Embracing digitalization affects existing business processes, as well as creates new business areas and markets. To gain the greatest possible advantage, companies need to understand digital trends and continuously adapt their operation so they can remain resilient and successful. Retail industry is no exception, where changes in customer shopping behaviour, increasing online demand and other challenges require well-informed business decisions and investments. In order to support businesses with practical solutions and reach profitability, Softline created the Digital Lab.
The Digital Lab combines a unique set of digital competences and modern methods to support the digital transformation journey. Our experts can create solutions according to your specific business requirements and put them into action as quickly as possible. After analyzing some of the most common challenges experienced in the retail industry, we have collected a series of solutions that can improve efficiency and contribute to business growth.
Smart search to save time and money
Any retail company contains an abundance of information about products, features, documentation, deliveries, stock and so on. To be able to find the relevant information quickly can be a competitive advantage even if an employee needs it or a customer asks the chatbot.
Softline Digital team has created a prototype of a Q&A system that follows a smart approach to information search as an alternative to mechanical sweeping. Instead of looking for keyword matches, it analyzes the natural colloquial language of the query, understands its meaning, and finds the answer in vast amounts of company data. These include enterprise portals, information collections, documentation, and knowledge bases.
Sales managers can find product-related information, and the system can also be used to improve chatbots. They can be developed to a level where they can operate not only with preset wordings but also understand the essence of any request and respond to them by making quotes from documents.
Recruitment in an instant
HR colleagues in retail often manage a heavy workload with job openings come up almost every day. In a year, large retailers can review tens of thousands of CVs. To keep the business up and running, the speed of recruitment must be ultra-fast.
All the operational tasks of the recruitment can be handled by a robot assistant developed by our team. It analyzes the job descriptions and searches for suitable CVs based on the given criteria. As a result, it prepares a ranking of relevant candidates. A recruiter can quickly process this curated selection, call applicants, and schedule interviews with them.
Optimizing marketing activities
Data analysis is vital for successful marketing activities. Machine learning is able to do market and customer research more thoroughly and the results can be used to address several challenges:
- Create detailed customer profile with big data
Big Data technologies leverage as much data as possible including website transitions, behavior in social networks, feedback on websites, purchase history, and many other parameters that help create profiles of specific users and identify different consumer segments.
- Analyze consumer cart for informed decisions
Information about purchases, quantities and frequency allows your company to make informed decisions on establishing customer interactions. Softline Digital team applies product association matrixes and other methods to develop recommendation systems.
- Personalize loyalty programs
Customer profiles and the analysis of customer preferences are used to make valuable targeted offers to the audience based on individual criteria.
- Predictions for demand, prices and customer churn
In the prediction of consumer demand, machine learning can take into account hundreds of factors, from the location of a retail outlet to global economic changes. Price forecasting allows you to tailor prices to particular customers, for example, to make a discount on the products that they often buy. Besides, a customer may be prone to leave when they don’t repeat purchases or ignore promos and vouchers. The analysis identifies the customers at risk, helps you choose the optimal interaction channel and offer the best promotion to them to retain customer and increase their loyalty.
How we solve problems
Our know-how, the Digital transformation sprint, allows to complete the whole process from generation of an idea to creating a digital product within 4 weeks:
- We study the technological and customer trends and worldwide practices to form a database and identify industry trends.
- Together with our clients we examine the ideas and trends of digital transformation in our database to find the best solutions for the specific business need and development challenge.
- We use digital capabilities to create prototypes of digital products and test them to determine the potential success and scalability of the product.
- We help to scale the digital product to expand our target audience and enter new markets.
Our specialists use both classic data processing approaches and the latest advances in Data Science. We ensure maximum accuracy and efficiency of the solutions we develop based on our thorough understanding of how new technologies and digital trends change the industries. Learn more about our personalized solutions by contacting our colleagues in the form below.