Information and analytics have change into important instruments for retailers and types to remain aggressive. On this Q&A, Jay Hakami, president and chief govt officer of Skypad, shares how the corporate empowers companies to leverage information insights for smarter stock administration, demand forecasting and gross sales optimization.
WWD: As we head into the height vacation procuring season, what do retailers and types must do to regulate stock and maximize gross sales and income?
Jay Hakami: The vacation procuring season is a make-or-break interval for retailers and types, with fluctuating demand and tighter margins.
Actual-time visibility into gross sales developments, inventory ranges and buyer demand is essential. Skypad offers a centralized view of gross sales and stock information throughout a number of channels, enabling smarter, data-driven selections. For retailers, it’s about having the fitting merchandise on the proper time and in the fitting portions — minimizing stock-outs whereas avoiding extra stock.
For manufacturers, this implies aligning stock with retailer demand, optimizing product combine and assembly retailer expectations in real-time.
Skypad’s automation capabilities permit either side to behave proactively, figuring out slow-moving inventory early and making changes on the fly to stop overstock or missed replenishment alternatives.
WWD: How can they higher use information and analytics to sharpen their technique?
J.H.: Information and analytics are the spine of knowledgeable decision-making. Shifting past fundamental reporting, Skypad allows manufacturers and retailers to leverage superior insights to drive strategic motion. Detailed gross sales and stock metrics on the sku degree present a granular view of efficiency throughout merchandise, areas and gross sales channels.
With complete information, manufacturers and retailers can determine rising developments, forecast future demand extra precisely, and spot long-term patterns. Aligning stock with real-time demand minimizes out-of-stocks and reduces markdowns, driving each gross sales and profitability.
WWD: Are you able to clarify how you’re employed with manufacturers and retailers?
J.H.: Collaboration is essential at Skypad. We provide tailor-made options for each retailers and types.
For retailers, Skypad centralizes information throughout varied companions and channels, streamlining communication and enabling shared insights with model companions. For manufacturers, we automate information assortment and reporting from a number of sources, consolidating info into one unified dashboard. This allows manufacturers to entry up-to-date, actionable insights to refine product choices and enhance inventory allocation.
Skypad eliminates inefficiencies of guide reporting, empowering each retailers and types to make data-driven selections that optimize gross sales and improve profitability.
WWD: What’s the worth proposition of your answer for manufacturers? And for retailers?
J.H.: For manufacturers, Skypad automates information assortment and offers deeper insights into efficiency throughout all retail companions and gross sales channels. This results in higher selections about product assortment, inventory ranges and promotions, enhancing stock optimization and buyer satisfaction.
For retailers, Skypad presents a white-labeled Vendor Analytics Portal, offering a consolidated view of vendor efficiency throughout a number of channels. This helps retailers determine developments, optimize stock, and scale back out-of-stocks, enhancing collaboration with manufacturers and maximizing gross sales and profitability.
WWD: What developments do you see rising as we head into the brand new yr? What do manufacturers and retailers must maintain a watch out for?
J.H.: Localization and worth focus: Manufacturers will localize fashions and broaden value ranges to satisfy demand for worth. Resale and off-price segments will broaden, pushing premium manufacturers to justify increased costs.
Technological innovation and agility: Outdated methods will give method to new strategies for differentiation and progress. Figuring out rising alternatives throughout areas and tech can be important for fulfillment. Information-driven decision-making will proceed to be paramount. Retailers and types that leverage correct information to foretell client demand and handle stock will achieve a aggressive edge.
Provide chain reconfiguration: Nearshoring and sourcing from aligned international locations will improve. Agility in provide chains, with higher stock administration, can be essential.
Adapting to client habits: In-store procuring is recovering; manufacturers should improve experiences with empowered employees. E-commerce will give attention to smarter product discovery by AI-driven instruments.
Shopper demographics: The over-50s “Silver Era” is changing into a key market with rising spending energy.
Sustainability: Sustainability stays important, regardless of challenges in client willingness to pay extra. Shoppers are making buying selections based mostly on environmental affect. Scale back waste by aligning stock with demand, minimizing overstock and contributing to sustainability efforts.
