Retailers are losing sales by failing to predict when, where and how a sale will take place due to hyper-complex changes in customer demand. Billions of dollars are lost through markdowns and unsold products as a result of retailers failing to buy and distribute inventory effectively to meet customers’ expectations.
Nextail is a fast-growing tech company on a mission to lead the agile retail revolution. Our solution is a cloud-based platform that combines artificial intelligence and prescriptive analytics to upgrade retailers’ inventory management processes and store operations. It provides retailers with data-driven decisions and the operational excellence of fast fashion, transforming how they buy new collections and distribute products.
Nextail currently works with some of the largest European retailers in fashion and cosmetics such as Pepe Jeans, Stefanel and Melon Fashion Group. Clients typically see value delivered within 30 days, from sales increasing between 5-10%, in-store stock coverage reduced by 30% and stockouts reduced by 60%.
There are currently four solutions within the platform to transform the following processes;
• Buying - Nextail helps retailers to buy the right amount of a new product. Nextail combines the science, with its advance bottom-up forecast at store-sku level, with the art of buyers that can input their bets to capture new trends.
• First Product Allocation – Nextail optimizes how many units to send initially to the stores, by identifying demand patterns on similar products found through computer vision techniques.
• Dynamic Replenishment – Nextail’s optimization algorithms calculates daily replenishment to the stores to maximize sales probability across the network.
• Store Transfer: Nextail predicts non-replenishable out-of-stocks and rebalances stock among the stores of a region to boost sales at the end of the life cycle of each product.
All these modules come with a retail-specific Business Intelligence that provides visibility of key KPIs across the organization such as lost sales, product coverage or stockout levels. KPIs and reports are calculated automatically overnight so that retailers can make decisions first thing in the morning.
Nextail's dynamic algorithms learn from the reality of the stores performance by combining machine learning and image recognition to deliver an advanced forecasting model that detects demand and stock patterns. Nextail overcomes the limitations of legacy systems. The user interface of the platform is designed as a consumer app so it is very intuitive and easy to use, adding several layers of intelligence and usability on top of the existing systems of record (typically ERP systems). Furthermore, Nextail’s platform is continuously evolving with new functionalities and frequent updates being free of charge for all client.