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Key Takeaways from Unified Retailing 2019

The Unified Retailing 2019 Conference hosted by Columbus Consulting yesterday was energizing, as it’s always a fun to meet up with our customers, old colleagues and friends. The speakers were excellent, with frank and interesting conversations around how to win in today’s new retail environment. However, what really struck me throughout the event was the fact that everyoneand I mean everyone—appeared to be dealing with the same type of challenges, such as:

  1. How to support an environment where store sales are dropping, e-commerce is flattening, and mobile continues to grow
  2. How to win in an environment where there are so many store closures, but just as many store openings from digitally-native brands
  3. How to support the shop anywhereexperience consumers demand
  4. How to keep product, experiences and services relevant 

As every speaker discussed different strategies to address each issue, it became apparent over the course of the day these problems haven’t really changed over the last few years. In fact, they’ve only magnified. Despite these struggles, it only solidified my beliefand that of many others in the room—of the following:

If you want to be relevant, you must consider the customer and their preferences first in everything you do.  

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

Lucky Brand's Approach to Successful Merchandise Allocation

The idea behind inventory allocation seems pretty straight-forward: Ensure stores are kept in stock with respect to their ability to sell merchandise. Simple enough, right? Yet, as an allocator, one end-of-season scenario you’re likely familiar with is the aching realization of a missed opportunity — where better inventory allocations in one store could have led to more transactions, fewer markdowns, and improved margins.

Of course, you and I both know the subtle art to successful allocation is far from simple. In fact, a recent U.S. retailer survey estimated inventory misjudgments, including misallocating inventory, account for more than half (53%) of unplanned markdown costs. This issue has prompted retailers, like Lucky Brand, to search for ways to infuse intelligence into their allocation systems and processes.

Mike Relich, COO of Lucky Brand, recently shared his experience leveraging Celect artificial intelligence and machine learning (AI/ML) software to successfully improve retail allocation results. 

Here are the five biggest takeaways:

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Topics: allocation, artificial intelligence, inventory optimization, brick-and-mortar retail, physical stores, machine learning, merchandise assortment

Another One Bites the Dust? Not So Fast.

This week's retail news greeted us, yet again, with another not-so-surprising headline, which has been a reoccurring theme throughout the past year:

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Topics: customer experience, shopping trends, physical stores, consumer insights

You Won't Believe How Many Stores are Opening in 2017

The great retail apocalypse. The death of retail.

All of these are phrases you’ve probably come across at one point or another in the past few years. I know I still do. However, if you’re in the retail industry then you certainly already know this is not the case. Retail isn’t going away and consumers aren’t spending any less. 

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Topics: customer experience, retail technology, personalization, e-commerce, retail stores, in-store experience, brick-and-mortar retail, physical stores

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