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1010data, Inc., a provider of big data discovery and data sharing services, has launched an on-shelf availability (OSA) analytical application that alerts businesses when products are potentially unavailable on a store shelf.
Called 1010data Shelf Monitor, the solution analyzes billions of data points and uses proprietary predictive analytics to determine whether a product is potentially missing from store shelves. Product alerts notify store managers and suppliers when they need to conduct in-person store shelf checks to ensure that products are readily available.
“Empty shelves mean lost sales and reduced customer loyalty, and in today’s competitive retail space, chains that solely rely on inventory management systems are at a competitive disadvantage and are potentially alienating customers,” said Jim Mattecheck, VP of retail solutions at 1010data. “As a customer focused solution, 1010data Shelf Monitor leverages the power of Big Data and predictive analytics to allow retailers to capitalize on the data they already have. This will improve the shopping experience for customers, while bolstering sales and decreasing supply chain costs.”
How it works:
The Shelf Monitor system accomplishes this by analyzing historical sales patterns on an item-by-item and store-by-store basis, using proprietary algorithms.
Key features of 1010data Shelf Monitor include:
- Alerts about OSA issues through active monitoring of discrepancies in sales patterns
- Targeted lists pinpointing stores with shelf availability issues to enable quick updates to forecasting and store distribution plans
- Lost sales analyses that examine the number of days OSA issues have occurred and total lost sales
- Dashboard analytics on all OSA issues related to products, stores and lost dollars
- Day of week analyses highlighting specific days of the week when OSA issues are more likely to occur
- Low availability product analyses showing which products have more OSA issues
- Lost sales forecasts of potential missed sales opportunities
In vendor portal environments, suppliers using 1010data Shelf Monitor become active participants in OSA issues to improve product availability and also avoid the brand switching that occurs when a particular item is not available for sale. Moreover, with active supplier involvement, 1010data’s retail customers gain significant increases in the intellectual capital attacking the OSA problem, according to the company.
New York-based 1010data provides a cloud-based platform for sophisticated analysis of big data.