Retail is tough. Everything has to be right: product, price, mix, place and time. Achieving this for any new product relies almost entirely on predicting consumer behavior and almost all retailers currently rely on experience and gut to make these predictions – the only certainty is that they will be wrong.
You probably already use a range of technologies to try to mitigate the impact of poor buying decisions. But what if you could avoid making these mistakes in the first place?
If you could ask all your customers what they wanted before you placed your buy, would you?
From simple range rationalization to granular demand prediction for new products at any proposed RRP/MRP, SoundOut can help. In the fast evolving world of fashion and general retail, granular demand forecasting of every SKU at any given price point is becoming critically important.
SoundOut uses the real time input from millions of consumers on proposed new items and combines this with historic operational data to build category specific prediction models, generating significant improvements in ranging and buying accuracy. This is achieved by applying leading edge machine learning technologies that self-learn and evolve over time to also include additional factors such as trend, weather and seasonality.
We are the leaders in this field and work with some of the largest online and traditional fashion and other retailers in the US, Germany and the UK to materially improve demand prediction and reduce levels of discounting across their businesses by taking the consumer to the heart of their buying and merchandizing processes in an automated, scalable, frictionless and cost-effective way.
For many retailers, a modest 10% improvement in demand prediction accuracy can double bottom line profits.
Welcome to the Voice of the Consumer 2.0 – where consumer powered prediction of demand fused with organization specific datasets and advanced machine learning informs supply, driving dramatic improvement in bottom line performance.
Working With Us
SoundOut is a fully automated solution offered on a standalone SaaS basis – either via the SoundOut platform or via a simple API integration. Initial setup is a collaborative process ensuring that outputs are delivered into the client workflow in a timely and appropriate manner.
SoundOut APIs are also available for third party retail platforms (PLM, assortment planning and ERP), enabling partners to white label the SoundOut offering and seamlessly bring the consumer to the heart of their customers’ existing workflow in real time.
The impact of discounting
Discounting accounts for 25% - 30% of a typical fashion retailer’s overhead
This is 5 times the net margin
Reducing the average discount by just 2% (to 23%) would increase net margin by 40%