Customer experience is becoming the most important piece in the puzzle to focus on by retailers. Gaining loyal customers and increasing customer retention improves sales way to fast and ensure the company survival.
But how do retailers respond to this increasing need to engage at the right moment, constantly, across multiple sales channels and technologies?
The following intelligent technologies are essential in helping retailers respond to the market trends:
Artificial Intelligence and Machine Learning
They way of interactions between customers and retailers are changing with the advanced speech and visual recognition technologies: shopping by voice with a personal home assistant or using visual search to find a product.
Software robots are also used to automate purchasing processes and tasks, reducing costs and time.
Data & Advanced Analytics
Today’s market and the increasing competition require retailers to make faster and wiser decisions. In order to do that, they need to rely on their data and acquire data from external sources. With the data and predictive analytics capabilities, retailers will have real-time visibility into the market, competitor and changing environment, and utilize the insights gained for better risk management and decision making.
The Internet of Things (IoT) and In-Store Technologies
IoT can bring new digital technologies and transform stores from basics to fully automated adding more advanced experiences such as smart mirrors, self-checkout, self-scanning, smart checkout…
Virtual and Augmented Reality
With these advanced technologies, users can interact with digital content. Augmented reality helps customers navigate the store and find the products they are looking for easily while virtual reality provides customers with virtual tours of the stores from the comfort of their homes.
SAP Assortment Planning for Retail
With the changing face of technology and the advent of Big Data, Tyconz needed to provide its customers with a new suite of solutions that would fit retailers’ needs, not only today, but also in the future.
Tyconz, the SAP Gold Partner, provides SAP assortment planning for retail, a solution that helps retailers respond more quickly to changes in consumer tastes and preferences, offer new products more rapidly and beat the competition.
Today’s customers expect more from their retailers and retailers often have just one chance to get it right. If they are out of stock on an item, a size or a color, the customer will buy the product from the competition. This makes accurate assortment planning very important to achieving the sales goals.
So, what is exactly the SAP assortment planning?
It is the process of selecting the products and display it in order to maximize sales and margins. Items are selected based on past sales history and current trends keeping regional differences in mind. Retailers will be able to put together the right mix of offerings and enriching customer experience.
How does Tyconz make this process simple?
By enabling faster planning cycles and more balanced assortment and by providing a simple user interface, SAP Fiore, powered by the SAP Hana platform and using customer activity repository, featuring next generation functionality for selecting and planning products. The Big Data and sophisticated analytics let retailers dig deeply into information about products, customer purchasing habits and make forecast about future demands.
Sounds like something your business needs?