In the retail industry, your profits depend on making wise decisions. Many of these decisions will be with regards to your stock. Of course if you’ve been in business for a while, you’ll have your own experience to refer to, but can you truly depend on that? Spotting changes and trends can put you ahead of your game, and with DataRobot, you don’t have to rely on your memory or some scribbled notes.
Let’s take a simple example. In year one, you sold out of your delicious hand made Easter eggs. You made a nice profit, but people kept asking for them so you know you could have made more. So in year two, you made twice as many eggs. You didn’t sell them all, you’d estimated too many and so they ended up reduced for a fast sale after Easter. So you made a loss. So how many eggs do you make this year? Imagine having this information at your fingertips, eliminating the guesswork?
While this may be a fairly obvious example, there could be trends that you simply cannot spot yourself, but when your analysis does the research, you can discover all sorts of patterns. Perhaps there’s a product that sells better at a certain time of year, or even on a particular day? You can keep track of which types of people buy particular items, so you can tailor your advertising to certain groups. When you’re dealing with perishable items, you can have a total overview of your stock, you’ll know what you need to push to ensure you’re not left with out of date stock, you’ll know when something is running low and you need to acquire more, and you’ll be able to check anything you have a surplus of.
From small home based online businesses, to large worldwide chains of stores, this information can have a huge impact on your sales. Data Robot is incredibly sophisticated. It learns, and so the more data it has, the more valuable it can be.
At Syncrasy, we believe DataRobot is an incredibly powerful tool that can be of huge benefit to anyone with a retail business. We offer a free 1 hour consultation to discuss your own business needs, and to fully explain just how DataRobot can be of benefit to your business. Get in touch today to find out more.