Navigating the Beauty Maze: AI’s Role in Retail and Supply Chain Planning
Algonomy Blog
by Devank Kumar
1w ago
In the bustling world of health, beauty, and wellness retail, staying ahead of the curve is not just a strategy – it’s a necessity. With customers demanding more personalized experiences and seamless transactions, retailers are faced with a myriad of challenges. From managing promotions to balancing complex product assortments, the road to success can seem daunting. And it doesn’t help that previously successful merchandising and supply chain planning strategies are now glaringly failing. In this blog, we’ll delve into the obstacles faced by health, beauty, and wellness retailers when it comes ..read more
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Beyond Browsing: How Guided Selling Is Reshaping Product Discovery in Online Shopping
Algonomy Blog
by Laura Wishingrad
3M ago
The recommendation engine market size, valued at just over $1 billion in 2018, is projected to hit an astounding $12 billion by 2025. Almost seven out of ten business leaders are boosting their investments in personalization, revealed a recent survey. In a time where the majority of eCommerce players are focusing on personalization, businesses must craft unique and memorable shopping experiences that not only cater to shoppers’ individual preferences but also set them apart from the competition. Guided Selling, powered by Algonomy Recommend, lets optimization managers curate a shopping journey ..read more
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Optimizing Your Retail Strategy for the Holiday Season
Algonomy Blog
by Daksh Sharma
4M ago
The holiday season is a time of joy and celebration for many, but for online retailers, it’s also a period of intense preparation.  As a personalization consultant at Algonomy, I’ve had the privilege of assisting some of the world’s leading retail businesses in ensuring that their customer experiences are finely tuned and optimized for the festive rush.  In this blog post, I’ll take you through the essential strategies and optimizations that we recommend to our clients to ensure a successful holiday season. Early Planning and Strategy The holiday season isn’t just a busy time for sho ..read more
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Mastering Success Amidst Product Cannibalization with AI-powered strategies
Algonomy Blog
by Sankha Perera
5M ago
Ah, the joyous season is almost upon us, and retailers are donning their festive hats to prepare for the promotional whirlwind – scrambling to finalize the assortment and promotions for the season. Yet, amidst the tinsel and cheer, there’s a not-so-merry disruptor lurking—In-store product cannibalization. What exactly is this grinch-like phenomenon, how does it threaten the holiday merchandising feast, and how can AI save the day? Let’s unwrap the mystery. Unmasking Product Cannibalization Picture this: one product munching on the demand of another, akin to a festive feast gone awry. This, my ..read more
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Reducing Inventory the Smart Way with Retail Artificial Intelligence
Algonomy Blog
by Devank Kumar
6M ago
The Inventory Dilemma We All Face You know that feeling when you open your closet and find it crammed with clothes you never wear? Well, that’s a bit like how traditional inventory management works. Imagine you run a retail store, and you’re stocking up on products, hoping they’ll fly off the shelves. But often, they don’t. You’re left with piles of unsold merchandise, and guess what? That’s money tied up in items that are just taking up space. Now, let’s get down to some facts. According to a study by The Retail Owner, excessive inventory can gobble up a whopping 25-32% of your operating expe ..read more
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AI-Driven Replenishment Planning: A Game-Changer for Retailers
Algonomy Blog
by Devank Kumar
11M ago
Replenishment planning is a crucial aspect of grocery retail. It involves ensuring that shelves are stocked with the right products in the right quantities at the right time. In today’s dynamic market, demand planners and supply chain managers have to deal with a new set of challenges such as volatile demand, supplier unpredictability, missing historical data, and various supply chain disruptions. Moreover, they still need to do their everyday job – planning and balancing inventory across stores for all SKUs, meeting their customers’ expectations, and outperforming competitors. Before the pand ..read more
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The Biggest Challenge To Personalization – It’s Not What You Think!
Algonomy Blog
by Jai Prabhakaran
1y ago
Conventional wisdom has maintained that Personalization Utopia can be obtained by 1-1 Individualization. Sounds like a novel idea, but the reality for eCommerce executives is that it is not only difficult to achieve, it is simply not scalable. Thus, these initiatives eventually never take off and often find a home in the archives of failed plans. Why is it so hard? What can retail leaders do to get close and what can technology do to assist? Well for starters, cross-functional alignment is absolutely needed to determine the KPI impact. If there is a new program to reduce churn, eCommerce needs ..read more
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Expert Opinion: Is Supply Chain Collaboration The New Frontier Of Growth In Retail?
Algonomy Blog
by Devank Kumar
1y ago
The pandemic might be close to the end thanks to public health programs, inflation may be easing and supply chain disruptions may be on the wane. But 2023 is nevertheless going to be defined by uncertainty, according to Michelle Evans, Euromonitor International global lead of retail and digital consumer insights. One of the main reasons for this is ever-evolving, shifting consumer priorities. While most retailers know the significance of front end systems that help them acquire customers effectively, a majority of them also realize the importance of supplier networks in improving profitability ..read more
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Why You Need to Rethink Supplier Collaboration in 2023
Algonomy Blog
by Devank Kumar
1y ago
In 2023, retail firms understand the impetus of matching the elevated pace of business while also responding to supply challenges with agility. In this new normal, suppliers have emerged not just as providers of goods but as strategic partners. According to The Future of Procurement, Making Collaboration Pay Off, by Oxford Economics, about 65% of practitioners say that procurement at their company is becoming more collaborative and strategic with suppliers. Moreover, retailers who invested in improving supplier collaboration have seen a 20% increase in revenue directly or indirectly, according ..read more
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5 Reasons Why Your Store Replenishment Might Be Ineffective
Algonomy Blog
by Devank Kumar
1y ago
While marketing, merchandising, and buying take the center stage when one talks about retail planning and operations, what gets relatively less attention is the store replenishment process. How effectively you manage your store replenishment ultimately decides whether the product reaches the customer when she needs it. According to an estimate, it costs retailers over $1 trillion in lost sales due to stockouts. Between 70 and 90% of stockouts are caused by poor shelf replenishment practices. On the contrary, high inventory causes excessive inventory obsolescence, pilferage, and higher expendit ..read more
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