Bengaluru, 17 August 2020
Change is here and INCREFF is leading it.
Retail has been an ever-evolving industry that has upgraded and strengthened with each disruptive change. Such disruptions pose multiple challenges with opportunities for innovation. The recent pandemic has not only accelerated digitalization but also exposed system deficiencies, highlighting the need for preparedness and resilience. According to a recent Yourstory report, Flipkart owned fashion retailer Myntra witnessed an 86% rise in customers during its popular EORS this year. It processed more than 8,000 orders per minute and recorded a 30% growth in yearly traffic. This is a phenomenal performance by a fashion retailer considering the current economic slowdown. This shift of shopping from offline to online has defined a new role for retail stores.
Why Increff is Cool
An interesting personalized interaction at a store adds far more value compared to an online sale. Retailers must ensure physical touchpoints are leveraging technologies that create relevant assortments and product availabilities to build a memorable experience. Thus, Key to retail differentiation is intelligent merchandising and Increff IRISX helps achieve that.
Increff’s revolutionary intelligent merchandising solution combines the power of self-learning patent-pending algorithms with attribute level data analysis to predict pre-season and in-season smart assortment plan, an ideal buy plan, and a distribution plan for each store.
As we realize our interconnectivity with the ecosystem, we understand that assortment planning can no longer be limited to the pre-season stage but must also include in-season analysis and execution. It requires significant refinement of assortments using big data, both historical and near real-time, with advanced analytics and algorithmic approaches, to create store-specific assortments that mirror the buying pattern of distinct customer segments.
As one of the key players in the retail tech Industry, IRISX helps fashion brands & retailers increase sales by providing an intelligent and highly accurate merchandising planning platform helping merchandisers take pre-season and in-season decisions like what, when and how much to buy and where to showcase inventory via 100+ customizable patent-pending algorithms designed specifically for fashion and lifestyle business. It facilitates retailers to create store-specific assortments that meet customer needs while intelligently limiting excess production.
Retailers need to urgently automate legacy processes that consume time, bring inaccuracies, or fail to deliver corrective actions, to enhance speed and augment human activity.
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Gartner subscribers can access the report here.
Cool Vendors in Retail: Meeting Customer Basic Expectations Is More Important Than Ever, Joanne Joliet et al., 29 May 2020 Disclaimer: The GARTNER COOL VENDOR badge is a trademark and service mark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.