Creating a Successful Data Science Team in Retail Data Science has the power to positively impact retail companies due to its fact-based data-driven insights. Though successful Data Science teams are often associated with technology companies, many successful retail companies are utilizing Data Science daily to further drive their success and stay ahead of their competitors
Choosing an optimal forecasting system for your retail company Forecasting is critical to any retail company. Without having a forecasting process in place, it is near impossible to have the right stock on hand. Too much merchandise in the warehouse means your inventory is collecting dust, and not enough on the shelves can hurt your
How grocers can effectively run the right promotions in 3 steps Are you running the right promotions? Are you giving away too much margin? Did you know that 89% of Grocers don’t have the data needed to analyze promotions? This means that many Grocers don’t know how their promotions performed, nor have an accurate reason for why they chose their
What your inventory can tell you about your promotional strategies Many retail challenges, like promotions and inventory management, impact and require coordination across many areas of the business. It is key as a retail business to work across functional areas and bring different perspectives to the table. Below are some thoughts about promotions from the POV of
3 Ways excess data can stunt your growth We love data. But we also know excess data can be a bad thing. Here are three ways we’ve seen retailers use data to their detriment and some ideas on how to avoid these pitfalls. 1. Analyzing anecdotes One data challenge we’ve seen is people manually reviewing
Were there really 132 artificial intelligence companies at NRF? OVERVIEW Artificial intelligence and machine learning were a huge buzz at NRF, and it seemed like every other booth had some mention of it. The NRF program listed 132 exhibitors as “AI” providers in their guide. Are AI and machine learning truly that pervasive and are
Inventory forecasting and replenishment in an omni-channel world INTRODUCTION Omni-channel retailing has changed the meaning of inventory demand and inventory forecasting. Demand fulfilled from a location changes dynamically based on what stock is available in the network. New delivery options and supply methods are constantly being added which makes the previous inventory positioning strategy outdated.
Efficient customer order routing Overview Efficient and reliable routing of customer orders is critical in today’s retailing environment. Even in one of the largest and most efficient supply networks, Amazon, shipment costs are 14% of retail sales. That’s a big number, and for most retailers who are not at the scale of Amazon, those costs
What’s going on in the last mile? A look at how Kroger, Target, and Home Depot are adjusting their supply chains to meet customers’ omni-channel fulfillment needs Overview Free two day delivery and grocery pickup are quickly becoming customers’ ‘standard’ delivery expectations. However, customers’ expectations won’t stop there as more and more retailers figure out
Boost your profitability this holiday season by syncing promotions with weather data
Promotions to the rescue: A retailer’s survival kit in economic chaos
How to master retail promotion optimization in 2024
A retail merchant’s guide to overcoming promotion management challenges
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