Prescience Decision Solutions

Vida For Retail

Vida for Retail, is a comprehensive AI powered advanced analytics solution, designed to improve retail operational decisions that in turn drive profitable sales and growth for retail organizations.

Salient Aspects of the Solution

AI driven contextual engagement for Retail Ops

This powerful AI driven solution leverages advanced analytics to deliver contextual engagement and actionable insights (or recommendations) to retail operations (example: category managers, operations managers and store managers) with the goal of helping them improve performance and impact business growth.

Preconfigured analytical stories

Preconfigured analytical stories for the retail operations function having access to relevant and specific dashboards and analytics.Provides ad-hoc analysis and data discovery capabilities over and above a number of prebuilt metrics.

Role based solution

Role-based, easy to use: Interfaces and dashboards are specific to each role and can easily be modified

New and relevant user experience (UEX)

Solution can transform the business by enabling a completely new and relevant user experience (UEX) built around insight and recommendations (versus just data and charts).Instead of over-whelming the business user with an endless array of charts, reports, and dashboards and forcing users to “slice-and-dice” their way to insights, we instead leverage the wealth of available data sources, in real-time, coupled with predictive analytics to uncover those insights buried in the data.

Leverage new sources of “right-time” data

Retailers, like companies in many other industries, can leverage detailed, historical performance data—coupled with new sources of “right-time” data like local competitors’ flyers/promotions, weather and events—to uncover new insight into their customers, products, merchandising, and competitors.

Key Questions Answered

  1. Are you carrying customer centric localized assortments?
  2. What is the root cause of increase/decrease in sales margins?
  3. What are your current and potential OOS situation?
  1. What are your best up-sell and cross-sell opportunities?
  2. Can you condense your marketing dollars?
  3. What are your customers likely to purchase together?
  1. Is your category earning profit per space given?
  2. Do you have insights on shelf, aisle yield and effectiveness?
  1. What price points are your sweet spots?
  2. What is your sell through at different price points?
  3. How do you manage markdown to arrest margin erosion?
  1. Are your stores staffed and managed efficiently?
  2. Are your staff armed with real time insights on customers?
  3. Are you able to provide personalized experiences to customers?

Vida For Retail – What does it solve?

Automates Key Store Management Decisions

Automate decisions across Assortment, Buying, Inventory Pricing, Promos

Eliminate Delays in Decision Making

Solution prescribes the right action at the right time, eliminating delays in decision-making and helps you act at the appropriate time

Controlling Out Of Stocks (OOS)

Be able to predict OOS, to enable corrective action, especially on promotional items

Smart labor management

Historical trend information and alerts can help retailers dynamically match labor levels with actual customer flows to avoid long lines at registers and product counters

Make better decisions for customers

Make better decisions for customers across category strategy, investment and execution, and delivers sales growth

Auto-detect Patterns and Outliers

Auto-detect patterns and outliers from within data and surface them for you to action

Category Management

Localize assortments based on sales forecast, demographics, purchase patterns, weather and seasonal trends

Smart inventory management

The solution prescribes an appropriate, profitable and localized assortment mix. Category Managers can continually optimize the product mix by recommending products to be dropped, retained, replaced or substituted

Promotion effectiveness

Ensures that promotions are set up correctly, with the right inventory levels, and with an opportunity for effective outcomes including happy customers

Loss prevention

Highlight 'hot items' and ensures proper placement within the store to prevent loss