Retailers face the complex challenge of effectively handling various constraints including lead time, transportation, space, and costs. Equally vital is synchronizing product availability with marketing initiatives. To mitigate these challenges, retailers can make use of retail planning platforms. These technical solutions best apply a blend of data, analytics, machine learning, AI, and human intuition to predict demand and curate localized assortments and campaigns. Moreover, retail planning platforms can improve product availability, increase inventory turnover, and safeguard profit margins by making more informed stock and assortment decisions.
“We are excited to have been included in this Forrester report,” said Juan Avedillo, Co-CEO of Nextail. “Creating and offering assortments that anticipate demand and ensure profitability require the right blend of data, analytics, machine learning, AI, and intuition. We believe our inclusion in the Forrester report validates the Nextail mission of enabling brands and retailers to meet evolving demand while maximizing full-price sales across points of sale.”
Retail planning platforms, once isolated and ad hoc analytics projects, are evolving into enterprise-level collaboration platforms. The Nextail platform challenges the idea of planning and execution as two distinct functions. By connecting the entire merchandising lifecycle, from planning, to buying and distribution, retailers can adapt more rapidly to changing market conditions through data, automation, cross-functional coordination, and localized decision-making that is connected to real demand.
The report is available online to Forrester customers or for purchase here.
Nextail was also recently recognized by Gartner in the 2022 Market Guide for Retail Forecasting, Allocation and Replenishment Solutions as well as in the 2022 Market Guide for Retail Assortment Management Applications: Short Life Cycle Products. Global fashion and home variety retailers value Nextail for the power and accuracy of its demand forecasting and the way it enables them to enhance merchandising planning strategies, improve operational efficiency, and curate more profitable assortments in a single platform, all while benefiting from fast implementation, scalable architecture, and dedicated support.
Nextail is a smart retail merchandising platform that empowers retailers to sell more with less stock through hyper-local demand forecasting and agile automation. By increasing stock efficiencies across channels, retailers can automate the science of retail and dedicate more time to creative and strategic work.
Customers typically see sales increases up to 10%, 30% lower coverage levels, and 60% fewer stockouts in addition to being able to increase the sustainability of their operations by reducing leftovers and overproduction. Nextail works with more than 60 global brands, including River Island, Flying Tiger Copenhagen, Pepe Jeans, Grupo Tendam and Grupo Suarez. For more, visit nextail.co.