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Simons joins hands with predictive analytics firm Retalon
08 May '20
3 min read
Pic: PR Newswire
To demonstrate leadership and innovation in retail merchandising, Simons, one of the most iconic Canadian fashion retailers, has joined hands with retail AI and predictive analytics firm, Retalon. Retalon is a provider of advanced retail predictive analytics, and AI solutions for planning, inventory management, merchandising, pricing, and promotions.
As Simons grew across Canada opening as large as 110,000+ square feet stores across several provinces and expanded e-commerce into the US market, they needed a more accurate, efficient, and scalable way to maintain optimal assortment levels. They searched for a smart approach that would allow them to minimise inventory cost while maintaining customer service excellence and that would keep up with their growth.
The company turned to Retalon to accurately forecast demand, generate shipments, allocate products, calculate replenishment, and optimise promotions using predictive analytics and AI, according to a press release by Retalon.
The fashion retailer turns over 250,000 style/colours a year and offers a wide range of sizes with much of its assortment having shorter lifecycles. Forecasting demand down to a single product for every store and DC was challenging considering factors like seasonality, fulfilment methods, pricing, lead times, and much more.
The geographical expansion also required a more accurate, sustainable, scalable approach. Simons’ flagship locations span over 4500 km (2800 mi). Simons needed to optimise inventory and fulfilment with a minimal impact on cost, customer experience, and the environment.
Prior to Retalon it was the buyers that managed inventory, promotions, and transfers at stores, the new approach enabled them to automate and reduce time buyers spent on this process. Simons implemented Retalon’s analytics for improved insight on projected demand and inventory optimisation recommendations that get the right product to the right store proactively. Retalon also optimises thousands of promotions a year for Simons, accurately predicting uplifts and optimising inventory proactively.
“We were looking for a company that would not just give us a black box that we would get an answer out of and always question it. What we found is that we’re able to work directly with the Retalon team, we get right to point, and solve problems quickly,” Gary Craig, VP, informational technology at Simons said.
“Partnering with the Simons team goes far beyond collaboration between two organisations. We are proud of the solution we have built for retailers, and it is an amazing feeling when you work with people who understand it, take full advantage of what our analytics can offer, and have vision for the next big thing retailers need, that helps us to align our development goals,” Retalon CEO, Mark Krupnik said.
As Simons grew across Canada opening as large as 110,000+ square feet stores across several provinces and expanded e-commerce into the US market, they needed a more accurate, efficient, and scalable way to maintain optimal assortment levels. They searched for a smart approach that would allow them to minimise inventory cost while maintaining customer service excellence and that would keep up with their growth.
The company turned to Retalon to accurately forecast demand, generate shipments, allocate products, calculate replenishment, and optimise promotions using predictive analytics and AI, according to a press release by Retalon.
The fashion retailer turns over 250,000 style/colours a year and offers a wide range of sizes with much of its assortment having shorter lifecycles. Forecasting demand down to a single product for every store and DC was challenging considering factors like seasonality, fulfilment methods, pricing, lead times, and much more.
The geographical expansion also required a more accurate, sustainable, scalable approach. Simons’ flagship locations span over 4500 km (2800 mi). Simons needed to optimise inventory and fulfilment with a minimal impact on cost, customer experience, and the environment.
Prior to Retalon it was the buyers that managed inventory, promotions, and transfers at stores, the new approach enabled them to automate and reduce time buyers spent on this process. Simons implemented Retalon’s analytics for improved insight on projected demand and inventory optimisation recommendations that get the right product to the right store proactively. Retalon also optimises thousands of promotions a year for Simons, accurately predicting uplifts and optimising inventory proactively.
“We were looking for a company that would not just give us a black box that we would get an answer out of and always question it. What we found is that we’re able to work directly with the Retalon team, we get right to point, and solve problems quickly,” Gary Craig, VP, informational technology at Simons said.
“Partnering with the Simons team goes far beyond collaboration between two organisations. We are proud of the solution we have built for retailers, and it is an amazing feeling when you work with people who understand it, take full advantage of what our analytics can offer, and have vision for the next big thing retailers need, that helps us to align our development goals,” Retalon CEO, Mark Krupnik said.
Fibre2Fashion News Desk (GK)
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