Retail is going through a digital revolution started by giants like Amazon, eBay and Alibaba. This has led to huge challenges for the traditional retail business model. As technology evolves, consumer behavior does too, pushing retailers to find new solutions to stay ahead of the curve. Given the large amount of data in hand, it is extremely valuable for retailers to dig through it to find significant insights.
A study from McKinsey suggests that “U.S. retailer supply chain operations who have adopted data and analytics have seen up to a 19% increase in operating margin over the last five years.”
At LotusLabs we help retailers implementing machine learning solutions to optimize their processes, anticipate their customer needs, predict sales, optimize supply chain operations and more.
With machine learning it is possible to automate data analysis and go beyond the surface to really get to know your customers, discovering trends and patterns hidden in the data, and transform them into profitable actions. This offers tailored solutions to your customers without the need of looking at your competitors.
By combining customer data with market trends and patterns in your data, you will be able to target your customers better by optimizing pricing and predict buying behavior.
At LotusLabs we can help you drive revenue growth in a more efficient way by implementing machine learning solutions that improves decision making by finding patterns in data used to take crucial business decisions.
With the increasing use of machine learning, retailers can boost efficiency and productivity while actively engaging with consumers via digital and mobile platforms. There is a real need for automation and deeper data analysis to identify patterns that support cost-effective and accurate decisions. Moreover, retailers have to figure out now how to meaningfully connect with consumers who expect intuitive and convenient shopping experiences. Ultimately, retailers need to focus on bringing customers back by providing them with a complete shopping experience.