NEW YORK, Aug. 22, 2017 /PRNewswire/ -- Pro4ma, the business analytics platform for retailers, today announced the publication of a new retail industry report, "Understanding the Retail Crisis: Combating Overstoring with Data Analytics." The report explores chronic overstoring as a major contributing factor to the current retail crisis and provides recommendations on how retailers can use new business intelligence tools to improve forecasting, avoid unprofitable expansion strategies, rationalize bloated store networks, and identify hidden opportunities for adding new physical locations.
Download the complete report, Understanding the Retail Crisis: Combating Overstoring with Data Analytics
"Chronic overstoring continues to plague the retail industry," said Liz Dunn, founder and CEO of Pro4ma and the author of the report. "Many retailers have yet to embrace a data-based approach when rationalizing bloated store networks or creating expansion strategies. Until the retail industry embraces data-based decision-making and applies it to building physical store networks, overstoring will persist as one of the greatest threats to the long-term viability of the retail sector."
- The combination of increased online competition and chronic overstoring is forcing physical retailers to rapidly transform their existing business models and channel mix. Digital disruption only partially explains the current crisis in the retail sector. Many of retail's problems are self-inflicted.
- Traditional tools of forecasting and modeling are failing retailers who are evaluating long-term business strategies. Retailers have historically relied on management instinct, consultant advice, and one-dimensional analysis when making store networking decisions. Retailers have yet to embrace a data-driven approach that would improve the accuracy of their projections and facilitate better investment decisions.
- New analytical tools represent a largely untapped opportunity for retailers to create winning strategies to shed underperforming store locations, identify hidden growth opportunities, and improve financial performance of store networks.
Pro4ma is on the forefront of helping retailers use big data and predictive analytics to improve the financial performance of brick and mortar retail networks. Pro4ma synthesizes a diverse range of demographic, economic, and company-specific data sources into a single, scalable platform with robust modeling capabilities that retailers can use to understand and maximize network performance. Retailers can use pro4ma to identify undiscovered growth opportunities, make intelligent store-closure decisions, and optimize network operations to maximize financial performance. Learn more at http://pro4ma.com.