Now in its 107th year, the National Retail Federation in New York City - otherwise known as as ‘Retail’s BIG Show’ - will play host to over 500 exhibitors, 3,000 retail companies and 33,000 industry professionals, from January 15 to 17.
Showcasing our revolutionary Replenishment Optimization solution at NRF 2017
It is the first time Blue Yonder will attend the NRF in 2017 and we’ll be showcasing the importance of artificial intelligence for retail. Machine learning and predictive analytics are continuing to shape the retail landscape, offering new and exciting ways for retailers to make the best decisions and improve profitability. Blue Yonder Replenishment Optimization helps retailers to overcome the issues of delivering the right customer experience in fresh and product availability.
Blue Yonder recently conducted research that surveyed 4,000 consumers and 750 grocery professionals. Interestingly, we found significant gaps between perception and reality in a number of key operational areas. Whereas 68% of shoppers feel disappointed with fresh and 81% of shoppers feel they cannot get the products they want, more than 80% of grocery retailers believe they are meeting customer expectations. Worryingly, 30% of shoppers abandon their carts if they are unable to get what they want. This highlights a bigger impact on revenue than just missing out on a single product purchase.
It takes more than a gut feeling to deliver the best freshness and availability. Professor Feindt, the founder of Blue Yonder, says: “The added complexity of the omnicommerce environment has made satisfying the myriad factors, such as freshness or price, that affect the customer’s experience – and purchasing decisions – nearly impossible whilst still turning a profit.”
Enter machine learning
Our Replenishment Optimization solution enables grocery retailers to make the best decisions for each individual SKU in each location. Retailers using machine learning have seen a reduction of up to 80% in out-of-stock rates without increasing waste or inventory. The results speak for themselves, and so do our customers.
“For our organization, it is critical to have the right amount of fresh meat available for the customers in each store,” explains Ralph Dausch, Executive Board Member of Fresh Meat Products International at hypermarket chain Kaufland. “Automated replenishment based on accurate sales forecasts plays a key role. Working with Blue Yonder has resulted in significantly optimizing our processes.”
During NRF, Blue Yonder invites you to get to find out more about our industry leading solutions for fresh item planning based on scientific machine learning and retail knowledge and experience.
Pop by and say hello. We’ll be at booth number 816 and meeting room 155, both on level one, a map of which you can find here.
Get a free copy of our Grocery Report and learn more about the state of fresh.