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Demand & Supply Chain Management Evolution




30 Oct 2018
The new in-store experience has arrived, and yes, it’s digital.

JoAnn Martin
JDA

Retail is never going to be the same. Evolving consumer expectations, a fast-moving marketplace and new technologies are bringing a new in-store customer experience. Ready for a look at the future? It’s completely unrecognizable and undeniably digital. Even while more shopping centers are closing, signs of the future physical store experience are quickly coming into focus and no business can afford to look away.

Nike recently launched a store concept to offer shoppers a new kind of experience, fueled by the brand’s digital prowess. What can any retailer learn from the edgy athletic apparel brand?

Here are three things more retailers should consider just doing:

 

Use e-Commerce to your advantage.

While eCommerce is seen as a clear danger to retailers, reducing traffic in-store, Nike is using it as an advantage. The brand is using data on online purchases to stock the new Nike Live concept store that opened in July.

The first of its kind, the store called Nike by Melrose, is constantly stocked with favorites of customers in the area. How? Data pulled from shopping details via Nike.com and members of the Nike Plus rewards program.

Nike knows exactly which styles will turn the highest profits in the West Hollywood location. Harnessing regional shopping data lets them feature their most popular shoes and apparel, stocking them in all the colors and sizes available. Wherever you are, they have your number.

 

Give customers more information.

Nike by Melrose customers can immediately find out if their size and desired color is in stock. They can use the Nike retail app to scan product barcodes for all the information before a team member ever unboxes a pair.

 

Speed up your shopping experience.

Nike lets customers quickly purchase what they want where they want it. The new Nike Live location feature a convenient curbside pickup and digitally reserved lockers that customers can unlock with their phones.

Change has never been faster.

Nike Live features are coming to New York City and Shanghai this fall. Meanwhile Amazon’s cashierless Amazon Go stores are bringing digital into the physical shopping experience in Seattle and Chicago with more on the way to cities like San Francisco and New York.

Move forward faster with precision.

Retail isn’t moving anywhere but forward, and powered by artificial intelligence (AI), machine learning (ML) and the internet of things (IoT) it’s positioned to move even faster. With these new technologies, retailers can access clear, accurate forecasting – combining and processing millions of customer data points to calculate customer demand. This data unleashes meaningful connections between customer behaviors, product features and outside influences including news, current events, weather, and trends on social, just to name a few!

As the digital in-store experience evolves, AI, ML and IoT will continue to shape the customer experience into something sharper and totally unrecognizable – a new, personalized shopping experience.

Want to stock products based on laser-focused customer ratings and demand, like Nike? These technologies can accelerate in-store sales and reduce waste – fine-tuning in-store product assortments and creating the perfect mixes and storefront layouts. AI and ML are already changing the way retailers think about pricing and demand with a new precision never available before.

 

Ready to build a new customer experience and make your business more agile and profitable in the process?

Learn more about the JDA® Luminate® family of solutions – built on a cognitive, real-time, connected platform and embracing digital-edge technologies like SaaS, IoT, AI, ML, advanced analytics and cross-platform integration.

 

 

 









 
           Circular Economy     Industry 4.0     Blockchain 

     Internet of Things     Omni Channel 


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News & Trends
 

Last update 5 Nov 2018
Global manufacturing slowdown continues in October
   Source: J.P.Morgan Global Manufacturing PMI ™  -  IHS Markit



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