How RetailCo Increased Revenue by 40%
Key Results
40%
Revenue Increase
25%
Cost Reduction
90%
Stockout Reduction
10 hrs/week
Time Saved
The Challenge
RetailCo, a mid-sized retail chain with 50 stores, was struggling with inventory management and demand forecasting. They experienced frequent stockouts of popular items while overstocking slow-moving products, leading to lost sales and increased carrying costs.
Their existing manual forecasting methods were time-consuming and inaccurate, resulting in poor inventory decisions and dissatisfied customers.
Our Solution
NoveraIQ implemented a comprehensive predictive analytics solution:
- Demand Forecasting: Prophet and LSTM models to predict product demand across all stores
- Customer Segmentation: K-Means clustering to identify high-value customer segments
- Price Optimization: Random Forest models to determine optimal pricing strategies
The solution integrated seamlessly with RetailCo's existing POS and inventory management systems.
Technologies Used
The Results
Within 6 months of implementation:
- 40% increase in overall revenue
- 25% reduction in inventory carrying costs
- 90% reduction in stockouts
- 15% improvement in customer satisfaction scores
- 10 hours per week saved on manual forecasting
ROI was achieved within 3 months.
NoveraIQ transformed how we manage our inventory. The predictive models are incredibly accurate, and the platform is so easy to use that our entire team adopted it within days.
Sarah Johnson
VP of Operations, RetailCo
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