Business Intelligence / Data / Analytics

In order to be successful in today’s omnichannel retail marketplace, merchants must collect information from numerous internal and external sources, then analyze that data. New solutions can help to optimize incoming data in order to deliver the business intelligence and analytics needed to move retail businesses successfully into the future. This section offers feature articles, special reports, industry viewpoints and the latest news to help retailers make sense out of the growing influx of information.

Bloomingdale’s Ties Training To $3 Million In Savings

Bloomingdale’s has been using the Axonify Microlearning Platform for associate training since 2013, but the retailer could not quantify the financial impact of the program until the recent addition of a new product, called Axonify Impact. With this functionality, Bloomingdale's was able to tie its safety and asset protection training…

45% Of Retailers Still Lag In GDPR Compliance Ahead Of May 25 Deadline

Retailers targeting consumers in the European Union (EU) are counting down the days until they must comply with the General Data Protection Regulation (GDPR) deadline of May 25. The regulations will introduce more stringent provisions for organizations processing consumer data. But while 55% of retailers say they were largely or completely GDPR-compliant as of April 2018, that leaves 45% that say they are lagging behind or only partially compliant, according to Capgemini. In April 2016, the EU adopted GDPR, a new set of business rules and regulations designed to protect the individual rights of European citizens, including those relating to data access, automated decision making, profiling and the right of the consumer to restrict processing. As many as 57% of European consumers will reduce spending and delete data with organizations that they perceive to be in breach of GDPR, the Capgemini study noted.

Social Commerce Best Practices: Optimize Mobile, Match Products To Platform Strengths

Social media is no longer just a place for building brand awareness or loyalty: it’s another potential storefront, a frontier where the customer journey can take on fresh new forms. There are approximately 3.2 billion active social media users today, according to Hootsuite. The major platforms have enormous audiences that are too big to ignore: 800 million Instagram users (as of December 2017), according to Omnicore; 255 million Snapchat users (as of June 2017), according to TechCrunch; 175 million Pinterest users (as of April 2017); and More than 2.2 billion Facebook users (as of March 2018).

When It Comes To IoT, Everyone Can Learn From Retail

It seems like everyone’s getting into the Internet of Things (IoT) these days. The truth, however, is that we’ve barely cracked the surface of the number and types of companies who could be selling IoT products and services to their customers and — for whatever reason — aren’t. Most of that market noise you’re hearing is from the vendors themselves, and from the traditional retailers who successfully sell IoT products in the same way they sell other products such as WiFi routers, laptops and diapers.

Retail Winners Are Taking A New Approach To Space Management

More stores opened than closed in 2017, according to IHL Group, with retailers like T-Mobile adding 1,500 new locations. Yet, JCPenney, Foot Locker, Toys ‘R’ Us and others have shuttered hundreds already this year. How are some retailers increasing sales in retail and expanding their store footprint, while others shut their doors? While there are many factors, successful retailers are taking a new, more aggressive approach to space management. Instead of relying on traditional clustering and one-size-fits-all planograms, they are taking a more ‘store-centric’ approach — investing in building robust digital models of their entire store footprint, putting digital merchandising tools in the hands of their associates, and using automation to enable visual merchandisers and space planners to quickly and easily create store-specific plans.

#RIC18: For Dunkin’ Brands, Data Identifies CX Pain Points

Paul Murray, Director of Digital Experience, Dunkin' Brands   Data can provide retailers with a lot of answers — but in some cases, its most useful function is identifying which questions the retailer needs to ask. Paul Murray, Director of Digital Experience at Dunkin’ Brands, shared several real-world examples of how the retailer used surveys, analysis and AI technology to figure out why the expected didn’t happen or the unexpected occurred. At the Retail Innovation Conference session titled Closing The CX Chasm, Murray was joined by ERDM Founder Ernan Roman. “Customers have unprecedented and unmet expectations about personalized value,” said Roman. “There’s a chasm between the customer experience (CX) fantasy that brands have versus reality.”

#RIC18: How TechStyle Optimizes Personalization With Continuous Testing

For most retailers, one-to-one personalization is a goal to work towards rather than an actual achievement — but TechStyle Fashion Group is an exception. The retailer, which includes the Fabletics, JustFab and ShoeDazzle brands, has succeeded in making personalization practical. At the 2018 Retail Innovation Conference, Traci Inglis, Brand President for JustFab and ShoeDazzle, shared some key statistics that chart TechStyle’s progress: • The retailer sends unique emails to each of its 2.5 million members;• The emails utilize dynamic one-to-one merchandising across thousands of styles, individualized based on the customer’s preferences, clicks and purchases;• Targeted subject lines highlight the customer’s first name and the email offer; and• TechStyle personalizes the web pages members see based on their fashion and style preferences as well as their location.

Oracle Partners With WorkForce For Scheduling Solutions

WorkForce Software scheduling solutions will now be available to Oracle Human Capital Management (HCM) Cloud customers, allowing these users to schedule employees in alignment with complex rules, employee availability and multiple business drivers. The partnership allows retailers to integrate the WorkForce solutions with Oracle Cloud Time and Labor and Absence…

21 Innovative Solutions Showcased At #RIC18

At the 2018 Retail Innovation Conference, innovation wasn’t limited to the educational sessions. Sponsors showcased solutions for some of the retail industry’s most pressing concerns, including marketing personalization; mobile applications; making loyalty and referral marketing programs more effective; deepening connections between retail associates and shoppers; and the latest in design and digital signage. Following is a roundup of the sponsors’ offerings.

Midmarket Retailers Seek To Grow Through AI, Channel Integration: SuiteWorld18 Recap

Although large retailers tend to have the bigger budgets necessary to address challenges such as leveraging AI, personalization and channel integration, midmarket retailers and small businesses alike are finding their own ways to forge success in these areas. Look no further for examples than Oracle NetSuite SuiteWorld, held April 23-26, 2018 in Las Vegas: 81% of companies represented at the event had less than 1,000 employees, with many seeking effective ways to refine their paths to growth. Evan Goldberg, EVP of Development at Oracle NetSuite delivered a keynote at the event titled It’s Grow Time, discussing how midmarket clients can take these leaps. In his remarks, Goldberg unveiled the NetSuite AI- and machine learning-based Intelligent Cloud Suite. NetSuite applies this intelligence to ERP platforms in three different ways:

For A Limited Time Only: How Companies Can Use Data To Create A Sense Of Urgency

Retail marketers have used scarcity — the diminishing supply of a product or service — as a way to attract customers for years. Research has proven that scarcity makes people perceive limited quantities as more precious and valuable. We’ve all seen and heard the advertisements: “Limited time offer!” “While supplies last!” “This offer won’t last long!”

Less Than 35% Of Supply Chain Execs Use Analytics Insights To Manage Inventory

Forecasting product demand is an arduous process for merchants, but it’s critical to avoiding the twin challenges of out-of-stocks and excess inventory. A new study reveals that only 34.7% of wholesale supply chain executives say their current inventory planning process provides actionable insights on customers, inventory and demand — and that they are fully using those capabilities. Approximately the same number, 35.7%, say their planning processes offered only some of the information they needed, while 19.4% said their processes do not provide what they want. These findings are a strong indication that more companies need to use all the data available to provide an accurate picture of their inventory requirements. The lack of these capabilities, or their under-use, can cause problems for wholesalers: 46% said more than 2.1% of inventory demand could not be filled from current on-hand inventory or supplies. Only 5% said they always have the right quantity on-hand to fulfill demands, while 35% say 0.1% to 2% could not be fulfilled.

Ahold Delhaize Joins New AI Research Partnership

The first partnership for the new Innovation Center for Artificial Intelligence (ICAI) will be with supermarket giant Ahold Delhaize. At the AI For Retail Lab (AIRLab), seven PhDs will conduct research into socially responsible algorithms that can be used to make consumer recommendations and more efficiently manage the flow of…

The Art Of The Possible — How IoT Is Reshaping Retail

The Internet of Things (IoT) is creating new opportunities to drive competitive advantage in retail. Retailers have long touted potential use cases for IoT, from predictive maintenance to temperature sensors. And before that, talk of the “RFID revolution” and its promise to transform inventory management dates back almost 20 years. While RFID technology is often seen as a precursor to IoT, the truth is the retail sector has been slow to invest in IoT.

7-Eleven Boosts Inventory Visibility With Supply Chain Solutions

  • Published in News Briefs
Seeking to reduce high out-of-stock levels and decrease expiries, 7-Eleven has deployed a suite of supply chain solutions from JDA Software. The retailer has gained improved insights into its inventory and driven efficiencies in order planning and demand forecasting. The JDA solutions allow 7-Eleven to fulfill each store’s perishable orders more…
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