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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

3 Practical Reasons Retailers Should Adopt AI in 2019

In the world of retail, the goal is simple: sell product. 

However, reaching that goal is a completely different story. When you throw competition, customer expectations, stores, inventory, logistics, and fulfillment into the mix, things reach a whole new level of complexity. The challenge is really two-fold:

  1. ) First, demand is seemingly unpredictable, with a multitude of factors influencing a consumer’s desire to want to buy something. 
  2. ) Secondly, there’s the issue of optimization – how can retailers leverage their inventory more productively? 

Overcoming these challenges requires retailers to better predict demand and optimize their inventory decisions more effectively to ultimately maximize every opportunity for a sale. Artificial intelligence and advanced analytics technologies are growing to be the tools of choice for retailers when it comes to optimizing inventories as customer expectations force retailers to invest heavily in digital capabilities.

Many retailers, according to Gartner, are “simply not optimizing their most significant assets.” What asset is more important than a retailer’s inventory? Here are three reasons retailers should adopt AI for inventory optimization in 2019:

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Topics: allocation, merchandise planning, inventory, e-commerce, artificial intelligence, brick-and-mortar retail, data, advanced analytics, order fulfillment, demand prediction, markdowns

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