Our client, a Florida-based retailer, was using qualitative techniques to forecast sales using limited available information: expert opinions and information about special events. Store sales are influenced by many more factors such as promotions, competition, school and state holidays, seasonality, locality, etc. They wanted to analyze historical data, to find patterns in the dynamics of the data like cyclical patterns, trends and growth rates. They also wanted to explore social factors influencing sales.
This is a major American designer and marketer of children’s apparel. The use of a line assortment application for mapping product attributes to facilitate planning. This process is manual-intensive and takes a lot of time. On average there are 130 attributes per product and around 4 million attributes are being managed per year. The sales and marketing teams needed a new, better way to describe the product. They wanted to leverage artificial intelligence for recognizing images of children’s clothing and predict labels with respect to certain attributes such as sleeve length, leg length, and patterns to reduce manual intervention. The situation demanded the need for an integrated platform for data scientists equipped with accelerators and tools to manage the entire AI application development life-cycle.
Modern businesses place their customers’ experience as a high priority and are proactive in crafting the perfect Customer Experience Management (CEM or CXM) strategy. Effective CEM involves knowing a customer thoroughly, addressing their dynamic needs, fulfilling their expectations, ensuring that they are satisfied at every point of interaction with a company, and creating or upholding a company’s positive perception.
Modern e-commerce offers today’s customers increased convenience. Retailers can stay relevant in a saturated market by building more personalized customer experiences and conversations with customers. As various messaging apps have grown, integrating chatbots with them is surfacing as a retail trend.
Discount management is a critical part of margin maximization for a retailer. It explains why retailers have heavily invested in discount optimization technologies, which has proven that more granular and analytical approaches to discount pricing result in improving gross margins.
Modern, digital-first consumers are eager to save time and prefer multiple options at their fingertips while shopping online. Shopping at the local store is now a thing of the past. Grocery shopping continues its evolution from being social and interactive to choosing items and checking out with little to no contact with staff.