Mi9 Retail and Planalytics Partner to Improve Demand Forecasting Accuracy and Increase Profitability for Retailers by Incorporating Weather Analytics
MIAMI, March 22, 2021 /PRNewswire/ -- Mi9 Retail, the number one vendor for tier one retailers (RIS 2021 Software LeaderBoard) that enables them to automate and optimize merchandise management and retail planning is pleased to announce a strategic partnership with Planalytics, the leading provider of weather-informed demand analytics and insights.
Weather is a highly volatile, continuous, and directly impactful external demand driver for retail businesses. The weather influences where people go, the activities they pursue, and their buying behavior. Planalytics provides businesses with visibility into this critical demand information with metrics that isolate and quantify weather-based shifts in consumer purchasing.
By integrating Planalytics' weather impact insights into the Mi9 Retail demand forecasting solution, retailers can better position their businesses to both capitalize on sales opportunities and manage the costs created by variable weather patterns. "This partnership bolsters Mi9's strategy of expanding our third-party signals capabilities in order to help our retail customers adapt to future events and mitigate supply chain disruptions," says Neil Moses, CEO of Mi9 Retail.
By incorporating weather information into their forecasts, retailers can realize annual forecast accuracy improvements of up to 30 percent for specific products, time periods, and locations. In the area of inventory optimization alone, these forecast accuracy gains translate into measurable benefits:
- As much as a 2 percent increase in total topline sales as the result of improved availability
- Up to 70 basis points of additional profit due to increased sales and reduced inventory costs (e.g., carrying costs, markdowns, shrink, etc.)
"The partnership between Mi9 and Planalytics enables businesses to proactively manage the never-ending volatility of weather and capture quantifiable and sustainable benefits," says Scott Bernhardt, Planalytics President. "The power of our technical integration allows Mi9 customers to quickly realize substantial gains that seamlessly scale across their entire business."
Several leading global retailers in the fashion/apparel and cosmetics verticals have already decided to take advantage of this partnership and incorporate weather-driven in their existing Mi9 Retail environments.
About Mi9 Retail
Mi9 enables the world's leading retailers to automate and optimize their entire Plan-to-Sell® process, from planning to managing to selling merchandise in-store, online, and on any device. Our corporate retail systems facilitate better demand forecasting, planning, and merchandise management; our point-of-purchase systems increase revenue and customer engagement; and our analytics tools speed time to insight. Mi9 cloud-based solutions incorporate the latest innovations in AI and machine learning to boost system intelligence, automate manual routines, and deliver exception-based workflows. Mi9 Retail is committed to helping retailers on their paths to success, so they can maximize revenue, increase margins, and reduce costs. For more information visit https://mi9retail.com/.
About Planalytics
Planalytics Inc. delivers demand sensing analytics to retailers, consumer goods manufacturers, restaurants, and service companies. Planalytics' deep, unmatched expertise – based on analyses on over 200,000 categories derived from trillions of actual consumer purchases – provides trusted data-driven visibility and actionable insights to help businesses stay ahead of the demand variability that directly impacts sales and profitability. Leading consumer brands across the globe rely on Planalytics weather metrics to improve planning accuracy and optimize inventory allocation/replenishment, digital advertising, and other core activities. Learn more by visiting www.planalytics.com.
SOURCE Mi9 Retail
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