About the IndustryThe retail industry is witnessing changes constantly. With the exponential increase in customers’ digital engagement and exposure, their demand has also increased. The retail market strategy is leaning towards omnichannel retailing and mobile marketing. In the digitized era, the concept of personalized shopping is gaining momentum. Personalized retail experience and exhaustive e-commerce engagement are leading to the expansion of the market and the creation of new marketing channels. The incorporation of Artificial Intelligence, Cognitive Computing, and Augmented Reality has shaped the future of the retail industry. The Internet of Things and connected devices will simplify the shopping experience and make things more convenient for customers.
About the ClientOur client is one of the largest US-based retailers. Currently, they operate more than two thousand retail outlets and department stores. They have a vast geographical bandwidth, with a strong presence in countries in the Middle East, Africa, Europe, and some parts of Asia. The company is engaged in the business of retailing a range of household and consumer products through department store facilities under various formats.
The Business ChallengesOur client faced the following business challenges: –
The SolutionTo mitigate our client’s challenges, we followed this three-fold approach: –
• Analysis of historical data and customer demand
• Lack of business model that could analyze the retailing trend
• Lack of automation in demand forecasting.
• Demand gauging using time series and ML-based models.
• Gathering and analysis of the historical data.
• Enhanced demand forecasting using a holistic demand intelligence tool.
• 90% accurate demand forecasting
• Streamlined process
• 5% growth in revenue
We implemented a visualization tool to get a whole new story out of the data generated from multiple sources. About the Industry...
November 25, 2019
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