Reliance Retail to harness technology to give fashion business hyper-local approach
Reliance Retail plans to begin using a hyper-local approach to product selection in its fashion stores over the coming six months, driven by data analytics to tap into regional consumer demand.
The business is investing in data analytics to allow it to tailor its in-store product selection to the customers in each catchment area, ET Bureau reported. Instead of scaling store size to fit the size of the city it is located in, the new approach will see Reliance tailor the assortment of products to fit the area with the aim of increasing revenue.
“One customer view and one product view features will be executed,” Reliance Retail’s president and CEO Akhilesh Prasad told ET Bureau. “Our online-only customer will be recognised 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 six to eight months.”
“Fragmentation of the urban market has taken place,” said Prasad. “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.”
Reliance Retail has partnered with a large number of international fashion and lifestyle brands to retail in India including Burberry, Dune, Furla, Kate Spade, Jimmy Choo, Paul Smith, Roxy, Superdry, and Muji among others.
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