How To Forecast And Analyze Your Retail Financial Models

When it comes to financial forecasting and analysis, the retail world sees its fair share on a regular basis. Perhaps more so than ever, the need for these processes is increasing week by week due to today’s rapidly developing online retail market. Companies rush to quickly adapt to constant fluctuations and uncertainties and financial forecasting allows them to know when to take more risks, and when to tighten the wallet. Having a deeper understanding of financial planning increases chances of avoiding bumps on the way. Continue reading “How To Forecast And Analyze Your Retail Financial Models”

5 Ways to Utilize Your Distribution Data to Improve the Supply Chain

With so much data at your fingertips, your business is probably far more equipped for optimization than you may think. Case in point, most businesses have a broad array of distribution data at their disposal, and the proper application of such information can have a significant effect on your operating costs. Moreover, the power of data can help reduce costs and boost your company’s performance at the same time. Of course, this all depends on which data collection processes you have in place and how you decide to utilize the information to which your business is likely already producing but may not be accurately tracking.

Knowledge Is Power

You may or may not have all the data collection tools you need in place for each stage of your supply chain. But just because you have the tools doesn’t mean you know how to use them properly or even have a full understanding of everything that they can do for you. Although the specifics of your own supply chain system may vary, here are just a few of the benefits you can secure from the proper implementation of your distribution data.

  • Predicting future performance: Using distribution data as a forecasting tool may seem like a tall order. Yet, the volatile nature of the market and the increasingly complicated product offerings that many companies adopt in the interest of remaining competitive underscore a real need for demand prediction. Your business already has so much data on hand regarding customers, suppliers, pricing history, and the like, that you can easily run against a variety of external factors, giving you integrated analytics that provide you with opportunities for improvement.
  • Boost your distribution network: Your supply chain is a complex web of processes and tools that governs a jaw-dropping percentage of your customer-facing business, affecting everything from delivery tracking to your sales strategy. For that reason, you should investigate how data can enhance your distribution network itself. Take a look at key elements and identify growth potential. You may also choose to display the data you find in more organized forms such as charts or graphs so that you can more easily gauge your progress. (*Hint: we have some software that could help you with that!)
  • Guidance on pricing optimization: We’ve already mentioned the vital way that predicting demand and market conditions can improve your business, but consumer data can also be used to develop pricing models that may drive sales. Whether you choose to focus your pricing adjustments on a specific product or additionally use the data to finetune your upselling strategies, the shopping behavior of your customer base should be a key part of your sales (and pricing) strategy.
  • Manipulation of delivery routes: Your distribution data may unlock hidden revelations you can employ to optimize your business, but one of the best areas for direct change on how you relate to your customers is delivery. With the data you have, you can closely analyze delivery routes to make necessary alterations and generate alternative routes, ensuring that each vehicle opts for the best available choice. Many systems provide visual representations for each route, and shrewd application of delivery data can change the way you view the decision-making process centering on delivery.
  • Set up information conduits: To truly make the most out of your business, you should explore the establishment of information conduits. For those unfamiliar with this term, it refers to whatever means a business relies on to both share and track data with clients and customers. Though it might seem like an obvious addition to your supply chain, you might be surprised how often this aspect of your business gets overlooked. Given that it provides an effective and timely way to optimize supply chain management, be sure that your business makes efficient use of the information conduits you have in place.

Time to Optimize

Your company’s supply chain is one of the most critical elements of your relationship to consumers, and as a result, its efficiency can have tremendous bearing on your long-term success. As technology continues to evolve, no doubt the tools you can use to accrue a powerful data set on your customer base and the many opportunities for improvement that lie within how they interact with your business will continuously change. However, with the right strategy in place to leverage your distribution data, you’ll have all the means you need to sharpen your performance to heretofore unseen new heights, and the end result will almost certainly benefit both you and your customers in equal measure.

For more invaluable insights into how you should approach marketing your eCommerce business and use automation to drive future success, check out our new eBook, “Key Marketing Automation Strategies for Ecommerce Store Success.”

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What You Can Learn From Zara’s Product Controversy

Global fashion retailer Zara recently caused a public uproar following accusations that the brand copied the work of independent artists. Last week, Los Angeles-based artist Tuesday Bassen announced on her instagram account that she had filed an official complaint against Zara for copyright infringement. She joins at least a dozen artists who allege Zara stole their designs, adding their work to products without the permission or compensation of the artists.

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The Power of the Brand Mapping/Positioning in Retailer’s Life

 

Kit Kat, Hersheys, Snickers, MnMs, Cadbury, (okay… so we love chocolate), Pepsi, Coca Cola, Parle-G, Bournvita, Parachute Hair Oil, Complan, Tata Salt, Johnson’s Baby, etc. What do these names have in common? Everyone knows them, and what they stand for. Most of these are all items of daily use or for quick consumption- most, in India still can be brought for 50 Rs. Or less. But they are institutions that we have grown up with- just like our religions. We know them like a good friend who was with us and still is. They are BRANDS.

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What Small Businesses Think of Big Data and Analytics ?

The big data trend has been gaining traction rapidly in the international markets. Almost all the multinationals have their own data analytics arm; or they outsource this service from the many data analytics companies that excel at it.

But, it is undeniably true that many organizations today are making data waves. But, it is also the undeniable truth that most Small Businesses are yet to join this bandwagon. It’s been estimated that with the rapid spread of mobile devices and the “Internet of Things,” the world is generating more than 2.5 billion gigabytes of data every single day.

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Ethnically Yours- Big Data

Every culture in the world comes with a set of norms and rules. And the way one should dress happens to be one of those unspoken norms that govern popular conscious. Society decides what is appropriate and what is not for various gender, ethnic groups, etc.

Although these days dress has become mainstream everywhere, there are still groups of people that adhere to traditions. And ethnic wear is one of those long standing traditions that have gripped the imaginations of designers everywhere.

Which is why, the ethnic wear industry in India today comprises 75% of the total women’s wear market, at USD 10.82 billion. This is a huge number, considering the fact that the Indian Apparel market is presently valued at USD 39 billion and expected to grow at a CAGR of 9.5% to reach USD 60 billion by 2017.

With more than 10 million women joining the workforce, the apparel industry is expected to gain a potential 35 million consumers by 2020, according to a Technopak report. These numbers are clear indicators that modern and comfort based dressing will not erase centuries of traditional ideals.

Ethnic wear, especially in India today, is most popular during the wedding (read winter) season in India. Weddings see a variety of ethnic and traditional dress styles coming together. The challenge for most designers and retailers, though, lies in deciding what will earn those profits as well as brand recognition.

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Brain Trauma and Big Data…

The death of Phil Hughes, Australian Test Cricketer, due to injury during a cricket match, came as a shock to the international community last year. The reason for his death- a subarachnoid haemorrhage or in simpler words internal bleeding in certain parts of the brain.

The fact that in spite of medical science being so exact, Hughes could not be saved is an indication that when it comes to the brain and its many intricacies, even the best among us are left with almost no knowledge.

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New Year Resolutions…

It is 2015. And people are reappearing, back into the moulds of accepted work-life balance, trying to get back to the mundane. The parties and celebrations are done with; even the hangovers are receding. The revelry that embodies the holiday season is dying down.

After all the binge eating and binge drinking and general binging, it is now time to ‘detox.’ And what better way to do so than make resolutions!

The New Year brings hope of a better life, new chances and newer opportunities to people. And they make their resolution, promises to themselves and others, of how they will change, grow, improve in the New Year.

Full of enthusiasm and positivity, we end up deciding how the new year will shape up to be much better for us, and how we will make sure to be instrumental in the process of self change. A few days of adhering staunchly towards our goal increases this feeling. And then, poof, everything goes pear shaped again.

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Big Data- Growth Story 2014…

Big data, it seems, has become the new mantra for all and sundry. Every industry you see has used or is planning to use data analytics to increase sales or get to know their customer base. Newer and better organizations are coming up because of data analytics becoming important. Also, new jobs have been generated in the name of data.

For the uninitiated, Big Data refers to a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. Data analytics is all about processing this data using softwares, tools or other such services. Continue reading “Big Data- Growth Story 2014…”

AI- Seeing the Future!

We have heard this word many a times. Sci-fi movies are always quoting AI as if it’s a household word. Artificial Intelligence has interested scientists and enthusiasts for a long time now. Ever since mankind developed the computer, the ides of AI has taken root.

It would not be farfetched to assume that in a few decades artificial intelligence will be a large part of our lives. It already plays a significant role even today- just look at Siri or Cortana for example. These words are very familiar because we can ask them various questions and they probably answer them accurately.

Whenever we hear the words AI, our curiosity is piqued. So what’s all the fuss about? Artificial intelligence (AI) is the human-like intelligence exhibited by machines or software. . The AI field is interdisciplinary, in which a number of sciences and professions converge, including computer science, psychology, linguistics, philosophy and neuroscience, as well as other specialized fields such as artificial psychology.

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