Retail & consumer Products
The Retail industry is faced with numerous challenges that are typical of an industry battling with saturated sales:
- Intense Competition: Retail landscape packed with too many stores.
- Lack of Differentiation: Heightened competition because many chains sell similar goods.
- Consumer debt at all time high: Consumer spending is slowing.
- Drop in Retailer earnings.
Retailers are also facing unprecedented challenges as global corporations focus on trimming costs by reducing inventories, improving channel efficiencies and improving customer in-store experience.
Fortunately, well-thought out investments in IT can help retailers in overcoming most of the problems plaguing the industry today. And for this, retailers need dedicated and trust worthy IT partners that understand their IT requirements and develop/ implement solutions that improve their bottom lines. Key drivers for IT spending include reducing operating cost, improving productivity and retaining customer loyalty.
Today's retailers are increasing investments in their in-store systems to promote customer traffic and sales, enhance the shopping experience, and improve operational efficiency and back office productivity. According to a survey by Teradata released at the National Retail Federation's annual conference retail IT spending is being deployed in supply chain, pricing and customer management as well as data warehouse solutions.
Over the last few years, the Retail industry has experienced significant changes as a result of:
- Hyper-competition from an over-stored retail environment.
- Blurring of channels and segments driven by retailer efforts to increase market share.
Neo Rays delivers complete IT services and business solutions for retailers based on rich domain expertise and strong technical capabilities. Neo Rays has helped clients save working capital, reduce inventories and develop customer-centric metrics to boost sales and minimize lost sales.
