Assortment optimization is a major focus area for retailers at the moment. Retailers need more accurate SKU rationalization, a better understanding of what to buy in the future, and localized assortments that drive sales. Getting this right is crucial in the market today. There are a few traditional ways that retailers plan out their assortments. They either 1) think through their assortment from a business process standpoint, 2) look at loyalty and shopper data to determine assortment, or 3) think of a brand-new method to determine assortment.
Doesn’t it feel like the rules of how to ‘win at retailretail’ are constantly changing and shifting their focus? First the key was to bring in people to the physical store and shape their customer experience- making it memorable in some way. Then retail seemed to shift its focus to rely heavily on online shopping, leading to several brick and mortar retailers struggling to stay afloat. Today, BOPIS, the latest in retail trends, is throwing a life preserver to the brick and mortar store.
Consumers love buy-online, pick-up-in-store (BOPIS). Retailers love the way BOPIS allows them to drive traffic to stores and leverage their physical footprint as a competitive advantage against online pure-plays. But consumers bring higher expectations to BOPIS than they do to simply shopping in a store: The retailer has explicitly told them the item is available, so the bar is set high.
Unfortunately, for many retailers, BOPIS failures are alienating the very customers they most want to please, hurting them in both the short- and long-term.
For the second year in a row, Retail CIO Outlook Magazine has recognized 4R Systems as a top 10 artificial intelligence solution provider.
Retail CIO Outlook Magazine published their annual listing of the top 10 companies using artificial intelligence to positively impact the retail environment.