In a recent thought leadership report from Apparel Magazine, “The Rise of Integrated Reporting and Analytics,” Apparel outlines how companies have begun embracing integrated reporting and analytics for actionable intelligence. Actionable intelligence, traditionally a militaristic term, means to quickly gather, analyze and act on the good, solid information that they need to efficiently manage their companies.
Jill Mazur, senior consultant, WWA Advisors LLC explains that the good news is that whereas accessing data and reporting used to be an extremely painful process, BI and analytical technology is now much more accessible to any user and can provide instantaneous access. This ability to readily grab relevant data and condense it into digestible form should help fashion businesses be more responsive to market trends.
“How can this actionable intelligence, or AI, work in practice? Consider these real life examples: Integrated analytics with predictive capabilities can help an apparel retailer determine the risk for an out-of-stock situation,” explains Sahir Anand, VP & Principal Analyst, EKN Research. “Let’s say a retailer is planning a new marketing campaign, and demand generated by the program is expected to peak in two weeks’ time. If the retailer can predict that some of its stores will run out of a style featured in the campaign by then, it can alert suppliers to bump up stock levels or increase deliveries to particular stores,” says Anand.
Access to better information helps companies move from being reactive to proactive. “With more predictive capabilities, you can make better decisions on what may happen or what is likely to happen, and then companies tend to make better decisions overall,” says Anand.
Read the complete thought leadership report here to find out more about how retailers are discovering actionable intelligence through reporting and analytics.
JustEnough Customer Insights helps retailers to quickly identify trends, causal relationships and opportunities inside large volumes of customer data and then quickly action those insights to improve planning and localize and personalize offers. This transformation from traditional product-centric planning to truly customer-centric planning is critical for retailers hoping to compete for today’s demanding consumers. Contact us to learn more.
At JustEnough we’re focused on helping our clients easily and quickly achieve benefits to ensure they meet their corporate objectives. Case in point – The Melbro Group and its discount variety store retail chain, The Crazy Store.
The Melbro Group’s goal is to make The Crazy Store a preferred shopping destination across its product categories by consistently delivering outstanding value products and pleasurable shopping experiences to its customers. But in order to continue to achieve this, they needed a new replenishment solution that would meet the business’s demands for the efficient ordering, processing and distribution of merchandise to stores.
The company turned to JustEnough’s Demand Forecasting, Inventory Planning and Order Planning & Replenishment solutions. The solutions were implemented on time and on budget and the company has already been leveraging the advanced capabilities of the solutions.
“JustEnough delivered value to our organization within a very short timeframe. Our in-store product availability levels have improved by more than 20% and our company’s age of stock is at the lowest level ever in our history, reducing stock obsolescence, damages and write-off provisions,” explained Miles Norman, merchandise planning director, The Melbro Group. “Our organization’s sales have grown in double digits every year, in a tough and competitive retail trading environment, faced with strong economic headwinds.”
To read the full case study, click here.
Contact us to learn more about how we can help you improve business processes and performance.
EKN Research, RIS News and Consumer Goods Technology recently released a joint study regarding analytics in the industry. The goal of this report was not just to paint a picture of the current state of the industry (technology adoption, investment horizons, collaboration levels), but to uncover characteristics of leaders, highlight areas where a greater focus is required (capability building) and provide a framework that can help guide execution.
The study found that the key areas of focus for retailers are customer insights (profiling/analysis), inventory planning and demand forecasting. It is clear that understanding customers and managing inventory are top requirements and spending must match these priorities in order to make progress.
Retailers note that the challenges to improving their analytic capabilities are limited software toolsets, an intuition-driven culture rather than data-driven culture and an absence of clearly articulated analytics strategy. Given these findings it is clear that retailers see the clear benefits of investing in their own analytics capabilities to support key business goals, but still lack the best practices or strong analytics leadership necessary to guide focused, enterprise-wide investments.
In order to help our customers with their analytics strategy, JustEnough introduced JustEnough Customer Insights in January. Customer Insights helps retailers identify trends, opportunities and causal relationships within their vast amounts of customer data and enables them to act upon those insights quickly and easily. Our solution is integrated across the retail planning process to improve customer loyalty, optimize pricing and promotions and improve the bottom line.
Contact us to learn more about how we can help you gain valuable, actionable insights into your customers. To read the full research article, click here.
According to a new report from the National Retail Federation (NRF), retail sales increased 0.7 percent in April, allaying fears of a consumer falloff. Excluding automobiles, gasoline stations and restaurants, sales rose 0.7 percent over March, according to NRF’s calculations. Overall U.S. retail sales saw an increase of 1.3 percent. “This is reflective of growth in a volatile and disrupted retail industry, where consumer engagement is evolving to reflect both new economic and changing market realities,” said Jack Kleinhenz, NRF Chief Economist.
The report also found that online and other non-store sales increased by 2.1 percent seasonally adjusted over the previous month and 8.6 percent unadjusted year-over-year. Apparel stores saw an increase of 1 percent seasonally adjusted over March and a decrease of 1.1 percent unadjusted over last year.
Other specifics of the report include:
- Sales at general merchandise stores were flat over the previous month and increased 0.4 percent year-over-year.
- Electronics and appliances stores’ sales increased 0.5 percent seasonally adjusted month-to-month and decreased 1.7 percent unadjusted year-over-year.
- Furniture and home furnishings stores’ sales increased 0.7 percent over the previous month and increased 4.5 percent unadjusted over last year.
- Sales at building materials and supplies stores decreased 1 percent over the previous month and increased 5.5 percent unadjusted year-over-year.
- Sporting goods stores’ sales increased 0.2 percent seasonally adjusted month-to-month and 6.5 percent unadjusted year-over-year.
Read the full Monthly Economic Review here to find out more details of NRF’s findings.
Kalypso, a leading innovation consulting firm, interviews leaders in the retail industry about their thoughts on the challenges merchandise planners face today, and what we should be thinking about for tomorrow. This installment highlighted responses from a VP of Merchandise Planning with over 10 years experience in the retail industry.
We’ve highlighted some of the responses below. You can read the full article here.
What current challenges do you see with planning in the retail industry?
Systems are often used as a crutch in planning. Many planners don’t understand the science behind planning and often times plug their numbers into a planning system without understanding how the various components interact or which levers to pull to adjust the plan appropriately.
The different planning functions can also be a challenge. When you’re dealing with merch planning, store planning, allocation planning, etc., there is often confusion about who’s responsible for what. The planning process is usually not methodical or clearly defined. In addition, not every company uses the same terminology when it comes to roles and responsibilities. So a merchandise planner at one company might be planning at the style level, and at another company they are planning at the category level. Moving jobs from one company to another can be challenging because the planner’s skill set might not match up to the new role.
How do you think customer data could best be used to support planning?
It’s not being used enough today. A lot of planners are still relying on historical sales. Customer data can help planners better understand selling trends, how customers behave around peak times, etc. Customer data is also essential when planning for new trends. For instance, if the design and merchant teams want to chase a new trend that has no historical data, planners need to understand the customer needs and shopping patterns to better plan for these new products.
Customer data can also help planners get more intelligent about regional and store variances. Currently, planners typically only look at how regions are performing at a high-level, but they are not digging into why they perform the way they are. Customer data is typically not tied to planning data, so it is really hard to leverage it. At the same time, even if planners had access to customer data, they may not have the time to dig into the information to find key insights.
What do you see as the key benefits of an integrated planning system?
Haven’t seen a truly integrated system in my experience. Most companies are still using multiple planning systems that are not integrated with each other. Ideally, it would be great to have everyone in the planning organization on one system so that they can work together more efficiently and have better visibility cross-functionally.
What is one major change do you see in the near-future of planning in the retail arena?
With retail moving towards omni-channel, the role of planning will change. Companies are evolving and now need to manage multiple business models across their channels and geographies. There is no longer a one-size fits all approach to planning.
Read the full Viewpoints article here to gain more insight into one planner’s perspective, and let us know what you think about merchandise planning in today’s omni-channel environment in our comments section.
At JustEnough, we help leading retailers to merchandise assortments and maximize product inventory across physical and digital channels so products are available when and where shoppers want them – all on a single integrated platform. Contact us to learn more about how we can help you improve your planning processes for success and meet the demands of your customers.
In our latest InDemand Newsletter, we were pleased to announce that Tommy Bahama is now a JustEnough customer. Tommy Bahama is a retailer of casual, men's and women's sportswear and activewear, denim, swimwear, accessories, footwear and a complete home furnishings collection. Its products are available at Macy's, Neiman Marcus, Saks Fifth Avenue, Nordstrom, Lord & Taylor and Belk, along with resort locations around the world. Tommy Bahama operates over 150 company owned retail stores worldwide, 16 of which include a Tommy Bahama restaurant and bar, along with both full-price and outlet eCommerce sites.
Tommy Bahama currently uses Excel to support their retail planning process. They decided to find a vendor partner that could provide exception-based reporting and deliver increased consistency to both planners and executives across their multi-channel environment. We are pleased that they selected JustEnough based on our superior solution for brand owners and our native omni-channel capabilities. They chose an OnCloud license of JustEnough Merchandise Financial Planning, Assortment Planning and Allocation for their Direct-to-Consumer (DTC) retail business.
We are also happy to report that FULLBEAUTY Brands (FBB), the preferred brand portfolio of women’s apparel, shoes and lingerie, along with men’s and home products dedicated to plus sizes, recently completed implementing JustEnough Assortment Planning. Based on the success of that project, they decided to move forward with updating their replenishment system. The FBB team is seeking greater visibility to the demand forecast for their print media vs web channel, an automated approach to forecasting demand with minimal manual intervention and optimized inventory levels. FBB has licensed and will be implementing JustEnough Demand Forecasting, Inventory Planning and Replenishment.
Click here to read the entire InDemand Newsletter
Contact us to learn more.
Personalization is a hot buzzword these days in the retail space. In a recent article, RSR Research explains that in their latest benchmark on Mobility in Retail, they found that retailers recognize deeper customer engagement will drive sales, but still need to make personalization a priority.
Making an offer that is truly personalized, not just a random discount on an unwanted item, is the brass ring in retail. This requires that consumers share more and more details of how they shop, where they shop and why – both of which they are now more than willing to do. Converting that vast amount of data into actionable insights is key to personalization and also a challenge for most.
Those organizations that are focused on making relevant, personalized offers and have the tools to derive actionable insights from their data will be the winners. They will tackle the difficult task of understanding more about their customers and executing personalized offers.
At JustEnough, we understand the challenges of gaining customer insights and effectively acting upon them for better performance. JustEnough Customer Insights does just that – by enabling you to analyze customer behavior, segment and cluster customers to localize and personalize assortments, identify which promotions mobilize your best customers and much more.
Contact us to learn more about how we can help you gain valuable, actionable insights into your customers. To read the full RSR Research article, click here.
On May 5, join industry experts from EKN, Kalypso and JustEnough to learn how retailers can make the transformation to customer-centric merchandising, how to get started, what to consider and how to measure success.
Register now to hear from Sahir Anand, VP Research & Principal Analyst, EKN Research, Sonia Parekh, Senior Manager, Kalypso, and Peter Leith, VP of Product Strategy, JustEnough about how you can make the move to put customers in the center of planning and set yourself up for success.
- Date: Thursday, May 5, 2016
- Time: 1 pm – 2 pm EST
- Register here
Can’t make it on May 5? Don’t worry. The webinar recording will be available shortly after the event. Visit our website to view the recording, and if you register you’ll be sent a link to the recording as soon as it is available.
Meet Our Presenters:
Sahir Anand, VP Research & Principal Analyst, EKN Research
Sahir’s experience spans 16 years as a retail industry line of business practitioner, technology industry analyst, research leader and global technology strategy/marketing executive. Mr. Anand gained operational, functional, leadership and technology-related expertise working with top-tier retailers such as Staples and Nordstrom.
Sonia Parekh, Senior Manager, Kalypso
Sonia brings over 20 years of industry experience to Kalypso's clients. She has deep retail industry knowledge having worked both as a consultant and in operating roles with large, national retailers such as Nike, Columbia Sportswear, Walmart.com, Williams Sonoma, Fossil, Kohl’s, Neiman Marcus and Gap Inc.
Peter Leith, VP of Product Strategy, JustEnough
Peter is passionate about making retail planning as flexible and straightforward as possible. Working closely with JustEnough’s customers, Peter drives rapid product innovation which keeps JustEnough and its customers on the leading edge. He is a thought leader in the area of retail planning and is frequently published in leading industry publications.
Last month at the premier RetailTechANZ 2016 conference in Queensland, AU, Beacon Lighting’s CFO, David Speirs and JustEnough’s Greg Manson, presented to a packed audience, “The Journey to Integrated Retail Planning.” Beacon Lighting is Australia’s premier lighting and fan retailer with more than 90 stores across the country.
The presentation explored Beacon’s path to moving to an integrated retail planning system to drive real business benefits. Mr. Speirs explained that as Beacon Lighting continued to grow and its business became more complex, they realized they needed a modern, integrated forecasting and replenishment system. They found a great fit with JustEnough and in September 2015, began rolling out JustEnough Replenishment and Allocation solutions to its stores. The result? Beacon Lighting achieved real benefits - fast - including increased comparative sales, improved stock position and many productivity improvements.
“Retail has changed dramatically in recent years, presenting new challenges for retailers,” said Greg Manson, sales director for Africa and Asia Pacific, JustEnough. “Beacon Lighting, in partnership with JustEnough, has been able to hurdle these challenges by implementing a truly integrated planning system to bring about positive changes in their processes and to realize their financial and business objectives.”
RetailTechANZ, an exclusive and invitation-only event, is a closed forum for the sharpest minds in the industry to connect and discuss shared challenges, as well as network, build lasting relationships and meet potential partners.
A recent OnWindows article featuring Holland & Barrett’s Ray Aldis explored how the company is transforming the way it manages its promotional campaigns and inventory forecasting. As promotions are the lifeblood of Holland & Barrett with 60% of sales coming from promotional campaigns, the company needed a solution in which to better manage its promotions.
Holland & Barrett was operating a binary promotional strategy which employed the use of 45 separate spreadsheets in which to manage all of its promotional activity. This inevitably led to inaccuracies, an unmanageable workload for its team and at times a negative impact on its customer experience.
Holland & Barrett turned to JustEnough and in October 2015 rolled out its Promotion Management solution. The implementation was successful and user feedback was very positive. The company is using the solution to monitor live campaigns, manage data conflicts and plan all of its promotional campaigns.
“JustEnough’s software is the best-in-class promotion management solution; it’s highly configurable and we were able to quickly tweak or add functionalities to ensure it would meet our specific operational requirements,” explained Aldis. “Now that we can access all of our current and historical promotional and sales data via a single centralized system, it takes fewer resources to plan and execute campaigns and we can instantly create analytical reports to evaluate their success with a click of a button,” added Aldis.
To read the full OnWindows article, click here.
Contact us to learn more about how we can help you make the most out of your promotions.