Retail

Retail forecasting software driven by artificial intelligence and machine learning

Across categories and channels, shoppers are becoming more tech-savvy. And, they expect the retail industry to do the same, utilizing technology and automation to provide an efficient, personalized customer experience, in-store and online.

An omnichannel world has forced the retail industry to revisit how you forecast demand and position inventory.

Are you looking to the past, or planning for the future?

When supply chain shortages and other unforeseen factors impact purchase decisions, historical data alone can’t be trusted for accurate demand planning. Now more than ever, retail forecasting requires the real-time, predictive insights only found in retail planning software backed by artificial intelligence.

Elevate from inventory management to inventory optimization

Do more than manage your inventory: Optimize it to uncover true cost savings and profit potential. From buy online pick-up in-store (BOPIS) to ship-to-store, fulfillment options are continuing to evolve: Shoppers want what they want, when they want it, and not one second later.

Not only can the increase in cost-to-serve impact your bottom line, inventory that isn’t accurately allocated puts retailers at risk for stock-outs–and long-term losses in customer lifetime value.

Determining how to keep customer satisfaction high comes with plenty of questions: Within the network, where should you place inventory to satisfy demand? Have you accurately accounted for seasonality? What about the product life cycle: Should you plan for inventory postponement, or push it all out at once?

The answers lie in inventory optimization driven by machine learning, ensuring you’ve got the right product in the right place at the right time.

Build a bridge to a more collaborative buying process

Digital transformation has forced retailers to rethink how they forecast demand and position inventory. It means no longer planning in silos, but across channels–and across teams. Promotion forecasting, pricing, new product forecasting, and demand planning all need a fresh approach.

Are your assortment plans aligned with promotions? How will pricing plans impact demand–and the margins required to meet financial forecasts? Get the inter-department alignment you need to meet goals and minimize circular decision-making with retail forecasting software.

Retail planning tools give you a seamless hand-off between teams, avoiding the risk of costly communication errors when plans aren’t aligned across planning, merchandising, finance, marketing, and other departments.

The perfect blend of art and science to maximize profit margins

Part art, part science, meeting customer demand requires a unique blend of gut instinct, creativity, and data-driven insights.

Give your retail operation team the best of both worlds: Use analytics to enhance–not limit–your artistic expertise within the retail space, and improve merchandise planning performance while winning customer loyalty.

Power your demand plans with retail forecasting software that uses the science of machine learning to unearth otherwise-overlooked opportunities to increase profits and unlock working capital.

Automation ensures inventory is replenished as needed, while optimizing constrained supply and stocking the right products in the right location at the right time.

The flexibility of ToolsGroup Retail Planning solutions supports the artistic side of demand planning, enabling the creativity retailers require to create successful assortment plans

Leverage retail analytics for increased working capital

Decision-making is never easy: Retail analytics help you better understand the trade-offs, identifying ahead of time the impact your decisions will have on your retail planning objectives.

Analytics enable retail experts to identify opportunities to reduce stock holdings, improve efficiencies through more storage space, discover better stock throughput, and get visibility into which items are most costly within your assortment.

Real-time insights power a more agile approach to planning, enabling you to keep up with customer demands that can change on a dime. Make on-the-fly adjustments to items within your assortment, increase or decrease the margins of a product, or utilize scenario planning to adjust an item’s receipt strategy.

You deserve an easier, more efficient retail planning process

Retail planning may not come with an easy button, but automation and machine learning provide the next best thing. Minimize the hours your retail management team spends on tedious tasks: Instead, focus your time on the high-level decisions that have the most impact.

Enjoy an easier approach to implementation with the option for a “start simple” launch that covers key functionalities as you get started. The ability to utilize additional features as your business grows and evolves also gives you a more cost-effective and straightforward strategy, with the ability to add additional features over time.

Retail data and forecasting tools with a personalized touch

As a retailer, you know one size doesn’t fit all for your customers. At ToolsGroup, we know the same applies to companies within the retail space. A modular approach means you can pick and choose the ToolsGroup solutions right for you.

The best part? We’re designed to play nice with others. Whether you’re ready to make the leap from spreadsheets to retail forecasting software, or have specific tech stack gaps giving you grief, we’ve got you covered.

Tell us what you need to achieve, and we’ll help you find a solution that enables you to meet the goals unique to your shoppers and your stores.