The retail landscape is more volatile than ever before. Okay, this isn’t exactly news, but one development which has given a lot of brick and mortar retailers pause for hope is price tracking. This isn’t the secret shopping programs from the 1950’s and 60’s. Instead, this is price tracking utilising advanced technologies such as artificial intelligence to give traditional retailers the help they need to thrive in an omnichannel world.
Did you know that Nike almost went out of business in 2001?
Well… almost. But they survived. This debacle resulted from a flawed understanding of demand and supply. However, they were able to turn this situation around before it got too bad (although they lost about 100 million in sales).