August 1st, 2021
Cutting through existing prejudiced rules-based decision making
In our monthly reviews with prospective investors and customers, we have been often asked ‘How are your solutions, aimed at better stores and offers, relevant post COVID?’. The answer lies in the trends that we are seeing across retailers worldwide.
Owning physical stores is incredibly difficult right now. Retailers are closing or downsizing stores and moving to more convenience formats. However, research has found it’s expected that 78% of purchases will still be made in stores by 2024. It makes it even more relevant that the revised store estate serves the best value by serving a reduced, more attractive range.
Enhancing the sales and uplift, it also helps to provide an attractive shopping window to their store and online channels, quite literally.
RETAILIGENCE has customer use cases where we have managed to demonstrate increased sales and margins even after cutting range by over 25%. Using retail data, we determine the correct product and store affinities to tailor assortments and offers to customer groups in different stores. Machine Learning continually evolves and improves this offer. Some of our algorithms
- Look at products and stores from the customer lens to Create store and product affinities
- Assort sharper and more effective mixes to maximise customer value by cutting down the long tail of products and shift them to digital or vendor served assortment
- Optimise the space allocation and store flow to different categories based on customer shopping missions using syntactics based machine learning
This leads to
- A more engaging (as defined by data) store design
- Freeing space from categories (while increasing sales) and introduction of services within stores (to make them more enjoyable) like cafes, children’s play areas, wine tasting areas etc.
With your data, we can create a proof of concept in 2 weeks for you to review. Send us an email at email@example.com