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Topic: Business Intelligence
How are Automated Dark Stores Transforming the Retail Industry?
With the upsurge in e-commerce and retailers investing aggressively in a hybrid, multichannel strategy, the need for alternative last-mile logistics and fulfillment channels has risen markedly. With customers expecting near-instant deliveries, retailers are leveraging a network of location-based micro-fulfillment facilities to fulfill orders quickly and through the most optimal and time-efficient routes. This speedier, more… Continue reading How are Automated Dark Stores Transforming the Retail Industry?
3 Retail Store Trends that are Redefining Physical Shopping
How AI helped reinvent brick-and-mortar retail in 2021 With the exponential growth of e-commerce, the sentiment that physical retail was ‘done’ first surfaced a few years ago. Catalyzed by the disruptive impact of the pandemic, this situation nearly came to be. From corner stores to specialty stores and hypermarkets, the ‘Retail Apocalypse’ [1] seemed to… Continue reading 3 Retail Store Trends that are Redefining Physical Shopping
Reinventing Customer-Facing Apps: Five Innovations in Retail Digital Tech
The retail landscape is evolving rapidly, with mobile and website applications taking center stage. From contactless shopping experiences to customized products and AI-driven innovations, retailers are using technology to enhance customer engagement and create immersive shopping experiences.
How Are Digital Twins Heralding a New Era for Smart Manufacturing
Since conceptualization in 1777, digital twins have evolved to provide acute business insights and planning capabilities through dynamic simulations. Today, smart manufacturing or Industry 4.0 leverages a combination of technology-driven approaches, including Industrial Internet of Things (IIoT), Artificial Intelligence (AI), Machine Learning, analytics, as well as Digital Twins to optimize the production process and streamline… Continue reading How Are Digital Twins Heralding a New Era for Smart Manufacturing
From Route to Resource Optimization: Augmenting Innovation with Genetic Algorithms
A genetic algorithm (GA) is an optimization algorithm built based on the natural evolutionary processes of nature. Based on the Darwinian principle of natural selection, i.e., the survival of the fittest, the concept of GAs originated from research by John Holland at the University of Michigan in 1960.[1] Having gained popularity after the 90s, this technology… Continue reading From Route to Resource Optimization: Augmenting Innovation with Genetic Algorithms
Out of Stock No More: Ensuring Effective Stocking for Retail
This article discusses the significant impact of out-of-stock (OOS) products on the retail industry, resulting in substantial losses and customer dissatisfaction. It highlights various strategies to improve inventory management, including automating inventory management through shelf scanning, analyzing market trends with data mining, building predictive capabilities with ML, and tracking stock with barcodes and RFID.
Knowing Your Customers – Part 2: Deep Diving into Customer Personas
In the previous article, we explored the fundamentals of customer churn and why addressing it is critical. Analyzing customer personas is the next important step in this process: getting a better understanding of what drives your customers’ behaviors is critical to proactively prevent churn – and a golden rule to remember is that it is… Continue reading Knowing Your Customers – Part 2: Deep Diving into Customer Personas
Knowing Your Customers – Part 1: Tackling Customer Churn
It is a well-known fact that customer acquisition costs about 5 times more than customer retention.[1] According to the inventor of the Net Promoter Score, Frederick Reichheld, a 5% increase in customer retention could result in an increase of profit by 25–95%.[2] Existing customers are likely to spend more money than new customers.[3] What… Continue reading Knowing Your Customers – Part 1: Tackling Customer Churn
The Rise of Consumer Data Privacy: Next Steps for Retail
With consumers’ preferences for online shopping encouraged further by the pandemic, and everyday interactions and transactions going online, the sheer volume of data generated has doubled as a gold mine for retail businesses to tap into. In fact, according to a 2021 study, 72% of consumers mentioned that they browsed and shopped for apparel online,… Continue reading The Rise of Consumer Data Privacy: Next Steps for Retail