BENGALURU: Notwithstanding the general economic slowdown during the year, Reliance Retail’s fashion and lifestyle business is aggressively investing in data analytics to go hyperlocal in the next six months to one year, said its president and CEO Akhilesh Prasad.
The retail arm of Reliance Industries NSE 2.30 % Limited (RIL) that handles key formats like apparel, footwear and toys is planning to dive deeper into catchments and is targeting store-specific assortment to maximize sales in the next financial year. The mindset has shifted from scaling the size of the store based on the magnitude of the city to scaling the size of assortment according to catchment.
“Fragmentation of the urban market has taken place. There is nothing called a metro market anymore. It is a sigma of catchments. With the ability of data analytics and artificial intelligence, we should be able to stock store-specific assortment in a matter of six months to one year,” said Prasad.
He added that the retailer currently puts together about 50 relevant assortment combinations in its stores across the country. The plan is to create as many as thousand combinations for each of its stores by the end of 2020.
The country’s largest retailer said it has deployed a technology team to develop applications in order to create seamless online and offline experience in the coming financial year.
One customer view and one product view features will be executed,” said Prasad, adding, “Our online-only customer will be recognized at our outlet at his very first entry and will be served by the staff based on his online buying behavior. Adoption of technology will enable the customer to buy online and even take a refund offline. We are testing technology to implement this in the next 6-8 months.”