There’s no single formula that provides a recipe for success. That’s why some schools of Eastern thought frame the problem differently: instead of seeking permanent, universal answers, they seek to understand and perfect the process.
EvoCon2018 has been a roaring success, bringing together the techie and business sides of our international organization for a two-day conference in Termoli, Italy. What progress have we made this year? How are we refining our goals? And what does the future hold for Evo? Read on to find out!
The highly uncertain nature of fashion demand requires a radically different approach to inventory management calculation. That’s why Evo set out to replace traditional TSL with a dynamic tool for stock level optimization.
Market tracking isn’t as simple as it used to be. In order to accurately forecast the right stock levels, price points and product assortments for the coming months, it’s necessary to model the effects of many different factors.
Since willingness to pay is not directly observable, retailers have traditionally used customer surveys and regression analysis to calculate the probability of a purchase. However, newer techniques are changing the game, by treating many signals as factors in willingness to pay.
Your price perception—how customers perceive your price level—is one of the most factors in your customers’ purchase decisions. But the realities of retail make occasional discounting inevitable. How can you introduce discounts without your price perception taking a hit?
Machine learning-powered retail is that it will change what it means to be a consultant and a manager — but human insight is still crucial.
Trying to find an optimal stock management solution is a dilemma as old as retail itself. Traditional solutions use formulae to forecast the ideal level of inventory, but these formulae have serious limitations; limitations that will soon see them left behind by the limitless capabilities of machine learning.
The machine learning revolution is already well underway, and for those companies that have adopted it the rewards are limitless. To reap them, however, companies have to abandon the traditional management pyramid, and embrace a new management structure designed to maximise on its potential.