As usual, NRF 2020 proved to be a “vision” of the future of retail. Walking in this year, you were greeted with the normal hustle and bustle, which is only appropriate for a New York City event, and excitement in the air.
Removing the Risk, Increasing the Payoff in Your Omniretail Inventory.
No Risk, No Reward?
Enthusiastic investors and gamblers have one thing in common: they want to win BIG. However, trying to win big requires greater risk. With a higher risk, the chances of losing are also higher. Both the investor and the gambler dream of winning big, but often want to find ways to minimize the risk of losing.
Having limited shelf space doesn’t necessarily mean limiting profit. An effective Assortment Optimization solution solves a growing retail merchandising problem.
Assortment Optimization is a powerful tool for retailers to increase profit and improve customer experience and loyalty. It combines cutting-edge machine learning techniques, an agile continuous improvement methodology, and flexible customization to accommodate unique business requirements. Like other related solutions, assortment optimization utilizes machine learning techniques and AI to find the optimal assortment for every SKU in each store location. However, assortment optimization offers other unique benefits.