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Retail industry

Overcoming Challenges in Retail with Infiniti’s Solutions – A Storyboard Series of Success Stories

Lower unemployment and tax cuts have fueled the growth of the retail industry over the past year. According to the retail industry experts at Infiniti Research, 2019 will be a precarious year for players in the retail sector. As the stock market is in flux, the future of retail is expected to be dominated by steepening tariffs. Furthermore, another intriguing retail market trend is emerging markets are taking on a greater share of global growth. This could also present several opportunities for savvy retailers who are willing to face the winds heads on.

Infiniti’s solutions to overcome challenges in the retail have helped several established brands to enhance their overall performance and drive greater business growth. This newsletter offers a snapshot of some of our success stories and how our experts helped clients overcome some major risks facing the retail industry.

Attracting new customer groups for a fast-fashion retailer using market opportunity analysis

Recently, several fast-fashion retailers have had to wind up their operations due to their inability to cope up with the dynamic market trends and ever-changing consumer demands. This has acted as a wake-up call for other players in this segment to reinvent their strategies to survive. This success story is a great example of how brands that have the courage to self-disrupt will emerge as winners. Our client, a fast-fashion retailer based out of Central America wanted to attract new customer segments and wanted to identify the right marketing channels to invest in. With our market opportunity analysis, they were able to effectively target the right customer groups and thereby increased their targeted segment spend by 19%. They were also able to reverse their declining sales in less than 60 days.

Using customer buying journey maps to identify untapped opportunities

Personalization of customer experience is becoming vital for companies in the retail industry to retain their customers. To do so, retailers will need to map their customers’ journey from awareness to the purchase stage. This is where the importance of customer buying journey maps come into play for companies in the retail industry. A German retailer wanted to devise personalized product offerings, develop better marketing strategies, and drive sales. Experts at Infiniti provided the client with a customer buying journey analysis solution and devised strategies to help them personalize their marketing and sales strategies to drive maximum sales. By identifying the right marketing channels to target customers the client was able to drive customer engagement and enhance ROI by 23%.

Competitive pricing analysis to boost sales and enhance profit margins by 19%

Companies in the retail industry resort to different pricing strategies based on their unique business goals and other key factors affecting their business. However, increase in the number of competitors in the market is increasing challenges in retail especially when it comes to setting prices for products. The client is a renowned company in the Canadian retail industry. The company was facing predicaments in pricing their products in line with the current market demand and adjust to the competitors’ pricing structures. Our competitive pricing analysis solution focused on identifying how similar products of the same category are priced in the Canadian market. This helped the client to identify the optimum price at which they can set their products to attract more customer while making steady profits. As a result, the client was able to overcome challenges in retail pricing and increase their profit margins by 19% in one year.

Reducing customer churn by 37% for a European retailer with customer needs assessment solution

The European retail industry is growing exponentially and presents huge opportunities for retail companies around the globe. Despite this steady growth, rising need for convenience and rapidly changing market realities are making it vital for retailers to understand customer needs and analyze their buying patterns. Our client is a well-known brand in the European retail industry. They noticed a steady decline in sales and consequently increasing customer churn in their business. They wanted to identify the prime reasons for them and overcome the key retail industry challenges coming their way. Infiniti’s customer needs assessment solution helped the client identify their customers’ unmet needs and demands. They also gained detailed insights on the product features that drive product purchase. With this, the company in the European retail industry was able to reduce customer churn rate by 37%.

Retail inventory management

Enhancing Customer Experience by 2X and Sales Rate by 33% for a Retail Firm – Retail Inventory Management Solution

Inventory Management Solution for a Retail Firm

Today, retail companies are under the pressure to effectively manage their stock, maintain an adequate level of inventory for the right products at each retail location, and minimize conditions of overstocks and stock-outs. However, retailers can overcome these challenges by leveraging retail inventory management solutions. Retail inventory management solution can help businesses to maintain an optimal level of inventory while dealing with fluctuating market demands.

With customers’ shipping demands growing each day, retailers are under the pressure to ship orders faster than ever. To succeed in the long run, retailers will need to leverage retail inventory management solutions. Request a FREE proposal today!

Business Challenge

The client is a retail firm based out of Central Europe. With the ongoing market changes, the company faced challenges in keeping the right amount of stock in- hand and planning for seasonal changes. In an attempt to meet the seasonal demand, the client purchased products in bulk. However, this resulted in product overstock, thereby increasing inventory holding cost for the company. Consequently, the company witnessed a huge dip in their profit margins.

The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering retail inventory management solution.

With Infiniti’s retail inventory management solution, the client also wanted to:

Enhance the accuracy of inventory orders – With Infiniti’s retail inventory management solution, the client wanted to accurately evaluate the amount of inventory on-hand to be kept. By doing so, they wanted to prevent product shortages and reduce storage cost.

Enhance retail warehouse management – By identifying the top-selling products, the client wanted to optimize their warehouse setup by placing those products together and in easily accessible places. With this, they wanted to speed up the packing and shipping processes.

Enhance inventory tracking – As the client had to deal with multiple locations, they wanted to develop a retail inventory management framework to coordinate supplies at each location.

Businesses who actively manage their inventory report 10-30% increase in sales and around 35% decrease in stock-outs. Contact us to leverage our retail inventory management solution.

Solutions Offered

To cater to the requirements of the client, the experts at Infiniti Research conducted a market intelligence study. This phase of the retail inventory management solution helped the client to gain detailed insights into the market landscape and forecast demand-supply shifts.

The experts also conducted a demand management study to help the client deal with issues relating to analyzing and estimating customers’ demands.

The inventory forecasting engagement conducted as a part of the retail inventory management solution helped the client to accurately forecast the product demand by taking into consideration the historical sales data of the company.

The last phase of the retail inventory planning involved conducting a competitive intelligence study. This phase of the retail inventory management solution helped the client to analyze their competitors’ supply chain management processes. Also, the client was able to understand the initiatives undertaken by their competitors to manage supply chain challenges. Furthermore, by analyzing the past sales data of the client’s key competitors, the experts helped the client to identify best-selling products in the European retail market.

Results Obtained

The insights obtained from Infiniti’s retail inventory management solution helped the client to accurately plan their inventory activities and develop a retail inventory management framework to enhance inventory tracking. Furthermore, warehouse optimization helped the client to speed-up the packing and shipping process, thereby enhancing the customer experience. Also, the client was able to plan for seasonal and unexpected market changes. As a result, the client was able to enhance their sales rate by 33% and CX by 2X.

Inventory Management Challenges

Inventory Management Solution for a Retail Firm

Want to know other benefits of leveraging our retail inventory management solution? Request for more information.

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