Neiman Marcus, the renowned luxury retailer, is ushering in a new era of data-driven decision-making with the power of artificial intelligence (AI) technology. By leveraging Centric Market Intelligence, Neiman Marcus is enhancing its pricing capabilities and transforming its merchandising strategies.
Gone are the days of manual processes that hindered the company’s ability to make informed choices. With Centric Market Intelligence, Neiman Marcus can now tap into modules like Product Matching, a machine learning-driven tool that enables accurate product matching across competing retailers. This empowers Neiman Marcus merchandisers to effortlessly compare similar items and make informed pricing decisions that stay competitive in the market.
The advantages of this AI-powered system extend beyond pricing. Neiman Marcus’s e-commerce team can now monitor the performance of different categories, identifying factors that contribute to underperformance and taking swift action. Through assortment planning, the retailer can evaluate product overlap with competitors, ensuring a unique offering to customers. Additionally, they can delve into the intricacies of “size brokenness,” offering insights into why specific SKUs do or do not sell out.
Jordan Pious, Neiman Marcus’s VP of Performance & Growth, acknowledges the transformative impact of Centric Market Intelligence. By providing valuable insights into assortment, pricing, and untapped opportunities, the tool streamlines the retailer’s operations and positions them strategically in the highly competitive luxury market.
This commitment to technology-driven innovation extends beyond Centric Market Intelligence. Neiman Marcus has made substantial investments in technology and supply chain enhancements, earmarking $200 million for technology upgrades and $90 million for strengthening its distribution facilities in 2022. The acquisition of Stylyze, a machine learning platform that offers product attribution data and curated content, further solidifies their dedication to an integrated luxury retail strategy.
As a Dallas-based luxury retailer founded in 1907, Neiman Marcus has solidified its position as an industry leader. Alongside its sister companies, Bergdorf Goodman and Last Call, it operates 36 stores across the United States while also providing personalized luxury experiences through its online platform.
With its forward-thinking approach and investment in cutting-edge technology, Neiman Marcus continues to redefine the luxury retail landscape, leveraging artificial intelligence to drive pricing decisions, optimize operations, and create unparalleled shopping experiences for its discerning customers.
Neiman Marcus is using artificial intelligence (AI) technology, specifically Centric Market Intelligence, to make data-driven decisions and improve pricing and merchandising strategies. This AI-powered system allows Neiman Marcus to compare products with competing retailers and make informed pricing choices. It also helps the e-commerce team monitor category performance, identify reasons for underperformance, and take quick action. Neiman Marcus can also evaluate product overlap with competitors and gain insights into why specific SKUs sell or don’t sell well.
Centric Market Intelligence – AI technology used by Neiman Marcus for data-driven decision-making, including product matching and pricing capabilities.
Product Matching – A machine learning-driven tool within Centric Market Intelligence that enables accurate product matching across competing retailers.
Assortment planning – The process of evaluating and planning the selection of products in a retailer’s inventory. Neiman Marcus uses it to ensure unique offerings and evaluate product overlap with competitors.
“Size brokenness” – A term used by Neiman Marcus to describe the analysis of why specific SKUs (stock-keeping units) in certain sizes either sell out or don’t sell well.
Jordan Pious – Neiman Marcus’s VP of Performance & Growth, who acknowledges the transformative impact of Centric Market Intelligence.
Stylyze – A machine learning platform that Neiman Marcus acquired, which provides product attribution data and curated content.
Related links:
– Neiman Marcus
– Bergdorf Goodman
– Last Call
The source of the article is from the blog elperiodicodearanjuez.es