How many times it has happened to you that you get all buckled up and walk into a showroom to purchase an item that you’ve researched all along, and the day you finally reach the showroom, it goes out of stock! People are now smarter than they were some years ago. They research for every article before carrying out purchase. Though these items are available online, yet only 5% of the customers choose to transact from there. The rest 95% still choose offline stores to “touch and feel” the products before they actually purchase it.
Until now, the customers had two options; either go online or offline! But recently an attempt has been made by YNG Media’s experts as- Wiseretail to bridge that gap.
What is Wiseretail?
Wiseretail is an interactive-platform which happens to solve the inventory problem for the brands by creating a more organized system. Wiseretail combines the convenience of e-commerce and local inventories. Wiseretail is trying to solve any type of revenue related problems that a retailer could encounter.
Recently Wiseretail has tied up with Nike stores for providing its services. The platform could be accessed from a 10” tablet or a 40” interactive android TV.
USP
- Global Inventory being available at any given point of time
- Visibility to the management: Merchandising team will have a far higher visibility of inventory
- Optimization of Inventory Cost for enterprises
- Analytics Provider
- Merchandising decisions: Providing insight towards merchandising decisions as in what products should be provided at a particular store by data analysis.
Working
Taking example of Nike showrooms, Wiseretail has its services distributed to 60 stores of Nike all across the country. When a customer visits any of these stores, and asks for a specific product, which might be out of stock that time gives him/her a heart-break. This is where platform comes with its inventory-management skill! Using Wiseretail, the salesperson could easily locate the availability of that particular item, in the nearest store or inventory and thereby book that product right away.
Wiseretail is aimed at providing a seamless user experience and help enterprises to make the best out of their resources. This will not only help in shrinking the size of inventory, which is one of the largest cost factor for enterprises but also ensure better distribution and customer satisfaction.
Loyalty Builder
Wiseretail helps enterprises achieve a better customer satisfaction rate and create brand value. Many times it has happened that the shirt you like, or a dress you think is perfect for the upcoming event is not available in your size! What follows is a hump of disappointment; but not anymore. The salesperson could now easily check the availability of that same article in the nearby showrooms and call in for it or get it delivered right to the customer’s address.
Consumer Experience
Consumer experience is one of the major field wiseretail aims at revolutionizing. Wiseretail is combining both online user experience and offline consumer values to give the best of both to the consumer.
Enterprises on-board
Wiseretail currently has 13 brands including Nike, Lotto shoes, Satya Paul, VMart including products such as jeweler, healthcare etc., and many more. Any brand could easily tie-up with wiseretail to get its monthly subscription, charged on the basis of number of stores.
Wiseretail is currently available in India and UK.
Dynamic Nature of Wiseretail
Every product that company provides to the enterprises is designed uniquely according to the norms and conditions of that brand. Since each brand has its own values and guidelines, the inventory management group shapes itself according to that culture. The platform understands the current schemes that a brand is undergoing and then offer a unique solution.
Goals and Visualizations
The platform is currently looking to raise funds to expand into India Subcontinent and in countries like Bangladesh, Sri Lanka, Nepal, Bhutan etc. wherever there is retail. They are also recruiting software partners, in UK and Indian Subcontinent and SE Asia by the end of 2017.
Organization from inside
Wiseretail currently has 14 employees, out of which 10 are full time; led by CTO Ashish Bajaj, who is also a partner and COO of YNG Media.