Reliance Trends, the retail arm of Reliance Industries Ltd (RIL) that handles key formats like apparel, footwear and toys is all set to go hyperlocal and maximise sales in the next financial year.
“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 the company’s President and CEO Akhilesh Prasad.
According to Prasad, 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,” he added.
Currently, Reliance Retail puts together 50 relevant assortment combinations in its stores across the country. The company plans to create as many as thousand combinations for each of its stores by the end of 2020. Therefore, 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. Our online-only customer will be recognised at our outlet at his very first entry and will be served by the staff based on his online buying behaviour. 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,” said Prasad.
He further stated that the company wants to capitalise on the depresses market to expand its footprint in the country and is targeting 70 per cent growth in its business in 2020.