The hype and euphoria amidst the launch of a new product are immense. So is the expectation. Despite all the hoopla surrounding the product, the product ultimately fails. Just a flip of a coin and there you go screaming from rooftops about the unexpected loss in millions or billions at worse. You lay devastated as a retailer and shell-shocked at what exactly went wrong. The dire consequences and the downfall are beyond words. As a retailer, you failed to foresee the upcoming trend. So how can you predict the trend which is yet to come? How can you predict the product which is going to be in demand? These things sum up an inconvenient truth of retail sector. And an empty shelf screams louder than anything else in any store.
In today’s retail world, big data and predictive analytics are quintessential technology to leverage your inventory system. Foreseeing it even before there is a word about it. As a retailer, you have to think a step ahead of consumers. Otherwise, you will be digging your own grave. And consumers will come to bury you in distant future. Isn’t that an inconvenient truth in retail?
Of course, it is. The retail environment needs an overhaul in the way it functions. It needs to streamline its inventory management. Optimize it for better because the day after tomorrow you would certainly hate to see your failures due to your ignorance about technology. Predictive analytics is thus the quintessential solution to retailers’ woes. So decide whether to predict or perish.
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