7 ways AI innovations make life easier for fashion companies and fashionistas alike

Geeky has never been so glamorous.

To help shoppers find fashions that fit their bodies, budgets and styles, more retailers are turning to artificial intelligence (AI). As one of today’s hottest technology trends, AI translates vast volumes of retail big data into rich, actionable insights, so executives can make smart decisions faster.

AI has evolved into a strategic asset in retail, as the sector faces overwhelming upheaval. Amid the blistering pace of innovation, and empowered consumers who expect omnichannel excellence, affordable fashions and personalized marketing, AI guides retailers by delivering fact-based intelligence to delight shoppers.

AI and retail: A perfect fit

Today’s retailers and brands are drowning in data and struggling to make sense of the abundance of information on their own. AI solves this problem by offering “a cheaper, faster way of doing many tasks that companies currently employ humans to do,” like simplifying complex data analytics.

Companies also embrace AI to improve agility, top-line performance and customer service – all while lowering costs. For instance, retailers gain greater accuracy in predicting a consumer’s style at the exact moment an individual is shopping, leading to more sales, fewer returns and improved stocking ability.
These business benefits explain why 45% of retailers expect to use AI within 3 years.

Elevating CX to the next level

AI can also help consumers, who simply want “to buy stuff as quickly and easily as possible.”
Fashion retailers and brands can make the customer experience pleasant by applying AI to gain data insights down to the individual shopper level, which makes the experience more consumer-centric, relevant and personalized than ever before.

Whether a shopper’s look is casual chic, vintage inspired or haute couture, AI allows lets them perform easy product searches, so consumers discover fashions they will actually buy, saving them time and effort.

For instance, AI can help individual shoppers find the perfect pair of jeans by tracking their sales history, online browsing and Instagram likes for a seamless shopping experience.

7 ways AI is revolutionizing retail

Here are 7 ways AI innovations make life easier for fashion companies and fashionistas alike.

  1. The fastest way to find your look:AI-driven visual search helps shoppers to promptly find their desired fashions. Pinterest recently launched a visual search tool called Lens, which uses machine vision to detect items on the web or in the Pinterest library and suggest related items – like a Shazam for products. Neiman Marcus launched the AI-driven Snap. Find. Shop. mobile app; customers use their smartphone cameras to take pictures of an item they like and the app displays similar items from the store’s inventory. Retail brands using visual search for a superior online shopping experience include Asos, John Lewis, Shoes.com, Nordstrom, Hook (an aggregator of all brands) and Urban Outfitters.
  2. Hyper-personal product recommendations:For individualized service, IBM Watson partnered with The North Face to ask shoppers questions about their gender, time of year and technical product details, to tailor product recommendations. Blending AI and a human touch, style service Thread asks customers to complete a questionnaire and upload images of themselves. A stylist reviews the information to understand each client’s needs and uses the company’s AI algorithm to sort through thousands of products for personalized style suggestions.
  3. Unprecedented omnichannel service:Farfetch, the world’s top luxury online marketplace, uses AI to improve supply chain visibility. AI helps Farfetch’s partners, including 1,500 boutiques and over 200 brands, link their online inventory with inventory in their physical stores, and deliver services like click-and-collect and in-store returns. Also, AI-driven bots help retail companies engage consumers across channels, like Facebook, Slack or a retailer website. Burberry launched a Facebook Messenger bot during London Fashion Week to offer exclusive glimpses of the new collection before the runway debut, plus live customer service so users could buy the clothes immediately.
  4. A savvy social sales assistant:Pinterest also launched Shop the Look, a machine learning tool that identifies pinned items shoppers can buy, including fashions from major retailers. The insightful data analytics from Shop the Look can also tell retailers whether a sponsored post on the social media platform results in a sale.
  5. Shop like a stylist:get hook fashion banner
    To give tech-savvy, fashion-conscious millennials and Gen Zs a mobile personal stylist, the Hook team at Intelligence Node created the first AI-generated fashion feed for consumers. Hook learns, in real time, what a shopper likes just by analyzing which product images the individual has liked or added their online wishlisted, so shoppers find items they love, fast. The app sends shoppers real-time price drop alerts on their wishlisted or liked products. Hook helps consumers shop like a sophisticated stylist by gaining unprecedented search capability to find a specific item they want with a single view of the item across brands so they can compare prices and get the best deal.
  6. The ultimate trendspotter:To give retail companies certainty on up-to-the-minute fashion trends, AI can crawl e-commerce sites to pinpoint exactly which products are most visible. AI can also crawl social media sites to identify trends, helping brands be first to market with popular styles.Intelligence Node built the world’s most comprehensive retail crawling framework – like a ‘Google’ for fashion. The system crawls more than 1000 (?) websites and maps one billion products from 130,000 brands in 1400 categories in real time, using AI and machine learning for image recognition to rapidly process and make sense of the abundant retail market data.
  7. The best way to ensure the price is right:Big data tools like Incompetitor ™  help retailers maintain a competitive pricing strategy, combining AI and machine learning. Retailers integrate this API into a brand’s data, so there’s a rules-based engine that keeps prices optimized, depending on real-time external factors like inventory, competitors’ out-of-stock situations and discounts. This integration allows retailers to optimize their price and, for instance, ensure they always sell a specific SKU 10% cheaper than Amazon.

 

(let’s think how to replace Incompetitor ™ with Hook analytics giving retailers real-time intelligence on the consumer’s voice and preferences).

 

AI-driven tools like Hook analytics helps retailers gain a deep understanding of each shopper as a unique individual. They help retail companies understand a shopper’s size, and preferred styles, colors and price points. AI takes this combination of data and translates it into real-time intelligence that reflect product recommendations at prices that make the shopper more likely to add them to their cart. This deep consumer knowledge matched with relevant products and pricing help the shopper feel understood – and more willing to buy.

To avoid getting left behind during this period of digital transformation, fashion companies should be injecting artificial intelligence into their business strategy. AI simplifies retail big data, which helps companies improve their processes and bottom line – while keeping shoppers happy, loyal and chic.

We’ll be up looking at the data while you’re chasing bigger targets. Optimize your fashion business and always stay ready for the New Age Shoppers. Request a Demo !

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”

Step Up Your Game, Start Tracking Your Global Competition Using Incompetitor

Tracking competition can be a fool’s errand if not done properly. By properly, we mean using modern technology to cover all the aspects that define your competitor’s product and their pricing methods. In that regard, companies usually target competition that is nearest to them in terms of local positioning. Direct competition, if you will. However, ever since the triple W entered the mainstream, the scope has been slowly shifting to all corners of the globe.

That means conducting global market research has become crucial to good business practice. By tracking your competitors worldwide, you are getting a complete picture of the current market trends and creating more opportunities for your business. Still, not every automated competitor tracking tool is capable of such feat. Luckily for you, our Incompetitor is and we’ll scribe a few lines in this post to present you how, as well as what you gain out of it. Enjoy, we know you will

A quick overview of how Incompetitor works

First, a few words about the general principle behind Incompetitor. It covers over one billion products (numerically speaking, that translates to 1,000,000,000) that come from over 130,000 brands across 800,000 e-commerce websites. Our attributes similarity feature is plugged into our comprehensive database of attributes and a technology overlay that deliver near and exact match results. Based on this proprietary data clustering and normalization method, all the products we track are then mapped and split into 1100+ retail categories.

incompetitor subcategories

Top-ranked subcategories per Incompetitor

Thanks to this robust categorization, we provide detailed market benchmarking with 95%+ accuracy levels. Combined together with what we just mentioned, all of this produces more than one petabyte (PB) of data (equivalent to quadrillion that has 15 zeros) a month. That means one million gigabytes (GB) of data, if that’s easier to count, every 30 days. That’s sorting more that 30,000 GB of text and image data every day. A massive volume of information, indeed, but don’t worry – because we are a Big Data lab focusing on retail, this is a walk in the park for us as we know exactly what to do with it and turn it into something meaningful.

Those would be the main presentation points for Incompetitor. For a more detailed insight into the inner schemes of our competitor tracking tool, check out this in-depth post about data tracking technology behind it.

Now, on the focal point of this post – the global side of competitor tracking.

Worldwide coverage

The key word here is worldwide. Ever since the Internet broke through, businesses quickly realized the increasing value of the online aspect and soon added it to their portfolio to expand their operations. However, some didn’t realize it quickly enough and to this day, still struggle to understand the intrigues of online business.

Nowadays, your business has rivals in every part of the world, vying for the same pool of customers. That also means different sensibilities with the most important one – language. Covering a certain number of products is one thing, but understanding everything about it is a whole different story. In that regard, Intelligence Node (IN) can proudly say that we are the world’s first retail analytics platform that has a built-in multi-lingual feature. The purpose of this feature (or fonctionnalité, as said in France) is one of the utmost importance – it provides our customers with a single view of their global presence and overall market intelligence. What does this multilingualism means? It means that Incompetitor, which supports 29 languages, enables online businesses to benchmark competitors across markets irrespective of the catalog display language.

It that sounds a bit too vague for your taste, look at it this way. Out of the billion products that we track, there’s bound to be some of them in a different language, right? Sure, the price is a uniform code and the most prominent feature, for the most part, but that’s not all – there are other marketing mix elements to consider that constitute the product as a whole. That is why our SaaS (software as a service) offering has several levels of data curating. This makes sure that all data is normalized across different online stores (including language translation, category, and attributes standardization). Once the software normalizes the data, it utilizes IN’s patented similarity server technology to match the products.

Ease of use

Incompetitor converts all of the data back into English for a uniform dashboard. The end result is a neatly organized treasure trove of actionable insights for you to leverage. Our sophisticated machine learning algorithms are configured in a way to recognize patterns not only in the text-based information (the usual stuff – product name, description, availability, etc) but in images as well, where we apply deep learning to identify, extract and match. What you get is a truly global coverage of all your competitors, both in volume and in understanding.

trending products

An example of trending products in Indian currency

The plug-n-play approach of our competition tracking tool allows each user to slice and dice data in the way they see fit. It’s easy to set up and tailor it to your requirements. We also offer Open API frameworks and data delivery into native systems as available options for consuming the data. Either which way you want insights, you get them.

Conclusion

When it comes to the tracking of global proportions, we can safely say that Incompetitor passes with flying colors. Having real-time market intelligence is one of the most important aspects of doing business online. Our tool is an excellent way to tap new geographical markets and effortlessly map the competition while reducing the spending of your money, time and resources to a minimum. When you automate competitor benchmarking on such a scale, you can focus on your global sales and marketing efforts and enjoy all the benefits of competitive price intelligence on a worldwide level.

 

All About Incompetitor’s Accurate Data Tracking Technology

Introduction

Market research has asserted itself as one of the primary ways of functioning for online businesses. In the grand scope of online retailing, there is so much competition that makes it hard to count a fraction of them, let alone all. It takes a lot of dedication and thoughtful planning to acquire the competitive advantage in a crowded market. Almost by default, market research is also one of the most difficult aspects of running a modern business as there is so much to cover. At least, that the general perception.

Just like wearing sunglasses at night, that perception is plain wrong mainly due to the rapid advancements in technology. Today, we have automated tools that cover a great deal of business spectrum, most notably the competition. These tools make a business owner’s life much easier as they do much of the work and simplify the whole process by streamlining it. One such tool is Intelligence Node’s Incompetitor, a retail analytics software suite that lets you monitor the metrics that matter most to you. In this post, we’ll shed some light (no need for sunglasses yet) on how the tool actually works to give you a better insight into just how much helpful Incompetitor really is.

The process

The story goes like this: we track product movements through our own proprietary Visibility Algorithm. The fancy computer program crawls using competition SKU codes (unique URLs with product code) as one of the many attributes provided. These can be price, product description, color, material, style, pattern and everything the program can use to create matches. Then, based on our proprietary Exact & Similar Match Algorithm (we have a bunch of cool algorithms), we assign scores and define the products as either Exact match or a Similar match. That way, you can compare your products and monitor what products are performing well on competitor websites.

One key note to address here is that, unlike some tracking programs and services, we base our data on multiple points. What this means is that we are able to offer more refined, in-depth analysis and insights by showing actual competitor SKUs apart from selling trends, product launches and assortment gaps which are common stance when it comes to a competitor benchmarking product.

incompetitor

An example of top trending Fashion subcategories in Incompetitor

The volume

There are more than 1 billion products on the web in play here so you’ll understand when we say we have one of the largest global coverage (if not the largest, but we’ll give others the benefit of the doubt) you’ll find. Subsequently, all the products we track come from more than 130,000 brands and are mapped and divided into 1100+ retail categories, all based on our proprietary data clustering and normalization approach. This allows you to survey as much of your competitors as you like without worrying on whether you’ll miss something. There is enough Incompetitor for everyone to go around.

The accuracy

To have any use of such a wide scope of tracking, the data needs to be highly accurate to pay off in the end. Our robust categorization algorithm provides unmatched market benchmarking view with 95%+ accuracy levels. That’s it, no need to explain further. It’s not 100% perfect, but it’s really, really close.

The outcome

Now that we have explained the inner machinations behind our little wonder of technology, all that is left is to highlight the practical points of Incompetitor. Naturally, with an all-encompassing solution that covers millions of products automatically, there’s bound to be lots of benefits too.

incompetitor example

All of the data is real-time which means you can react instantly. For instance, let’s say you are tracking Adidas’ Trefoil t-shirt, featuring the company’s iconic logo. Other tracking parameters or attributes would be color, gender, sleeve length (short, obviously), type of fabric and neck, pattern – you get the point. As you can see in the screenshot above, this particular t-shirt is out of stock. Incompetitor then sends you a real-time alert so you can capitalize on the opportunity and optimize visibility of your exact or similar products. The result – you effectively identified a brand-level gap in competition’s catalog, just like that.

 

The same goes for whenever the competition launches a new item or a whole product line. You get a real-time notification on your dashboard, complete with product description and link to the product. In a nutshell, Incompetitor identifies competitor products that are an exact match to yours or as close as they can get. Through an advanced search of product attributes, you will be able to check real-time prices and discounts for products that are similar to yours. This allows you to discover each and every hottest selling item on your competitor’s online marketplace.

 

You will also receive a detailed overview of the historic price fluctuations to further study the product’s history and thus help you put together a comprehensive competitive analysis by understanding how competitors perform. In turn, this will yield actionable insights that will help you formulate pricing strategies so you can adequately respond to market conditions and grow your brand’s presence. It’s a scenario where everybody wins. Well, everybody except your competitors but that’s the point, right?

Conclusion

To sum things up – Incompetitor, as the name suggests, is a competitor tracking tool that helps online businesses spot opportunities and market trends to keep them one step ahead. It delivers fast and timely competitor insights concerning pricing, promotion, and catalog movement. Virtual real-time product and price tracking means you can react swiftly to rising opportunities quicker than anyone else.

With one of the world’s largest databanks containing more than a billion of products at its disposal, Incompetitor simplifies retail data analytics thanks to data visualization options that add a whole new level of interactiveness. That way, users are able to strip the competitor’s offerings down to the whatever denominators they want, be the usual ones like the price range or the product specifics like the color (or a combination of them), materials and so on. What you end up with are invaluable insights into your competition that can help you keep on top, where you belong.

 

How To Provide Better Pricing Than Your Competition Without Jeopardizing Your Brand

Regardless of the industry, a business operates in, even if it’s relatively new or small, a careful research will reveal two or more competitors. Their existence immediately changes the playing field. In a concentrated effort to gain that one step ahead, businesses adopt numerous competitive strategies to increase their competitive advantage. That’s all fine and dandy, but how exactly do you cope with your competition? The most usual suspect in the case of intense competition is the price war.

This post will focus on all of the points of that endeavor, like what causes it, how to avoid it and how to set better prices without hurting your brand in the long run. All in favor of your business growing, say aye.

What can you do?

From a strategic point of view, the best way to come out on top of a price war is to never start it in the first place. If that doesn’t make sense at first, allow us to explain.

If or when your competitors opt to cut down prices in order to expand their customer pool, don’t resort to the same measure. Instead, approach the situation with a different, opposite way by differentiating your product to attain customer’s value of it. Here’s why.

Customer segregation

Essentially, every market is divided into three segments or classes of customers:

  • upper class
  • middle class
  • lower class

Each class has different paying capabilities and perceptions. This is very important because battling through pricing with your competition is a race away from the finish line. Competing solely on pricing basis is an effective recipe for being at the very bottom of the competitive ladder. What you are doing is serving the lowest segment of the market by default when you lower your prices as a reaction to your competitor’s discounting move. We’ve talked before about the dangers of underpricing – it’s hard to pull off as there is very little room for profit margins.

The bottom line here is the more you lower your prices, the more appealing your offering becomes to the lower-class target market (the majority of the market) and less appealing to the middle and upper-class. If your ideal target market is the lower-class, that is perfectly fine and good luck to you, but allow us to ask you this – why settle for the overcrowded bottom of the market when there is plenty of room at the top?

Re-target your audience

In the eyes of the customers, the price is often an indication of quality and more often than not, the quality is perceived as lower when the price is lower. In case your costs don’t allow you to lower them in order to maintain satisfactory profitable levels with lower prices, then your best bet is to re-target your audience. This will position your goods to a wider appeal in a specific market segment.

This is when focus on comparative value comes into the picture. Creating perceived value can ease your customers into the higher price than your competition, and quite possibly convince them that your higher-priced offerings are worth it. Your business might choose to embrace a psychological approach in order to fulfill that notion.

Product differentiation

Let’s consider Dan Ariely’s example of the The Economist magazine’s subscription plans. Ariely, a behavioral economics expert and a highly successful author on the subject, notice that the magazine offered three subscription plans:

  • the web subscription – $59.00
  • the print subscription – $125.00
  • both – $125.00

Ariely conducted a study with 100 students. 16 chose the web option and 84 of them chose the combo package. Nobody chose the middle option. At this point, you might have concluded that, as web + print subscription package costs the same, the middle option is useless. Ariely removed it and presented the two remaining options to a different batch of students, 100 again (who doesn’t love round numbers?). The results showed that the least popular option (the web subscription) became the most popular, with 68% students choosing it.

The narrative of the story is that the middle option was far from useless as it helped make a choice. In relation to our situation, customers have a hard time comparing different competitive products, which makes them highly susceptible to other influences. If the options are similarly priced, it becomes much easier to choose on perceived value.

Another way to get an advantage over your competition is to opt for competitive pricing. By taking into consideration what your competitors are charging for their products, you can either raise or lower your own prices in accordance with theirs. Naturally, you need to know when to adjust your pricing and how often to do it. Or, you can choose the dynamic pricing where a price is never firmly set. Instead, it changes constantly to suit the ever-fluctuating market conditions. There are various possibilities for your business to provide better pricing than your competition. However, only an in-depth evaluation of your business goals and your competition can reveal what price best works for your product.

How to know when and what?

It’s easy to say “price your goods smart” but what does that actually mean? Of course everybody wants to have a smart pricing that best reflects the customer’s willingness to pay in current market conditions. Nevertheless, it sounds and looks way harder that it is. There is a whole bunch of competitors vying for the same market share you are. With so many different products on display, it can be tough, almost impossible to stay ahead.

With the fairly recent expansion of big data analytics, you can make more accurate and faster price adjustments through pricing intelligence software. Through gathering and analyzing data about a particular customer or a group of them, a business can predict what price tag the customer deems acceptable to pay and adjust it accordingly. These software tools like Incompetitor and Inoptimizer provide high levels of automation, saving you time and precious resources that can be better used elsewhere. In addition, because the market fluctuates all the time, you have the option to create customized pricing rules which adapt to certain market trends and shifts.

price intelligence software

An example of Intelligence Node’s price intelligence software

Conclusion

If you ever find yourself thinking what are you going to do about the competition, remember that there are always choices. Providing better pricing requires a dedicated effort to finding that ultimate pricing sweet spot. It’s a constant process as markets never stay put in one place, which is why you need to constantly keep an eye on both your prices and competition. That means researching and researching means tons of data. Luckily for you, there are analytical tools that amass that data and turn them into actionable insights which can help you track your competitor’s prices and help you optimize yours so you are always on the right path – growing your business.

The Quick And Easy Guide To Retail Management Systems

“The customer is the king.” This is the motto of every retailer today, and for a good reason.

It’s every retailer’s responsibility to ensure the customer is more than just satisfied with their shopping experience in order to retain and draw new customers. With this attempt, retailers are now extending retail management beyond their products, by taking into account the busy lifestyles of customers and providing services.

What Is Retail Management System?

The process of amplifying sales and customer satisfaction through a better understanding of consumers, products, and services with respect to a specific company is termed as retail management.

The strategy of typical retail management systems is to research the retail process from the manufacture of the product, its distribution among retailers, and finally the customer feedback. It includes several steps to procure the necessary details. Ideal retail management systems should ensure the customer is satisfied with his/her shopping experience and should be able to shop with no difficulty. It gives the customer the convenience to locate the product easily, save time, and be satisfied with the overall shopping experience.

Now that you know “What is Retail management system?”, let’s take a quick look at why you need retail management systems.

  • Retail management helps keep the store organized. So if a customer comes to you looking for a particular product, you can easily guide them to it. You can do this by grouping similar products according to the age group, gender, and frequency at which the item would be bought. Labels also can come in handy to achieve this. Also, ensure there is ample stock of products and that the customer must not be kept waiting for too long.
  • The other important necessity for retail management systems is to keep a track of the products and their sales and prevent shoplifting. This can be done by simply assigning a unique SKU to each product, which makes it easy to identify and track the item. Additional measures like CCTV surveillance can also be helpful.

What To Look For In Retail Management Systems

The essential set of digital applications that help make the retail management process easier and help run your business through smooth operations are called retail management systems. Here are seven of those features that can help you get the most of retail management systems, by enhancing customer experience along with your profit margin.

A typical retail management system would be comprised of a Point Of Sale (POS), Customer Relationship Management (CRM), Sales Order Management, Purchasing and Receiving, Inventory Management, Reporting, and Dashboard applications.

Here are six features to keep in mind when considering retail management systems for your retail outlets:

  • Platforms For Convenience

Ideally, retail management systems must help customers with mobility. In a world dependent highly on smartphones and computers, it is essential that the customer should be able to look up the inventory right from home, at his/her convenience. An e-commerce store also helps promote sales to a large extent. A good retail system should be enabled with plug-ins that help you launch an e-commerce store without any hassle.

  • Optimizing Through Dashboards

A dashboard is a graphical summary of various important information put together in order to have a quick overview of the necessary aspects of a business. With the help of a dashboard, you can analyze the retail management in a simple manner and optimize inventory, staffing, and even trading through real-time operations.

  • Offering Loyalty Programs

Customers are attracted to loyalty programs and rewards on their shopping. Typical retail management systems help administer rewards to customers, while also keeping track of the points earned and redemption of points by each customer.

  • Cross-selling And Upselling

Cross-selling, in plain words, is when you encourage a customer to buy complementary or similar products after looking at his/her purchases. Upselling is when you encourage a customer to buy the same product from a better brand and upscale their convenience along with your sales. Ideal retail management systems can keep a track and group similar products, which helps the sales representatives make the necessary recommendations to customers during transactions. This not only boosts your revenue but also enhances customer satisfaction.

  • Flexibility Of Payment

A good retail management system gives the customer the convenience of payment through several modes—cash, card, gift vouchers, and digital applications.

  • Promotions

Making use of multi-item promotions allows retailers to set their own prices for customers with the information gathered from their shopping history and current purchases.

Inventory Management Software

An inventory management software is a set of business applications that keep a record of the product sales, material purchases, and a number of other production processes, while also helping optimize and manage these processes. The main aim of this software is to lower the time and efforts spent on basic product tracking and use the same resources in enhancing the efficiency of the system.

Inventory management software helps keep track of their products through barcodes and radio-frequency identification (RFID).

Benefits Of Using An Integrated Management System

An integrated management system, much like an inventory management system, focuses on integrating all of an organization’s systems into a single framework that can be used by the involved members for various functions and at several levels.

Some of the important and basic advantages of using an integrated management system in retail management are:

  • Increased efficiency
  • Cost reduction
  • Maintaining a balance between the various practices
  • Reduction in duplication of efforts
  • Elimination of conflicting responsibilities
  • Maintaining consistency in performance
  • Enhanced communication internally and externally
  • Making business goals the prime focus
  • Making it possible to have awareness and training programs for enhanced efficiency

By inculcating retail management systems into your business processes, you can not only amplify the efficiency and quality of your retail service but also simplify the process and divert your time and efforts into achieving bigger goals for your organization. With the bonus of enhanced customer satisfaction, you can raise the threshold for your profit margin and provide better services to your customers. Ensure you look for a system that takes into consideration all the needs of your retail outlet as well as your customer to provide that top-notch shopping experience.

5 Things You Need to Know About the New Mobile Shopify App

If you think your brand’s reputation speaks for itself, that you can rely on traditional marketing strategies and neglect the burgeoning world of mobile shopping, you’re dreaming. Shopify may be the biggest thing to happen to retail since online shopping and credit cards. The new mobile Shopify app can supercharge your sales. Think it’s not for you? Think again. Continue reading “5 Things You Need to Know About the New Mobile Shopify App”

The Definitive Guide To Predictive Analytics

A branch of advanced analytics that allows you to predict unknown events in the future, predictive analytics is a highly sought-after technology that gives you an upper hand when it comes to competition.

The analysis is an easy-to-use process, thanks to the advancing technology and smarter and faster computers. The need for an intelligent strategy to beat the tough economic conditions and competition in the market led to companies adapting to predictive analytics tools. Continue reading “The Definitive Guide To Predictive Analytics”

10 Retail Marketing Blogs You Need to Read

There are blogs popping up left and right, claiming to have the freshest, most juicy information on making money in the marketing world. How are we to know which links are worth our while? How many times have you clicked on something promising, just to have to sift through a bunch of blabber and jokes that aren’t funny in order to get what you need? OR, maybe you’re the type that enjoys a little humor with your info! Continue reading “10 Retail Marketing Blogs You Need to Read”

Climb Up The Retail Ladder Successfully Using Predictive Analytics!

If you’re in the retail marketing business, you’ll know how important retail inventory management is. Having the right product at the right time — and in the right amount — is indispensable, because you cannot stock up on an inventory without an estimate of the amount you would be spending.

Many assets have depreciation value; predictive analytics in retail is just the thing for you to switch too. In common parlance, predictive analytics simply means basing your retail marketing on the available data, and managing your inventory accordingly. Continue reading “Climb Up The Retail Ladder Successfully Using Predictive Analytics!”