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Only time will tell if their investment is enough to catapult them out of their sales slump and if their bet on AI and big data will pay off. Here are a few ways H&M is using tech to their business advantage. Data insights help avoid bad product cycles About 20 years ago, fast-fashion retailers became disruptors that built strong businesses by trading in quality for better prices and fresh products. However, in order to succeed, fast-fashion retailers such as H&M need to predict what the market wants to avoid a bad product cycle and the reality of discounting inventory, even more, to move it out. Since the price points are already incredibly low for fast-fashion retailers, it's tough to recover from bad purchase decisions ant to move unwanted inventory. The stakes are high for fast-fashion retailers and the insights provided by data can help build a more flexible and faster supply chain, facilitate trend detection, manage inventory and set prices. Previously, you could walk into any H&M store whether it was located in Sweden, the United Kingdom or the United States and it would carry very similar merchandise. Unfortunately, the retailer was continually faced with needing to cut prices to clear out unsold inventory in its 4,288 stores around the world. In an effort to better stock individual stores with merchandise local clientele desires, H&M is using big data and Artificial Intelligence (AI) to analyze returns, receipts and loyalty card data to tailor the merchandise for each store. This is known as localization and can be trickier to execute for a global chain such as H&M that typically can leverage economies of scale with its global network of suppliers. In order to get that customized inventory to each store and to respond to consumers’ demands for a hassle-free shopping experience, H&M invested in automated warehouses that will ultimately result in next-day delivery for 90% of the European market when they are completed. Consumers have come to expect anytime, anywhere delivery, plus free shipping and returns—the latter is now being offered to H&M’s loyalty customers.
For the original version including any supplementary images or video, visit https://www.forbes.com/sites/bernardmarr/2018/08/10/how-fashion-retailer-hm-is-betting-on-artificial-intelligence-and-big-data-to-regain-profitability/
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With state coffers still hurt in the wake of the Great Recession, New Jersey looked for ways to revitalize its gambling market. The state challenged PASPA in a series of legal appeals, suffering several years of rejections and appeals before the Supreme Court gave the case a lifeline. The unexpected Supreme Court hearing in 2017 surprised many industry observers nationwide who doubted legal sports betting could be as widespread in their state as it was in Nevada. The PASPA reversal decision announcement a few months later elated state governments and gambling stakeholders who saw a new revenue potential. Eventually the leagues realized publicly embraced the revenue boons that existed for them as well.
For the original version including any supplementary images or video, visit https://www.gambling.com/news/pga-tour-brings-pro-sports-to-gambling-friendly-new-jersey-1540700
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