Digital transformation in the retail industry is everywhere, from automated checkouts and checkout-less stores through to online retail and beyond. We have helped our customers achieve success by understanding the customer journey and requirements and plotting that to our custom retail industry roadmap. From there, organizations can clearly see where they currently sit and what the possible next steps are. Take a look at some of the successes we have achieved and get started on your digital transformation strategy today!
Use data analytics to streamline your retail business On-Time-In-Full (OTIF) order management with better demand forecasting
The customer required a simple process to do more effective demand management and sales reporting for their range of over 200 standard stock liquor items in their 20+ retail outlets, on a weekly basis.
OmniData rapidly deployed an Azure-based analytics environment ingesting data from the central Distribution Centre (DC) and each of the retail outlet warehouse systems as well as purchasing/sales data then modeled the data to provide a clear understanding of the historical data, coupled with dashboards and reporting. From there, a demand forecasting model was implemented to streamline the ordering process and new warehouse processes were defined to provide better OTIF order management.
Use data Analytics in your retail business to improving food safety management through IoT while reducing electricity consumption
In a given retail environment thousands of products need to be kept refrigerated to remain safe for sale and consumer consumption. If the cold chain is compromised at any point the health impact to customers and be disastrous and the reputational and the brand impact can be severe.
As part of the digital transformation process, a baseline temperature for each fridge based on product storage temperatures was created and matched with the designated store product map. From there, data from IoT sensors in each fridge in each retail outlet was collected and paired with the baseline data and a graphical dashboard for the monitoring of the environments was created. This ensured that store management was always informed of the temperatures in each fridge and allowed them to act quickly if a temperature fluctuation was detected.
As an added benefit, the continued management of the refrigeration environment resulted in a reduction in electricity consumption as each fridge was now set to the optimum temperature for the products being stored in it.
In the News: Data Analytics in the Retail Industry
Customers are relying on their retail brands to provide better solutions while taking care of their safety. Life after COVID-19 will be different and retailers will require deeper insights about their supply chain. Retailers with a digital presence will thrive in this situation while those who cannot develop a solution will not.
At the highest level, retail cannot change: it must transport physical goods to its customer. With online platforms growing, retail brands must find a way to position themselves in the digital era. According to Forbes, companies that do not see technology as an enabler nor have a unified data strategy will fall behind
With such unprecedented growth in the e-commerce industry, unlocking the potential of data can help retailers gain insights into customer behavior and how to better position themselves for success. Keeping up with growth will mean a new digital transformation strategy