Be Thankful for Real-Time Sales Data This ThanksgivingNovember 17, 2017
As we get ready to feast on turkey and pumpkin pie, it’s also time to reflect on what the retail industry can be thankful for this Thanksgiving. For fashion retailers and brands, one thing stands out: even in the midst of intense retail disruption, real-time sales data can enable companies to drive business transformation and thrive in today’s tough climate.
This holiday season, the very best fashion retailers are starting to react to current sales trends as soon as they happen with immediate information. Because of real-time sales data, retailers and brands can implement read and react strategies and power the digital supply chain, giving them a whole lot to be thankful for.
Read and React Strategies
Companies are looking to get product to consumers faster than ever, and this can only be achieved when armed with real-time information. Having access to real-time data is the first step to creating read and react strategies that guide supply chain decisions.
In order to meet consumer demand quickly and accurately, every brand and retailer needs to respond instantly to the latest sales data. Real-time sales data is key to optimizing lead times and accelerating production. By continuously monitoring sales data, companies can quickly replenish best-selling items with high sell-through and stop producing underperforming merchandise. The read and react model not only increases profits and sales, but it also minimizes losses.
The Digital Supply Chain
In order for everyone in the global enterprise to react to current consumer buying trends, it’s necessary for retailers and brands to share real-time sales data throughout the entire enterprise. By connecting all players with real-time information, retailers and brands can take several steps, like stopping or redirecting production of products not selling or reordering raw materials and expediting logistics of products that are selling. Only by sharing real-time sales data can retailers embrace the digital supply chain.
Andromeda Cloud Platform
Retailers and brands can be thankful that real-time sales data is helping to innovate and transform their supply chain model. With NGC’s Andromeda cloud platform, all global users can share information and quickly react to rapidly changing market trends. As a result, retailers and brands are using Andromeda to optimize lead times, reduce expenses, improve quality and maximize company revenue and profit.
To learn more about how Andromeda can provide real-time sales data for your business, request a demo today.