On one hand, Big Data to predict trends, guide marketing strategies and maximize sales; on the other, artificial intelligence to collect, filter and analyze an almost unlimited amount of information. The algorithms are by now a key element in the industry of Fashion and Luxury: Bizeta’s Profit Protection is a perfect example of this. But, first, let’s take a step back.
A data-oriented approach for more efficient Retail
We often mention H&M on these pages, as a player who is always ready to ride the new trends. This time is no different, mentioning its limited-edition collections dedicated to the trends of the individual cities. It all started in Berlin from a collaboration with H&M Group Laboratory, the department dedicated to innovations by the Swedish giant.
The characteristic of this production was precisely in the appeal to Big Data. The pieces were, in fact designed based on the data collected in the previous months, which were able to identify the fashionable trends in Berlin. Trends such as the favorite colors, materials, and patterns of the inhabitants of the German capital.
Relying on technology, the company, therefore, saved on the relative costs of transportation, storage and over production. An analysis that has made it possible to make commercial processes more efficient, to understand the consumption dynamics of one’s network and, finally, to direct strategies but also send personalized messages to the customers.
Artificial intelligence as a new must for Luxury
Regarding experiences that are more engaging and services more customized to the customer, it is artificial intelligence that comes into play specifically. In this case, we examine the virtuous example in Yoox Net-A-Porter, that has given life to a research program with the goal of revolutionizing the online shopping experience.
Thanks to A.I., the well-known e-commerce platform was able to quickly elaborate a significant amount of data. The objective was that of allowing consumers to carry out careful and personalized searches, but also a virtual experience of interaction with their favorite pieces.
Basically, artificial intelligence has allowed brands to create products and marketing campaigns that are completely personalized and in line with customer preferences. A type of approach that pairs well with a top-of-the-line range, since the companies of this segment increasingly rely on products that are custom made.
Bizeta’s Profit Protection: minimize losses thanks to data mining
Besides efficiency and personalization, algorithms that are always more sophisticated come to the aid of Fashion & Luxury also when it comes to profit protection. The Bizeta Retail Profit Protection solution goes precisely in this direction. A tool that, thanks to the forensic analysis and data-mining technologies on data from the stores’ network (such as cash register transactions), makes it possible to identify and minimize fraud and unusual activity.
An intuitive tool, but at the same time powerful and flexible, that makes it possible to obtain an important reduction in losses and a significant optimization in operations. Taking advantage of the analysis of great amounts of data, unthinkable until just recently, Bizeta’s Profit Protection provides concrete answers to every Retailer in the world of Fashion and Luxury.
The commercial staff of Bizeta Retail Solutions is at your complete disposal to give you any information about our solutions.