Nextail, the leading AI inventory management platform, has been named as a Representative Vendor in the latest Gartner “Market Guide for Retail Forecasting, Allocation and Replenishment (FAR)* Solutions”. One of only two specialty FAR vendors mentioned in this report.
Nextail offers Forecasting, Allocation and Replenishment (FAR) solutions that enable fashion and collection-based retailers to maximize sales potential while lowering inventory levels.
In its report, Gartner explains that retailers relying on homegrown, manual, and/or dated planning tools and applications are struggling to meet unprecedented demand and supply chain disruptions, which in turn is, “driving a growing number of companies to reevaluate their forecasting, allocation and replenishment planning software capabilities.”
Furthermore, Joaquin Villalba, CEO of Nextail, adds, “Reality will keep challenging current practices of business planning. In a world where change keeps accelerating, companies need to digitalise decision making in order to achieve the business agility required to survive.”
The report finds that newer entrants in the FAR vendor market, “are more likely to have architected their FAR applications on artificial intelligence (AI) and machine learning (ML) technologies, whereas more mature vendors have rebuilt and extended planning applications to leverage these technologies.” Gartner notes that “increasing availability of FAR solutions enabled by AI and ML are with a growing number of use cases for performing accurate product clustering, understanding and predicting consumer behaviors, and facilitating the automation of decision making.”
Commenting on the recognition, Villalba continued, “We are proud to have been named in this Gartner ‘Market Guide for Retail Forecasting, Allocation and Replenishment Solutions’. We believe, it acknowledges our work powering brands and retailers to build better businesses, more resilient in the face of disruption. Nextail offers a shift in paradigm, enabling targeted automations that were not possible to achieve before. As a result, Nextail frees up retail teams from time-consuming manual work, creates happier customers who enjoy better shopping experiences, and consumes less resources from the planet through the reduction of leftovers.”
Through the use of Nextail’s forecasting, allocation and replenishment solutions, customers grow sales while typically seeing 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.
*Acronym: FAR (Forecasting, Allocation and Replenishment)
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View Gartner’s Market Guide for Retail Forecasting, Allocation and Replenishment Solutions.
Learn more about Nextail’s retail merchandising and inventory management solutions.
