How Retailers and Brands Can Improve Sales

Blog

 

In this article, Abhinav Chandra explains how using AI can improve business processes and sales. 

Buying and inventory management automation can help retailers and brands react quickly, reduce markdowns and liquidations, improve customer experience, and drive profit.

The fashion industry has been one of the hardest hit by COVID-19. The unprecedented 32% decline in first half sales year-over-year has not been distributed consistently across categories. Below we present data that details the contrasting fortunes of two categories within fashion – Women’s Jeans and Men’s Sweatpants. We highlight how buying and inventory management automation can help retailers and brands react quickly, reduce markdowns and liquidations, improve customer experience, and drive profit.

Contrasting fortunes of two fashion categories

 Below we present how COVID-19’s effect on people’s mobility has had a significant, but contrasting impact, on two fashion categories – Women’s Jeans and Men’s Sweatpants. “Change in people mobility” is defined as the percent change in people’s engagement with retail or recreation activities compared to an average period prior to the pandemic (Jan and Feb 2020).

 

Key points in this article include:

  • Change in sales and people mobility 
  • Women’s jeans case study
  • Men’s sweatpants case study

 

Read the full article, How AI driven automation can help Retailers and Brands quickly pivot during Covid, on predictsysinc.com.