Reliance Retail's Fashion and Lifestyle Business to invest in Data Analytics
In spite of the general economic slowdown, Reliance Retail's fashion and lifestyle business is resolutely looking forward to invest in the space of data analytics with the objective to drive it towards hyperlocal in the next six to one year. Giving consideration to the above initiative, president and CEO Akhilesh Prasad commented, "Notwithstanding the general economic slowdown during the year, we are aggressively investing in data analytics to go hyperlocal in the next six months to one year."
Till date the retail arm of Reliance Industries Limited (RIL) is famously known for its activities of handling key formats like apparel, footwear and toys is planning to dive deeper into catchments and is targeting store-specific assortment to maximize sales in the next financial
year.The mindset has shifted from scaling the size of the store based on the magnitude of the city to scaling the size of assortment according to catchment.
"Fragmentation of the urban market has taken place. There is nothing called a metro market anymore. It is a sigma of catchments. With the ability of data analytics and artificial intelligence, we should be able to stock store-specific assortment in a matter of six months to one year," he said.
As the information shared, there about 50 relevant assortment combinations in its stores across the country which he company is further planning is to create as many as thousand combinations for each of its stores by the end of 2020. It has employed team of technology experts to develop applications in order to create seamless online and offline experience in the coming financial year. "One customer view and one product view features will be executed. Our online-only customer will be recognized at our outlet at his very first entry and will be served by the staff based on his online buying behaviour. Adoption of technology will enable the customer to buy online and even take a refund offline. We are testing technology to implement this in the next 6-8 months," confirms Prasad.
Reliance Retail is expecting to observe a significant growth in Q3 this fiscal and a strong Q1 in the next financial year. Prasad added that the company wants to capitalize on the depressed market to expand its footprint in the country and is targeting 70% growth in its business in 2020.
"Fragmentation of the urban market has taken place. There is nothing called a metro market anymore. It is a sigma of catchments. With the ability of data analytics and artificial intelligence, we should be able to stock store-specific assortment in a matter of six months to one year," he said.
As the information shared, there about 50 relevant assortment combinations in its stores across the country which he company is further planning is to create as many as thousand combinations for each of its stores by the end of 2020. It has employed team of technology experts to develop applications in order to create seamless online and offline experience in the coming financial year. "One customer view and one product view features will be executed. Our online-only customer will be recognized at our outlet at his very first entry and will be served by the staff based on his online buying behaviour. Adoption of technology will enable the customer to buy online and even take a refund offline. We are testing technology to implement this in the next 6-8 months," confirms Prasad.
Reliance Retail is expecting to observe a significant growth in Q3 this fiscal and a strong Q1 in the next financial year. Prasad added that the company wants to capitalize on the depressed market to expand its footprint in the country and is targeting 70% growth in its business in 2020.
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