Retail Innovation e-Summit

Summit Highlights

In 2017, retail industry in USA generated $1.14 trillion, which made 5.9% of total GDP of the US. Furthermore, it generates over 4.5 million jobs. The numbers here show, although it is constantly challenged by the booming e-commerce industry, retail industry continues to hold its importance.

With changing times and evolving technology, retail industry is also getting transformed and reshaped. New models, technical adaptations and rules are taking over the world of retail industry giving it a new direction which is away from fundamentals.

At the heart of all this revolution lies the consumer. With each day, consumers are provided with faster and better retail services. Today’s consumer has complete privilege and authority to choose where they want to buy from, how and when would be the best time. No doubt, the one who gives consumer most comfortable experience, is the winner!

Global Retail Innovation e-summit is an initiative to unite businessmen, executives and experts to mark the future of industry. Unlike conventional summits with jam-packed room, this e-summit will allow you to peep into the future of retail with the comfort of your home. The e-summit will also give you a chance to connect will experienced executives, businessmen and CEOs from companies like Walgreens, Walmart, Pepsi etc.

Predictive Analytics : Predictive analytics is a dynamic approach taken by the retailers. It allows retailers to utilize available data from past to predict the sales growth and requirements. With predictive analytics, retailers have an added advantage of noticing change in consumer behavior and decide appropriately.

Big Data : Big Data, as the name suggests is a huge volume of data accumulated over a period of time used to predict patterns and trends of the market. For retailers, it creates opportunities to provide better experience to the consumer. By analysing and keeping a check on social media and web, big data can also help retailers foresee the next big thing in the industry. One such example being Pantene and Walgreens who teamed up with Weather Channel to figure out the humid season and perfect time to advertise their anti-frizz products.

Demand Forecasting : Demand forecasting is a key feature of successful retail business. Without an appropriate forecasting process in place, having just the right stock is nearly impossible. AI is reforming the supply chain throughout by improving the supplies and preventing overstocks, out of stocks and wastage. This is now helping retailers to utilize their resources and space in a much better way.

Mobile Conversion Optimization : Mobile CRO, a crucial aspect for e-commerce industry, refers to increasing the percentage of users who take the called for action while viewing a mobile webpage. A bigger and innovative addition to this is allowing digital wallets at your M-commerce website. Small details like improving navigation and adopting a responsive designs end up making a big difference in this field.

Retail Analytics : Retail analytics works in providing essential insights related to inventory, sales, customers and all the other important aspects that contribute in retailers decision making. The world of retail analysis goes beyond superficial process of analysing data. With technologies like data mining and data discovery, retailers and the e-commerce world is served with more precise data.