The modern shopper is now influencing the evolution of retail more than ever, things are changing at unprecedented pace and it is now down to the retailer’s ability to adapt and keep up with the constantly shifting landscape of retail. Customers now come at you from all angles and channels, and one of the prevailing question still remains; are current planning systems keeping up with fast paced and ad hoc shopping habits of today’s consumer? With customers adapting and evolving is it now time for retailers to do the same and try and bring some intelligence and process to an ever changing world?
We have a solution to those important questions; Island Pacific FastPlan. This blog will highlight the excellent features that Island Pacific FastPlan provide, in particular how Island Pacific FastPlan gives retailers the opportunity for a potentially rapid Return on Investment.
Why Island Pacific FastPlan is perfect for many of today’s Retailers
More and more retailers need solutions which are proven, quick to implement and answer their most pressing requirements, delivered by a vendor they can trust, and with the added option of a monthly subscription pricing model.
We all know the pace of life today is getting faster and faster and never more so than in the retail environment. The modern shopper is now influencing the evolution of retail more than ever. A Boston Retail Partners survey of retailers found that retailers are experiencing data errors and breakdowns, mainly because the bulk of key business processes use Excel. They concluded that 75% of businesses are wasting 14% of revenue due to poor data quality.
IHL Groups research found that the average retailer is losing the equivalent of $3.19 for every customer that enters the store are due to out-of-stocks. If retailers were able to solve this seemingly ever existent out-of-stock problem, retailers could increase same store sales 3.7%.
So, with those stats in mind, what can Island Pacific’s FastPlan offer to resolve these key issue in the current retail landscape?
- Provides Open to Buy
- Monthly Subscription available.
- Providing low risk & low capital expenditure.
- Planning solution that can evolve with retailers as they grow.
- Easily integrates with existing solutions.
- Quick implementation that can takeonly 3 months.
- IP’s proven track record for implementing planning solutions.
- Flexible solution, allowing retailers to choose which plans provide the most benefit to their business today!
Rapid Return on Investment
Island Pacific have a proven track record offering solutions that can provide a return on the investment including increased sales, improved margin and streamlining business efficiency as can be highlighted by our current customers’ successes. The Island Pacific FastPlan solution can integrate with your existing software and we have a team who will work with you to make that happen. Retailers indicate that technology projects require ROI within the 6 to 12 month range for board approval and we are confident with Island Pacific FastPlan we can provide the tools to ensure success.
With the time freed up by its more efficient and accurate merchandise planning tool the retailer will have more time to spend on other aspects of business. Analyse the business impact of the retailers’ decisions, work with vendors, and collaborate with marketing on advertising and promotion effort. Island Pacific FastPlan has to the ability to contribute value, it provides a clear and accurate view of the impact on the overall profitability of the company. FastPlan has the ability to improve stock turn, lower inventory levels and keeps a tighter control of cash.
Island Pacific FastPlan provides retailers with a fast accurate view of your open to buy, a WSSI. This allows retailers to efficiently manage stock based on a sales forecast and actual sales and stock information.
In essence, the implementation of Island Pacific FastPlan allows retailers to streamline their businesses whilst buying them more time to concentrate on other aspects of their business.
It is key for retailers to remain agile and adaptable. Retailers must be ready, to eventually evolve in the world of the modern consumer. Now it is not out of the ordinary for fashion retailers and brands to be using Excel spreadsheets for their planning needs, in fact its common place, but as UK businesses become more multi-channel and international we will reach a junction where more investment in these systems is essential to the structure flowing across all channels. Please contact us to chat about what we can bring to your business by quickly implementing a planning solution that meets your needs; the Island Pacific planning suite, a Best of Breed solution trusted by many of the world’s best retailers.