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Predictive Analytics Demo Series: Optimizing Store Assortment

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For the full webcast, including live demo: https://www.celect.com/store-assortments-webcast

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Predictive Analytics Demo Series: Optimizing Store Assortment

  1. 1. Predictive Analytics Demo Series Optimizing Store Assortments
  2. 2. Celect’s Purpose • Predictive analytics SaaS platform to help retailers optimize store assortments, overall inventory portfolios • We leverage a groundbreaking advance in Machine Learning and Optimization. • An MIT Artificial Intelligence Lab Top 50 Technology Innovation © 2016 Celect, Inc. Confidential. Do Not Distribute.2 $1 Trillion flows through the Inventory Value Chain each year
  3. 3. It’s in the News © 2016 Celect, Inc. All Rights Reserved.3 Retailers Must Use Algorithms for Competitive Advantage Gartner, Oct 2016 “In the new digital economy, retailers can best gain a competitive advantage through the application of algorithms that reduce costs and grow top-line revenue …” Top Five Retail and Fashion Trends for 2017 Drapers, Dec 2016 “Retailers are taking advantage of advancements in machine learning, deep analytics and artificial intelligence for a more targeted and personalized shopping experience.” Why Predictive Analytics Need to Be Part of Every Retailer's Growth Strategy BizTechMagazine.com, Jun 2016 “… a growing number of retailers are turning to predictive analytics — specialized software that analyzes data and projects the likely outcome of future events — to plot their inventory needs far more accurately than at any time in the past..”
  4. 4. IN-STORE SHOPPER EXPECTATIONS HAVE CHANGED © 2016 Celect, Inc. All Rights Reserved.4 They expect everything, everywhere, all the time.
  5. 5. A ‘Simple’ Example • $650M spent annually on Shoes • 100K Shoe ‘types’ or SKUs (style/color/size) • 52 Stores (with room for 5K Shoe SKUs) • 6M unique customers © 2016 Celect, Inc. All Rights Reserved.5 An American Luxury Department Store Goal: Avoid Stock-outs and Markdowns Solution: True Demand Prediction
  6. 6. How are decisions being made today? © 2016 Celect, Inc. Confidential. Do Not Distribute.6 I think Athleisure-wear is going to be even bigger this year. We sold 100 Platform Sandals two years ago, 200 last year, so I will forecast 300 for this year. • These decisions are made using Excel and gut instinct • Why is this no longer enough? ‒ Customer expectations have changed along with how they buy ‒ Markdowns increasing, margins shrinking
  7. 7. There’s a better way © 2016 Celect, Inc. All Rights Reserved.7 Bring Science to the Art of Retail • Supplement your experiences, knowledge, and intuition with machine learning • Leverage the data you already have Predicting Customer Choice • How products interact and influence each other • Assortment Planning, Buy Accuracy, & Allocation
  8. 8. Celect Assortment Optimization • Cloud-based Predictive Analytics Platform • Customer on-boarding in weeks without data scientists • Intuitive, Easy-to-use, Interactive © 2016 Celect, Inc. Confidential. Do Not Distribute.8
  9. 9. Would your customers like this hoodie? © 2016 Celect, Inc. All Rights Reserved.9 Which would sell better in your Boston store?
  10. 10. Does this jacket have a cannibalistic effect? © 2016 Celect, Inc. All Rights Reserved.10
  11. 11. Questions, Answered © 2016 Celect, Inc. All Rights Reserved.11 We sold out of a particular product in Store 28 WHAT WAS THE RIGHT ALLOCATION? We have never sold a particular product in Store 58 HOW WELL WOULD IT SELL THERE? We are looking to add a new brand in to a set of stores WHAT IMPACT WILL THAT HAVE ON STORE SALES?
  12. 12. A prescriptive retail process Plan Buy Allocate Sell Liquidate © 2016 Celect, Inc. All Rights Reserved.12 What product and how much should I buy? Did I over-buy or under-buy? Is the product in the right stores? Did I maximize full price sell- through? How much margin did we lose? Prescriptive Decisions Optimized Assortments Optimized Allocation Engaged Customers Optimized Markdown
  13. 13. A prescriptive retail process Plan Buy Allocate Sell Liquidate © 2016 Celect, Inc. All Rights Reserved.13 What product and how much should I buy? Did I over-buy or under-buy? Is the product in the right stores? Did I maximize full price sell- through? How much margin did we lose? Prescriptive Decisions Optimized Assortments Optimized Allocation Engaged Customers Optimized Markdown
  14. 14. DEMO! © 2016 Celect, Inc. All Rights Reserved.14
  15. 15. Thank you! © 2016 Celect, Inc. All Rights Reserved.16 Questions? info@celect.com More webcasts and information celect.com/resources Twitter Blog @celect blog.celect.com

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