Top 5 Benefits of In-Memory Computing in Retail
Every Saturday morning, the checkout clerk at my Giant supermarket asks me if I’ve found everything on my grocery list. And every Saturday morning I smile and answer, “Yes, thanks, everything and more.”
Imagine that. I’ve bought more than I wanted – and I feel great about it. Thanks, Giant, for sending those promotions for Greek yogurt and green tea with pomegranate to my iPhone. How did you know…?
The Benefits of Running Retail in Real Time
In retail, the combination of Big Data and in-memory computing is keeping its promise. the use of personalized promotions to increase sales (and keep customers happy) is only one of five benefits SAP highlights in a presentation available online. Consider all five:
- Maximize profits with dynamic (real-time) pricing – Adjust prices on the fly based on real-time inventory levels, current demand, time of the day/day of the week, quality of perishable goods, and a customer’s location and purchase history.
- Keep customers coming back with ad hoc couponing – Print personalized coupons on receipts based on the customer’s current purchases and purchase history as well as current demand.
- Increase sales with personalized promotions – Generate personalized product recommendations based on purchase history, customer profiles and buying preferences, and the current shopping context.
- Keep your shelves stocked with real-time on-shelf availability management – Detect out-of-shelf situations as soon as they occur, sending a replenishment notification to the employee in charge.
- Optimize inventory with intraday forecasting and replenishment – Predict-of-stock situations and resupply stores (including stock transfers between store) multiple times in a day.
By tapping into the real value of Big Data with in-memory computing innovations, you get a real-time view of your customers and real-time insight into your business.
There’s great food for thought in Top 5 Benefits for Retail with In-Memory Technology. You can also find out more about how SAP Services delivers in-memory computing and SAP HANA services to help your retail business realize the benefits of in-memory computing.