Home / Knowledge / News / Information Technology / Retailers now have smart i2 Technologies
Retailers now have smart i2 Technologies
17
Jul '09
In today's challenging economic environment, retailers are working hard to offer consumers the right product mix at the right time, in the right channel at the right prices. However, in the face of sluggish sales, retailers are struggling to fine-tune their product mix to simultaneously accommodate local customer preferences while driving greater value to the bottom line. As retailers begin to monitor back-to-school sales and plan their holiday assortments, they must focus on knowing their customers and selecting a merchandise mix that creates a customer-centric experience.

“Getting customers in the store does not guarantee sales, especially in difficult economic times. We are seeing consumers hold back on buying what they want, and focusing more on the necessities,” said Gurdip Singh, vice president of i2's Retail and Consumer Industries Sector. “As a result, retailers have to be smart about the breadth and depth of their assortments and create a customer experience that includes tailoring products and the shopping experience to meet local tastes.”

i2 Technologies Inc offers retailers the following winning strategies to successfully deliver a customer-centric shopping experience:

1. Simplify the shopping experience. As consumers walk down store aisles they can be overwhelmed by irrelevant choices in price, brands, styles and colors. It is important for retailers to simplify the shopping experience by assorting to fixtures or shelves that carry the market basket, collection or ensemble that a consumer will likely purchase in a single trip. A “one-stop shopping” experience also reduces the possibility of consumers shopping elsewhere to complete the shopping basket.

2. Offer a seamless shopping experience anywhere, anytime. Seamless synchronization of the shopping experience no matter where the consumer makes a purchase (on-line, catalog, brick and mortar, franchise, etc.), allows a retailer to retain its best customers in the face of stiff competition. The added complexity of planning and managing assortments and inventories for these multiple channels is made even more challenging by the divergent nature of the supply chains that service these channels. The recommended way to address this shop “anywhere, anytime” business problem is to ensure the assortment management process and toolset is designed to operate in a multi-channel environment unencumbered by the assumptions of operating only in a single channel.

3. Tailor assortments to desired consumer segments. As retailers continue to grapple with economic uncertainty, it's critical for retailers to first understand what the consumer values and then localize selections based on these findings. This means creating tailored assortments by combining the art of buying with the science of micro-segmentation. In 2006, Gap Inc., one of the world's largest specialty apparel retailers, tapped i2 to help localize assortments and transform its inventory management practices to be more demand driven across all brands. Old Navy, a division of Gap Inc., was selected as the pilot brand to undergo implementation of i2 Buying and Assortment Management. As a result, Old Navy was able to better cater to local customer preferences and more accurately predict sales. To learn more about this implementation, go to “Old Navy Leverages Supply Chain Management Technology to Stay Lean and Green.”

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search