The 5 new rules of retail
From product shortages and store closures to the exponential increase in online shopping and same-day delivery, the pandemic upended the retail landscape and spawned major disruptions that continue into the post-pandemic era. In this new and dynamic retail environment, analytics is the key to price optimization and accurate forecasting. Read this blog to discover how you can leverage analytics to move from long-term seasonal forecasting to more agile planning while ensuring that your pricing strategy is optimized for sales and profitability. Contact Integral & Open Systems,Inc for a consultation on how we can help you unlock price optimization opportunities with our SAS analytics offerings.
Why did retail rules change?
The rules of retail needed to be reshaped due to the significant changes in shopping patterns brought on by the events of 2020. Consumers rapidly shifted to online shopping, expecting a seamless experience both in-store and online, which included options like curbside pickup and same-day delivery.
How can analytics improve retail operations?
Analytics can assist retailers in developing a more flexible supply chain and enable real-time decision-making. By integrating data and utilizing machine learning, retailers can enhance inventory precision, create localized assortments, and improve customer engagement, ultimately leading to better business outcomes.
What role does customer experience play in retail?
Customer experience is crucial in today's retail landscape, as customers expect a consistent and high-quality experience whether shopping online or in-store. Retailers need to leverage analytics to understand individual customer preferences and automate marketing efforts to enhance engagement and conversion rates.
The 5 new rules of retail
published by Integral & Open Systems,Inc
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