Real-time analytics –
getting merchandise to
where it can be sold
An omni-channel strategy in fashion retailing makes transparency and efficiency in the flow of merchandise more crucial and the increases the necessity for better coordination among the various channels and the stores. Textile retailers are facing the need to react quickly in terms of merchandise and product range management in order to be able to more rapidly fulfil customer wishes.
Which stores are performing and which are not?
Good management has to match pace with the end customer, who expresses his or her shopping preferences via various distribution channels, is more persuaded by advertising campaigns in specific stores, buys some articles more than others, and sometimes appears to be loyal…and sometimes not. In overseeing a network of 500 or more stores, the top management, controllers and regional decision-makers can leave nothing to chance.
Active store management delivers more than just increase sales and greater customer loyalty. It can also prevent the closing of individual stores.
Real-time analysis for fast decision-making
Until revenues from previous months are reviewed, evaluated and visualised graphically for presenting the data to the management, it may be already too late.
For logistics, stock transfers between the stores and sales, decision-makers have to immediately have the ability get access to real-time sales data which they can then use as a foundation for making good decisions. Using historical information based on financial data is not the smart way to make profitable decisions.
Only real-time data offers a true picture of which stores are going to make their targets and which are not going to get there. Only real-time data can quickly provide the options for making the right move.
Know which sizes are moving more quickly in which stores
The aim is to bring the merchandise to where it sells best. This necessitates information on revenue per article on item-level (e.g. a blue T-shirt in size 10) as well as the current age structure of the inventory per store or department.
If e.g. more T-shirts in a big size are sold in a particular store, then clearly this size has to be kept in stock in greater numbers. At the same time, the store stockroom can be freed of articles in smaller sizes. Expensive minimal inventory levels can thus be decreased.
Detego InReports dashboards: see what is actually going on
With Detego InReports you get a real-time notification tool that shows actual article availability in real-time as well as the restocking situation and the aging structure of the articles. The software interprets customer cluster data, e.g. sizes and colours per geographical region. Gained information from complex algorithms is transformed into attractive dashboards that provide decision-makers with easy-to-use recommendations for actions to take.
The analysis is visually formatted using a traffic light system. Thanks to its analytic notifications, Detego InReports thus provides you with an efficient instrument for long-term oversight and planning.
Better coordination of supply and demand
Merchandise planning systems are coordinated with the daily demands of the sales floor. Product availability is kept in sync with customer wishes. The additional benefit stems from the analysis of real-time data in combination with recommendations for the best action to take.
Detego InReports works with Detego InStore, the system for article transparency in the store, and Detego InWarehouse, the system for article transparency in the warehouse, but it can also be used together with third party in-store management software.
Regional sales managers, top management, controllers and merchandise planners profit from Detego InReports
Oversight of stores:
- Real-time inventory oversight and efficient transport
- Faster reordering
- Reduction of minimal inventory levels
- Less merchandise in the channels combined with greater precision in inventory numbers
- Smaller order quantities, more exact management of the flow of merchandise
Managing networks of stores using these KPIs:
- Collection merchandise sold at planned margins and not through outlet sales
- Quick recommendations for actions to take to optimise stores
- Real-time dashboards promote better decision-making
More accurate decisions based on demand and real-time data:
- Rapid redistribution of sale merchandise between the stores
„Our experience with customers shows that real-time analyses are instrumental for fashion retailer so that they can prevent decreased margins. Brand name manufacturers with a network of several hundred stores have to be able to react more quickly. They want to have the information in the planning phase concerning which article variants they should allot to which stores, because they already know that these articles are selling best in those locations. The successful retailer leaves nothing to chance. It’s about active management. That was the motivation for us in developing Detego InReports.”
Dr. Michael Goller, CTO Detego
Did we spark your interest?
Contact us to arrange an individual appointment with one of our experts to gain new insights, or request a product demo to learn more about the Detego Suite and how it can benefit your business.
We would be happy to assist you meeting todays and future retail challenges.