Can Machine Learning Deliver Omnichannel For Retail Stores ?
Omnichannel is the heart of retail operation, it’s where the data unites. Various departments deliver data based on their performance. How do retail stores handle big data as it facilitates allocation of resources to meet the upcoming demand. It’s a uphill task to create forecast model, to alleviate the most immediate needs.
Omnichannel receives data from a financial team about the product pricing, overall revenue, overhead cost, requirement for labor, new services and technology. Similarly from every other departments and the task is to do analytics on the data to create forecasting models.
Machine learning can forecast sales, consumer footprint, attrition rate of employees, allocation of resources, inventory management, pricing models for products, factors affecting the pricing model, coupons, discounts, consumer behavior, optimal build up of inventories to meet the demand, marketing campaigns, consumer analytics, staff allotment, production line management.
Price is an import factor in the equation and setting a right price can be a daunting task. Trends change often and there is always 3 to 5 new technology platforms that are arising where the cost of marketing is near zero. Looking for white space in the market place is important for retail stores.
Setting up a omnichannel team is really important to decode the data and dissect the present condition in the market. Real sales happens by influencing culture among people. It’s the consumer aesthetics and personification. Reason why online market won is speed and it created a culture for people to easily find products which they prefer from thousands of retailers at one place.
Once the data is classified, retail stores need to recreate culture to reach customers. They have to reach to the skins of the consumer through new mediums of communication.
There is voice enabled technology which brewing to be the next big thing along with blockchain, AI, Machine learning, Messenger, Chatbots, etc. These are the places the retail stores should be looking to get into.