River Island has partnered up with retail intelligence platform Nextail to roll out AI technology throughout its network of 343 stores across the UK, Ireland, Asia, the Middle East and Europe.
Having already begun the process of overhauling its IT and data infrastructures and embracing cloud technology, the British highstreet retailer will now use Nextail’s software to better stock its stores and more accurately react to changes in demand.
Nextail clients typically see a 5-10 percent increase in sales, a 30 percent reduction in in-store stock levels and a 60 percent reduction in stockouts, according to the Spanish company. By using its software, River Island says it will have “more powerful forecasting and decision-making capabilities which will enable decision-making at SKU and store-level.”
River Island CIO Doug Gardner, said in a statement: “The main return on investment of cloud computing, artificial intelligence and automation is not about cost savings is more about enabling River Island to be an agile organisation that is able to adapt rapidly.”
Photo credit: River Island