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.
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
“In the world of fashion retailing, where shopping is fast moving online and stores try to keep inventories closely matched to sales, even a small stack of unsold clothes can be a bad sign.” – The New York Times
The news circulating about H&M’s colossal pile of unsold merchandise simply reminds us of the risks fast-fashion retailers face to deliver trends at quicker-than-lightning speed consumers demand.
Although at the unfortunate expense of H&M’s affected profits, here are three invaluable lessons retailers can take away from the big, pile of unsold inventory getting so much press lately:
Read MoreTopics: convenience, inventory optimization, data, advanced analytics, fast fashion, speed, accuracy
