail inventory challenges around out-of-stocks and excessive markdowns is compounded by the recent announcement of Amazon’s plan to sweeten delivery perks for Prime members with 1-day free shipping. Retailers need to take advantage of the store portfolio in order to compete, but in doing so they also need to make sure they’re optimizing the use of their inventory. This means making smarter inventory decisions around buying, placement of inventory and where to fulfill online orders from. The good news? With the advanced technology available today, this challenge isn’t as daunting as you might think.

The problem is retailers have invested millions of dollars in their existing systems to run their businesses. Many of these, quite frankly, are really old. In some cases, even if the systems are relatively new, they likely don’t have the sophistication artificial intelligence (AI) or advanced analytics solutions offer to enhance existing processes.

This creates the dilemma of whether to rip and replace systems to take advantage of new AI solutions, or to augment existing systems with leading capabilities like AI. At Celect, we’ve found that augmenting your existing solutions with AI holds three distinct advantages:

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, innovation

Celect Recognized as Innovative Tech Start-Up in The Leading 100

I’m thrilled to share the news of Celect’s recognition in The Leading 100, an annual list that recognizes break-out technology start-ups driving innovation in the fashion and retail industry.

This list is curated by The Lead, a research firm that bridges the fashion and retail industry with the global Silicon Valley to empower the industry’s transition to digital centricity. They’re focus is at the crux of where fashion, retail and technology markets converge – where innovation is shifting behavior and constantly creating new business opportunities.

In an industry undergoing an unprecedented transformation where in-store revenues and foot traffic are in decline, bottom line improvements require a clear understanding and ability to adapt to customers’ ever-changing needs in advance, across multiple channels. That’s exactly where Celect comes in.   

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, start-up, innovation

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