New app to boost profitability
Mallzee aids retailers with forecast tool
Product Intelligence gives retailers predictive insights on trends so they can make better stock purchasing decisions.
It is estimated that billions of pounds are lost in the fashion industry every year as a result of poor discounting and stock ordering.
They are also suffering from rising costs and levies, together with falling disposable income among consumers as inflation rises.
Cally Russell (pictured), founder and chief executive of Mallzee, said: “We developed Mallzee to make it easy for consumers to find and buy high street fashion via their mobiles.
“We realised that if we could harness real time consumer data we could make a difference to profitability for our partners.”
A recent McKinsey report revealed that simply changing pricing strategy by 1% can increase profitability by 8.75%.
David Lonsdale, director of the Scottish Retail Consortium, said: “The success of retailers in this fast changing world will be down to their ability to evolve and adapt. As in all industries knowledge is key, which is why technology will drive success in 2017 for retailers.”