Utilize the new opportunities created by a changing industry
Customers' shopping behavior has permanently changed due to the pandemic. Online shopping is part of everyday life. Home deliveries and pick-ups from collection points are used instead of shop visits. Customers are not buying the old familiar products anymore. They are now used to examine the available product offering more widely because of availability problems during the pandemic. Because of this change, retail companies had to put more power on Supply Chain Management, they had to analyze it more carefully and they had to find ways to reduce costs.
Utilize data to stay ahead in the increasingly competitive industry
Online stores have made it easier to compare different products, their features and prices, and also services and service prices linked to products. In recent times, consumers have become increasingly aware of prices and tend to compare them before making a purchase. As a result, companies have to deal with intense price competition, which can harm their profit margins. Significant investments are required to renew store logistics for new needs. It creates demand to reduce operational costs from every level, from product purchase, to marketing, sales, and delivery.
Tightening competitive situations forces retail companies to have a better and more real-time understanding of how the competitors work and what kind of changes are happening in the product ranges. It is not enough anymore to analyze the data from your own company only.
You have to be able to combine data from different data sources and analyze that data in real-time.
It is not possible to respond to these challenges and build an overall and real-time picture of the situation without a comprehensive use of information systems and centralized data warehouses. Because of this change, retail companies had to put more power on Supply Chain Management, they had to analyze it more carefully and they had to find ways to reduce costs.
Utilizing AI and machine learning in supply chain management transfers our understanding to a new level
So making the right decisions requires a real-time and comprehensive view of the whole sales and supply chain. You have to have enough data available and you have to be able to analyze it fast and reliably.
Managing a large amount of data and analyzing it are demanding and time-consuming tasks if you use traditional data processing methods. That is why retail information systems are first in line when utilizing actively the new possibilities of AI, machine learning, and efficient new data processing methods. When the big picture to be analyzed is getting more and more complicated, only AI and machine learning can allow us to compare countless numbers of different variables at the same time, realize the connections between them, and define exact actions to be used for optimal results on supply chain management and cost optimization.
At Solteq, we can identify your company’s supply chain management needs. We help our customers to find the right measures for developing supply chains and making operations more efficient.
We deliver the best solutions for retail supply chain management
We provide the right solutions and tools for data-driven decision-making and through our expertise and experience, we are able to help our customers solve the challenges they face in their daily business.
Whether it’s a question of timely ordering and delivery of products, inventory management, store chain sizing and control, best-selling assortments or the associated optimization of store space usage. We also offer effective analysis of customer buying behavior.
If you are interested, we are happy to tell you more. Contact us today!
With the retail supply chain management system you can:
Get a reliable overview of the situation of the entire store chain and online stores and how they work.
See the impact of the changes made on both the individual functions and the area being examined.
Further improve customer satisfaction with well-targeted assortments, efficient use of store space and competitive pricing.
Manage all in-store services with the same system, such as online store deliveries, shop-in-shop stores, restaurants and cafes and the material flows of all these, and eliminate in-store waste.
Take advantage of artificial intelligence to more accurately analyze data and changes to it, create decision proposals, and automate retail supply change management.