Where does it hurt? Everywhere.
We all knew that there were challenges because of supply chain disruptions, but one thing sums it up.1
Listening to Retail Executives
on May 13, 2021
| By Mark Schwans
In antuit.ai’s inaugural CAB meeting with over 20 executives from 12 retailers, we discussed key retail topics affecting retailers today, including the customer journey, AI/ML emergence, sustainability, and omnichannel. Here are the highlights.
Finding Profit in Omnichannel
on May 10, 2021
| By Yogesh Kulkarni
REPRINT: As seen in: https://risnews.com/finding-profit-omnichannel
New fulfillment options, safety protocols, and digital order volumes are squeezing retailers' margins. While the overall retail industry continues to grow, specific segments, such as fashion and consumer electronics, struggle under reduced sales and profits. For 2020, McKinsey & Co. projected a 93% drop in profitability for the fashion industry. With revenue still below 2019 levels and rising fulfillment costs, retailers need to improve margins and become more profitable through omnichannel investments.
The last 12 months of retail sales have been the most volatile of the modern era. Sales during the Great Recession look like a peaceful ocean-view compared to the spikes of COVID-19. It's no wonder that shortages remain while businesses struggle to anticipate consumer demand. Even today, 74% of companies report supply issues.
With online sales increasing, traditional allocation and forecasting methods are costing retailers millions. Inventory is not in the ideal location resulting in higher shipping costs, more markdowns, and fewer sales. Omnichannel allocation has already been shown to improve ship completes by 2x and inventory turns by greater than 250%. But how is omnichannel allocation different than traditional methods? We've highlighted 6 points of differentiation below: Customer Demand, Returns, Continuously Forecasting, Markdowns, Platform, and Experience.
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