Russell Smith

Russell Smith

There is so much to do in the life of a busy entrepreneur and yet, there is so little time. Therefore, every entrepreneur must understand the importance of productivity in their lives and also how should they maximize their time. There are plenty of tools, services, and apps available in the market that can help you enhance productivity, save time, and do more in less time.

Find below a list of some of the best productivity tools which will help you become a smarter and a productive entrepreneur, thus saving your time.

Let’s get started!

  1. Asana

asana.png

 

Make more time for the work that matters you the most with Asana. It helps you coordinate all the work that your team does together. This way everyone is aware of what needs to be done, what is due, and who all are responsible for doing it. It helps you plan and structure your work in the best way, assign tasks and share details, and set deadlines and priorities all in one place. Stay on track and follow tasks and projects through every stage. Eliminate roadblocks, pinpoint risks, and create visual project plans to see how every step maps out over time, all with Asana.

2. Calendly

Calendly.png

 Calendly helps you schedule meetings without any back-and-forth emails. Setting it up is easy, let it know your availability preferences and it will do the rest of the work for you. Once you have set everything up, you can then share your Calendly links through email or embed them on your website. It undoubtedly makes for the best automated scheduling software for you and everyone you meet. It helps you connect with your clients, prospects, and contacts and works with your calendar to automatically check your availability.

3. Trello

Trello.png

Trello helps you organize anything and everything with anyone. It brings a shared perspective to any of the life’s projects in a fun, rewarding, and flexible manner. It literally helps you accomplish anything right from collaborating with colleagues to planning a vacation. It’s intuitively simple cards, boards, and lists helps you go from idea to action in just seconds. Planning with Trello is really fun and its features are flexible enough to fit any team’s styles.

4. Google Docs

Google Docs.png

Google Docs can prove to be a very powerful tool for an entrepreneur since it lets one instantly create shareable documents, presentations, and spreadsheets that can be viewed and edited by any team member. It is free to use and you can write, create, collaborate, and edit documents from wherever you are. Its smart editing and styling tools bring your documents to life and help you format texts and paragraphs. You can choose from hundreds of fonts and add images, drawing, and links, all for free.

5. Franz

Franz.png

Franz is an all-in-one messaging app which combines major messaging and chat services into one application. It currently supports Facebook Messenger, Whatsapp, Slack, WeChat, Telegram, Google Hangouts, Hipchat, Skype, GroupMe, and many more. It is just the perfect tool to manage multiple private accounts and businesses all at the same time. It also allows you to add each service many times. It doesn’t matter whether you are managing a customer care team or just want to keep in touch with your contacts or friends, Franz got you covered.

6. DerButton

DerButton.png

DerButton is an all-in-one tool for video calls, payments, scheduling, and invoicing. With it, you can literally save a full working day every week. Manage your business with different tools without any tech skills required. DerButton manages your day to day tasks and helps you run your business hassle-free.

Features:

  • Saves time
  • Win more clients
  • Increase bookings
  • Data security
  • Work more efficiently
  • Boost your offerin
    7. Evernote

Evernote.png

Evernote makes you feel organized without any efforts. It helps you prioritize and capture ideas, to-do lists, and projects and ensures that nothing falls through the cracks. With it, you never have to lose track of your deadlines and tasks. Manage everything from personal moments to big projects and capture ideas and inspiration in pictures, voice, and notes. It works across all the devices and in the offline mode too so you can stay organized irrespective of where you are.

8. LastPass

LastPass.png

LastPass simplifies your life by remembering all your passwords so you do not have to remember them all. It removes the obstacles for you and lets you get back to the things that you love the most. All you need to do is install its extension in your browser for accessing and saving your passwords. You then need to create an account with one long secure master password and LastPass would do the rest for you. You can then explore LastPass vault and view, manage and add items into your LastPass account. Forgetting and remembering passwords will become a thing of the past with it.

9. Zapier

Zapier.png

Connect your apps and automate workflows with Zapier. It moves information between your web apps automatically so that you can focus on the other more important work. It is basically an easy automation for busy people. All you need to do is link your web apps, pass information between those apps with the help of Zaps (workflows), and get more done and build processes without any coding required. It has a simple fill in the blank setup, completes actions automatically, and lets you start workflows from any app.

10. Buffer

buffer.png

Save your time managing social media for your business with Buffer. It makes it easy for marketing teams and businesses to schedule posts, manage all their accounts, and analyze performance in one place. Instead of going to six different networks you can check analytics and schedule content from just one place for all your social accounts.

I hope this curation helps all the entrepreneurs out there! I believe that when you have the right tools in place, you will always find yourself more efficient and productive. Which amongst these is your most preferred one? Have I missed any other important tool in this list? Let me know in the comments below.

Author bio-   Hello, I am Vijay Nagar marketing manager at BetaPage, A startups & early adopters community. I am a Tech lover and helps new startups and small & medium businesses to grow their business. Also, loves music, adventure, family, and friends. You can connect me on Twitter, Facebook, and Linkedin.

Here’s why fashion businesses have moved from the traditional outsourcing model to building up their inhouse competencies:

Business Context: Unless you are the Kardashians, you understand your family better than an outsider. You know exactly what the business needs at a given time as opposed to a hired hand. When an activity is outsourced to an ‘expert’ outside the organization, they tend to make decisions without taking the business context into account. For example, a particular store might have lower sales because it had a new store manager and all the employees at that store are not aligned to his/ her objectives and practices. But an outsider looks through various forecasting tools and systems and has decided that a particular line of products, which would otherwise perform well, has to be discontinued.

Helps the business be more agile: Brand preference is no longer a thing. The choices are endless. And everything is needed here and now. But consider a business that has their decisions outsourced. Predictions for the season come in on Day 1. Orders are placed, and the production begins. When the products are displayed on Day 30, they realize that Cyan is in vogue and will be sold out by Day 35. A decision needs to be made on the spot by the store manager. But corporate has centralized operations to a team outside the country. Day 40, the store has completely sold out Cyan and is turning back customers. Day 75, Cyan is no longer in vogue, but the store is filled with Cyan pop ups and unsold merchandise. 

Quicker access to Data: The tech stack is complex, and data resides in multiple silos. The company has invested in so many tools and systems and has hired contractors from those providers as experts. To pull out a simple daily dashboard and present it in a format that is relevant to every store is a massive exercise. Even worse when every store manager wants the insights to be presented the way THEY want it. Compare this to an inhouse team that has a system that unifies data from all the different systems and empowers business users to build their own dashboards, the way THEY want it, and you’ll see why outsourcing is not in fashion anymore.

Lower TCO over time: Fashion houses have long been hiring external experts, consultants and hands to execute campaigns. But there is a problem. The problem of volumes. Executing multiple campaigns is turning out to be an expensive affair. As a short cut, there are services offered by multiple consultancies and outsourcing companies that allow business to do ‘bare minimum’ marketing. Who bears the brunt of it? The customer. While agencies focus on each customer engagement as an activity, they tend ignore terms like segmentation and personalization. Corporate CHQ might have contracted them to design fancy looking newsletters or trigger based sms messages that go out in a set frequency and the customer is pounded with unrelated messages that results in churn at the end of the day. More and more fashion businesses are realizing this and are bearing the upfront cost of analytics software that help them achieve personalization at scale. And they are now seeing the ROI with more customers engaging with the messaging and increasing spend with specific brands.

Bringing in a data driven culture – In the world of Amazon, the fashion business is no longer just an art. A business that ignores the science part, is no longer relevant. Data-driven marketing has transformed from an innovative approach to a fundamental part of fashion marketing. Strategies are now built on insights pulled from the analysis of big data, collected through consumer interactions and engagements, to form predictions about future behaviors. This involves understanding the data you already have, the data you can get, and how to organize, analyze, and apply that data to better marketing efforts. Crafting experiences and engagements based on data, has now moved to the board room and with access to real time data and insights, even to the store.

For a more detailed view on what some of the leading fashion retailers are doing with their in-house analytics teams, visit our website

Article Author: Santosh Kumar

 Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to.

Personalized Recommendations

AI powered financial advisors can provide personalized recommendation based on the customer’s past data and help them to make a better decision.

24X7 Customer Support

AI chatbots fixes customer support issues by answering customer’s questions in real-time and available 24X7

Personal Banking Services

Customers can request for a statement or check the account balance quickly.

Internal Communication

AI Chatbots can promote better internal employee communication by making the information available from branches, field sales to the employees anytime, anywhere.

Employee Self Service

Employee support tickets, queries can be quickly resolved and many redundant queries can be easily answered by the chatbots to maximize the productivity.

About Payjo:

Payjo is a leading Artificial Intelligence Banking Platform which is powering several financial institutions worldwide. Its AI-powered agent can be deployed across channels and provides 24x7 reliable and real-time automated assistance just like a bank representative.

It’s 2018. What’s the most revolutionary development in fashion over the past few years? Is it the check and plaid mania? Or maybe the shirtdress or the oversized, lightweight dress? Maybe it’s the apron and baby doll dresses that have entered the summer wardrobe (from the Halloween wardrobe)? The real answer to that question is data or much rather, the explosion of data that fashion houses are exposed to and the millions of ways that data can be interpreted and acted upon over the last few years. Shoppers these days are connected all the time, mobile ubiquity provides them the freedom to browse, research and shop where they want.  You no longer need a customer to fill out a survey post their purchase, at a store, to understand who they are or what they like. You are now able to effectively build a profile of a customer using third party data sources like Instagram likes, for example, and get a pretty good understanding of their lifestyle before marketing to them.

If you looked at the fashion landscape and who’s really making the moolah, names like Amazon crops up. This is not right? They are not blue blood fashion retailer? Yet they are able to sell more fashion products than almost 40% of fashion retailers put together? They don’t have Giorgio Armani or a Coco Chanel suggesting what is the right outfit for every single customer? They don’t have a celebrity makeover team that is suggesting what color top a mother needs to wear to a soccer game? What they are good at is collecting data, deriving insights out of that data and acting on that data by putting the right product in front of the customer, at the right time, on the right channel.

You would assume that in this day and age, with all the power that data brings, increasing traffic to the store and getting customers to buy online should be fairly simple. Not really. The top challenges that fashion retailers are facing today when it comes increasing traffic are similar across the board and can be categorized into four main buckets:

  • They don’t understand the customer and what interests them. They are simply unable to the catch signals online and off.
  • Their customers don’t get context-aware, personalized communications.
  • They are not giving enough reasons for the customer to keep coming back. Their loyalty campaigns are limited to a quarterly newsletter blast for example.   
  • They are unable to identify when a customer is ready to buy and lure them with offers that might attract that specific microsegment of customers.

To overcome these challenges the basic investment that’s needed for a fashion business is a Customer Data Platform (CDP) that gathers information from various sources like POS Systems, Online activity, Loyalty programs, CRM systems, third party data sources, etc. Once you have that in place, here are 5 ways you can exploit the insights and predictions to increase traffic to your store (online and off).

  1. 1.       Customer Life-cycle Marketing – Get the basics sorted. Create segments that you can use to put a label on every one of your current/ past customers. This could be based on where the customer is in their relationship with the brand, for example: just acquired, first-purchase, repeat buyer, loyal, wavering, churn.
  2. 2.       Micro-segmentation – Basic segments alone are not enough in the age of data. You need effective customer micro-segmentation based on lifestyle, life stage, behavioral, demographic and campaign responses to have an accurate view and understanding of each cluster. This would help you create highly relevant lists to run specific campaigns. There are some strong products out there that can help you do this using propensity modeling. You can forecast the future value of customer, rank and prioritize the customers and even allocate marketing budget using these advanced technologies. Make use of them.
  3. 3.       Effectively recommend the next-best offer – You can do this based on affinity between categories, brands and customer segments. For example, if over 40% of 30+ women bought a silver color sunglass with white oversized shirts, that’s a good indication for the system to throw up that insight to you or automatically recommend the silver glasses as a ‘complete the look’ recommendation online. If you can get a software that can identify cross-sell opportunities, personalize content/apps based on stage automatically using AI, even better.
  4. 4.       Path-to-purchase – NPS (Net Promoter Score) is not just a fancy word thrown around in the boardroom. It really does make sense, in every business. Identifying every customer segment’s journey/ path to purchase and chalking out all the touchpoints that led to a purchase is a key element of increasing traffic. Not only can it help you shorten the buyer's journey but can help optimize marketing spend as well. Win-Win.

5.       Churn management – The last hat tip is to effectively manage the customers that are about to or have churned. The lazy approach, taken by most fashion businesses, unfortunately, is to include them in a newsletter group that regularly gets updates on a sale or some branding comm. At this stage, the business has effectively given up on these customers in my opinion. The first step to effective churn management is to identify customers that are likely to churn based on visit history, purchase/ lack of, campaign response and overall engagement. You can then build rules and logic to entice them with offers and promotions that are most relevant to their micro-segment, and in today’s world, these can be done automatically by the machine!

Article Author: Santosh Kumar

Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to.

Accounting software supports small business owners and businesses in many ways by eliminating their manual efforts to maintain accounts & streamline their business. The prime facts about accounting software is, you don’t need need to have expertise in managing an accounting software as most of them provides neat user interface to use.

Here is the list about top 10 benefits of accounting software in small businesses

1.      Time Saver

It really saves lot of time by reducing manual efforts of accounting/book keeping. Its quick system allows us to do our work very efficiently and simultaneously multiple users can access the software This helps business peoples to save more time on accounting.

2.      Easy Monitoring

In the past accounting/book keepings were recorded in notes manually & most of the times all financial calculations were done at end of the month. It is really frustrating to get data on time in this old method. But now it is very simpler to get a report at any time we want and we can monitor our work very easily via computerized accounting/book keeping.

3.      Management of Cash Flow

Cash flow management is a very important parameter in accounting because one should know the cash in & out or simply the cash flow in their business. Every time it’s difficult to check manual records and sometimes it causes huge loss due to manual errors. But this systematic accounting solutions offers brilliant cash flow management system by recording invoice & other cash flows.

4.      Short Learning Curve

Whether it is small business or big business, learning and adoption of new technologies and industry trend is really important. But most of the business users gets no time to learn or train in busy hours. Accounting solutions offers an easy and short learning curve for SMB businesses via tutorials, trainings and by professional customer support.

5.      Reduces Errors

In manual accounting, human errors happen often because maintaining a large accounting file by a single person needs more attention and errors can happen easily. But in software driven accounting, manual errors are reduced & offers smooth working system for small business to be compliant with the regulations.

6.      Scalability

Scalability is one of the key feature in modern accounting solutions. Often, people work from home and co-workers can be placed across the multiple locations. The modern development in accounting industry offers more scalability & it is achieved through modern accounting software solution.

7.      Computerized Solution

Computerized accounting solution offers best opportunities in boosting businesses. In manual accounting we can’t get required report easily, we have to search through the large accounting file manually and it’s very difficult to get this on time for urgent requirements. But computerized automatic accounting solution offers best accessibility and report generation.

8.      Reporting Functionality

Reports in digital format is one of the greatest highlights in accounting software. We can get reports quickly and we can track all our expenses, cash flow everything very easily. It offers better understanding about the revenue, expense and overall financial circulations in business.

9.      Mobility

Nowadays most of the leading accounting software companies offers mobile applications of their software in both android and iOS format. These applications can be used to do our all accounting tasks through our mobile like sending invoices, reporting, tracking, importing information & client details as well.

10.  Tax Compliance

Tax compliance is one of the major problems in manual accounting. For tax filing, returns we have to apply manually before the filing deadline. Government is very strict in tax collection, we can’t avoid tax filing as it can lead to huge penalties. Some of the leading accounting software solutions has the ability of tax filing, return and solves all tax related compliance very easily.  

From this article we can easily conclude that how beneficial is accounting software for small/medium businesses. While you plan to purchase accounting software be sure you read reviews and ratings from software discovery platform like suggestnext. You can get accounting software reviews, ratings, product demo and more information about product from suggestnext.

The fight over which restaurant gets to satisfy your appetite is surely heating up. With ~$800B sales last year, this is an exciting space to watch, especially now. Customer expectations are at an all-time high and the consumer behavior is simply changing. Before we jump in, let's look at what makes the restaurant business so unique.

Peculiarities of the Quick Service Restaurant Industry:

The average ticket value is low: Think about it this way, if you picked up all the bills from the last 10 times you visited a pizza chain and added it up, you probably won’t go beyond $1000. Juxtapose this with an apparel retailer and you would see that their average ticket value by itself is probably more than $1000.

Visit frequency is higher and cyclical: Compared to other retailers, the restaurant industry might see the same customers 8-10 times in a period of 6 months and before the frequency drops. Guest frequency is one of the most important metrics that a restaurant tracks.

Size of the meal matters:  Apart from guest frequency, the moolah is made by maximizing the size of the order. A large coke with the burger? Small fries to go with that? You can try combo 1 if and get an extra burger by paying $2?

Customer tastes don’t vary much: Fashion trends may change with time, but a guy who likes pizzas, likes pizzas, for a long time. (Until he signs up for personal training at the local gym at least). A BBQ enthusiast might always order the same slow-cooked pork roast sandwich as opposed to a vegan who might order a vegan sandwich, at the very same outlet. And this taste does not change much over time.

The restaurant industry is unique for sure, but if you look closer, the mandates from their C level can be boiled down to three simple goals:

-          Increase Meal Size

-          Increase Guest Frequency

-          Decrease Customer Lapsation

Gone are the days when oversized chicken costumes and cigarette smoking men, dressed as clowns were deployed as strategies to attain these goals. In today’s day and age, there are advanced tools, smarter analytics, and intelligible information that are helping restauranteurs devise effective strategies. With an increasingly digital-savvy customer, in a multichannel ordering environment, there is no dearth of data that is available for restaurants. The real trick is, however, to make sense of all these nuggets of information and derive insights that positively impact the Net Promoter Score (NPS).

Here are some examples of how some leading restaurant chains have put their data to work:

Identified Taste affinity clusters – A large pizza chain recently used millions of data points to arrive at 10 primary segments of customers and looked at their past purchase behavior to identify taste preferences. They identified that the large pizzas were primarily ordered by dine-in, family segment as opposed to the regular size pizzas which were typically ordered by office goers/ singles who visited the store. They even identified the times at which a certain pizza gets sold more and identified cross-sell items based on purchase behavior/ taste of a segment.

Buying behavior analysis- A burger chain took a different approach. They looked at purchase behavior across different channels to identify which menu items can be added to the combo for someone who orders through a mobile device as opposed to someone who prefers to visit the restaurant. They even used advanced analytics to get a single view of the customer by integrating their POS, mobile, web and social data to identify the customer and ensured that their messaging was consistent across all channels.

NPS and Feedback Analysis – A Chinese food chain used advanced analytics to integrate all the channels that they received feedback in (mobile, at location, social) to get a single view of the customer and layered it up with sentiment analysis. They used this data to give each customer a lapsation score which was then used to target them with unique offers depending on their lifecycle.

Store location analysis – Predictive models were used by a coffee chain to identify the probability of a new store succeeding in a specific location as opposed to a location down the street. They identified pockets of demand and the model prescribed a set of potential locations in a given geographic area. They then used this data to score and rank comparable locations to determine the best location and format for the new store.

With the onset of advanced analytics in mainstream restaurant business, the real question now is: As a customer, do they know what you are going to eat before you do?

Author- Santosh Kumar

 Mantha Author Santhosh

Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to. Linkedin , Twitter

Viewpoint, a construction specific software solution recently announces the acquisition of Keystyle Data Solution, a browser based solution to provide a complete and integrated Construction Software Suite. A software solution provider for the construction industry acquires California based company to extend its construction management software to contractors’ employees, project managers and jobsite superintendents by Keystyle’s easy to use browser interface.

                                   

Keystyle offers excellent internal company workflows through its portal including:

• An HR portal which enables employee benefit and time management, applicant tracking and on-boarding;

• Project financial solutions for invoice and billing review and approval

• Field solutions for field purchase orders, crew time entry, along with equipment time and progress reports.

Quotes from Manolis Kotzabasakis, CEO of Viewpoint

“Our goal is to help clients save time and money by providing a complete and integrated construction software suite. Extending our capabilities with sophisticated and easy-to-use portals from Keystyle answers the needs of many of customers. Keystyle’s browser-based solutions are proven to integrate seamlessly with Vista, bringing immediate value to our customers and extending how we help clients connect their office, team and field operations.”

By this acquisition, Viewpoint plans to integrate Keystyle’s solution to its other ERP products such as Viewpoint Team and Viewpoint Field. Currently hundreds of Vista customers across the United States, Canada and Australia utilize Keystyle solutions.

Quotes from Kevin Fisher, Co-Founder of Keystyle

“Improving productivity for Viewpoint customers was Keystyle’s goal from the start. The construction industry has a huge opportunity to improve the efficiency of operations and information sharing through the use of technology. Joining forces with Viewpoint allows us to accelerate our joint mission of simplifying construction business workflows by providing powerful, easy-to-use tools for Viewpoint customers.”

Quotes from Finance Director Craig Lundskog of Great Basin Industrial

“Keystyle’s products resolve many of our employees’ and managers’ needs, including electronic onboarding, paystubs, W-2s, multiple time tracking formats, purchase orders, AP invoice review and equipment tracking — all in a Vista integration so strong it already feels like you’re using the same product. Because Keystyle uses many of the great attributes already available within Viewpoint’s Vista, the integration saves us time, money and headaches.”

 

In our search for the 5 most popular small business accounting software, we found for solutions that are easily accessible and affordable. We also considered accounting features like automated entries, invoicing, bill payment, expense reports, financial reports and reconciliation in accounting software to rank.

Here is an Infographics about 5 most popular small business accounting software 2018 with benefits.

 5 Most Popular Small Business Accounting Software 2018

1. FreshBooks: It is one of the best cloud accounting software for small businesses. It has the highest customer satisfaction rate compared with other accounting systems. It offers reliable and quick accounting solution that provides great experience to its customers. It has complete accounting solution with online payment feature in a same system and it enables Google Checkout, PayPal and Credit card payments.

 

2. Zoho Books: It is a smart and intuitive accounting software crafted for growing businesses to manage all their accounting needs and cash flow records for future references. It offers great customer experience by its simple architecture, which helps you to make intelligent, data-based decisions. Zoho, a well reputed cloud based software provider, offers unique & very intuitive accounting software which eliminates all worries related to uptime, support or security.

3. QuickBooks Online: It is an ideal accounting software for all startups and freelancers in all region. This financial software offers small business to minimize all their accounting efforts and allows unlimited number of users to manage in online. It is mainly used by small business owners, bookkeepers, accountants, finance officers and soloprenuers. It syncs your complete profile to an interactive dashboard with well-crafted user interface, where anyone can view in-depth reports and accounts of your company.

4. Xero: It offers easy to use online accounting software for Small/Medium Business and individuals to do their overall accounting needs. It is a cloud based software, so it can be accessible on any computer or mobile device through a standard web browser or Xero Touch mobile app. It allows business owners or any other users like individuals, financial advisors to do their financial needs in real-time, from any location.

 

5. Wave: It is one of the best freemium accounting software that combines accounting, invoicing, and receipt scanning into one single package. Wave Apps is a finest option for small businesses. It is very easy to set up and use. Its simple dashboard and ease access offers premium quality to the users. It is well suited for businesses with less than 10 employees. Also it is well suited for freelancers, entrepreneurs and SMBs.

Overall Benefits of these accounting systems:

i). Simple but Powerful Solution

ii). Online Payment & Automatic Notification

iii). Secure & Backup Options

iv). Robust Reporting

v). Automated Functionalities

 

Before choosing small business accounting software you can read product reviews and latest happenings in accounting software industry for better knowledge.

 

The global apparel market is valued at 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world's Gross Domestic Product (GDP). In recent years, increasing vertical integration and the relentless rise of online sales have created fundamental structural shifts in the fashion industry. Classical players are now realizing the potential that e-commerce brings to their business and predominantly e-com players are looking at newer ways of fulfilling customer needs. Read Prime Wardrobe. Economically, we see several trends shaping the industry, including fashion’s response to intensifying volatility, continued challenges with production hubs like China/Philippines, and the rise of urban centers. But the tectonic shift that the industry has seen in the past decade is the shift in consumer behavior. Traditionally, fashion retailers, be it high end or mass market, have relied on their products to ‘sell themselves’ and to a large extent, have relied on ATL advertising and seasonal sales to bring in the moolah. With an overcrowded market that is craving for the customer’s attention, do you think this model will sustain?

There are several players that are looking at newer, smarter ways of engaging customers. Be it virtual fitting rooms or virtual stores even, VR is definitely making its presence felt. With the forecast for 900M AR enabled smartphones by the end of 2018, the fashion industry is forced to rethink how it creates, showcases and retails its products. Oh, the glamour of fashion shopping!

Current market analysis, however, suggests that almost 95% of fashion retailers are looking at solving existing challenges and are bullish on solutions that help them solve existential problems and are bearish on AR and VR. These ‘existential problems’ can be broadly classified as:

  • Carrying customer centric merchandise based on tighter forecasts, accurate merchandise plans, brand preferences and shopper + location specific demand.
  • Fixing inventory challenges through real-time inventory visibility, effective inter-store transfers, MBQ resetting for greater sales and inventory efficiency.
  • Automating pricing and promotion decisions based on optimal price-offs that meet sales targets, maintains category profitability and predicts change in demand due to price interventions.
  • Effectively engaging the omnichannel customer that is influenced by trends online, prefers to read reviews, walks in store but looks for information on the mobile, wants offers, discount notifications and communications to be personalized and makes a purchase decision anywhere and at any time.

Retail pundits have long been crying wolf about the convenience that online retailing giants are bringing to the fashion industry and the threat that comes with it. Well, the wolf is finally here. And it's massive.

 

Author- Santosh Kumar

 

 Mantha Author Santhosh

Santosh Kumar is a senior marketing professional with extensive experience in helping business’ get the very best in BI and Analytics Solutions. If your business is looking to adopt and leverage analytics in any form, he is the person you need to be talking to. Linkedin , Twitter

 

Kx Systems, a Data Analysis Software vendor has launched Kx for Retail Range Optimization for retailers to get easily actionable insights on product assortment through basket analytics.

By this new launch from Kx Systems, retailers can access basket analytics on historic and real-time datasets to understand affinity, product substitutability and loyalty. Users can specifically maximize the advantage of the platform to identify:

  1. Cross-sell/upsell opportunities
  2. Merchandising personalization and
  3. Product recommendation engines.

Once retailers accomplishing basket analytics, after that they can use machine learning to cluster products depends on importance and substitutability metrics, allows users to identify customer decision partitions based on grouping of products. It creates decision tree and that allows user to get insight on product partition. 

Its unique dashboard shows insights into key product-level metrics that offers retailers to decide which products to focus based on different customer segments. It also enables “what-if?” simulations to understand the commercial impact of any ups and downs in pricing and promotional strategies.

Signup for the Marketwatch Newsletter


Name*
E-mail:*
Role:*
Verify