Gartner: What Retail CIOs Need to Know About AI for Merchandising

“Seventy-seven percent of the retailers surveyed have deployed or have plans to deploy AI for retail strategy. Of those, 92% are targeting AI-based primary merchandising processes for implementation by 2021.” – Robert Hetu, Gartner

Gartner’s latest report delves into important key priorities for retail CIOs to consider when transitioning to AI technology.

According to a recent Gartner report, What Retail CIOs Need to Know About AI for Merchandising, retailers are shifting their operational focus towards automation and customer centricity with the adoption of AI. However, as retailers undergo this conversion, major transformations will take way on their merchandising processes, making it vital for CIOs to understand the implications of AI on product development and selection, planning, buying, demand forecasting, and allocation and replenishment.

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

3 Takeaways from the 2019 Lead Innovation Summit

Earlier this week I had the pleasure of attending the 2019 Lead Innovation Summit, an event where the entire fashion and retail innovation community converges to explore what comes next for the industry. This flagship event, hosted by The Lead (a research firm focused at the crux of where fashion, retail and technology markets converge), aims to bring together brands and retailers, digital natives, recognized tech start-ups, analysts, real estate operators, enterprise tech leaders, creatives, and academics to discuss some of the most pressing topics around how innovation is shifting behavior and constantly creating new business opportunities within retail.

Because of our latest recognition in The Leading 100, an annual list that recognizes break-out technology start-ups, Celect was invited to participate in these conversations, especially as a cutting-edge technology company uniquely positioned in the legacy retail industry to solve a very distinct problem. The unique problem, for Celect, is providing retailers a reliable way, through patented artificial intelligence and machine learning (AI/ML) technology, to anticipate consumer demand at a hyper-localized level and make smarter, more profitable decisions throughout the inventory life-cycle. Ultimately, we want to help retailers make more informed inventory investments catered toward a true understanding of customer demand.

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

Lucky Brand Wins Apparel 2019 Top Innovator Award

We have some exciting news to share! Lucky Brand was recently recognized as an Apparel 2019 Top Innovator because of their work with Celect. This annual award, sponsored by Apparel Magazine, recognizes apparel retailers, brands, and manufacturers who demonstrate notable innovation in their business, as well as the strategic partners that foster such success.

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

Total Retail - Cracking the 'Last Mile' Supply Chain Challenge

Read the latest Total Retail article by Andrea Morgan-Vandome, CMO of Celect, to learn how retailers crack the "last mile" supply chain challenge using Celect advanced analytics and optimization technologies to connect the dots between available data points and provide real-time context on what, when, where and how much customers will buy.

As Amazon.com rewrites the rules of retail, retailers are struggling to adapt and stay relevant. And it’s only getting harder to compete as the online retail giant continues to up the ante — most recently introducing one-day free shipping to Amazon Prime customers. Instead of forging new and uncharted paths, retailers can succeed by taking a page from Amazon’s own playbook and beating it at its own supply chain game.

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

Top 3 Takeaways from Coresight Supply Chain Council on Inventory Optimization

Earlier this week I had the pleasure of attending the Supply Chain Council: Inventory Optimization event hosted by Coresight Research in New York City. I was joined by a combination of retailers, consultants, and other retail industry professionals to discuss the pressing problems in retail around optimizing inventory.

Retailers make hundreds of thousands of inventory decisions everyday around what to buy, where to place, and where to fulfill merchandise from− and these decisions are becoming much more difficult to get right as consumer expectations change. As such, retailers are urged to rethink how they make inventory decisions today — prompting the main topic of this event. 

Here are three of the biggest takeaways that really resonated with me based on the discussion:

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

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