Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Archive for January 12th, 2017

Ermes Group To Use IBM Watson Commerce To Engage Customers With Timely In-Store Sales

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IBM has announced a new partnership with Ermes Group, the largest and most diversified retailer in Cyprus.

Ermes Group will be leveraging IBM’s Watson Commerce pricing optimization solutions to help ensure product markdowns resonate with value-seeking customers while maximizing profits across all its retail locations relating to Debenhams Department Stores, Next Stores, Oviesse Stores, Peacocks Stores, and Uber Stores.

Product pricing mark downs are a common practice for retailers today. The challenge is identifying the ideal price point and timing of these discounts to deliver cost-conscious customers great deals while avoiding the need to sell items at a loss that erodes potential profits.

This was precisely the issue for Ermes Group, which decided to move from a rather manual approach to IBM’s cloud-based Watson Price Optimization capabilities.

Working with IBM, Ermes is now able to automatically determine which specific products in each store should be marked down due to stagnant sales, what the new price should be and when the reduction should take place.

Previously, teams had to manually go line by line for every product to determine how it was performing and if they should put it on sale. Since going live with IBM, Ermes has significantly streamlined its retail pricing strategy while increasing profits. 

“Due to shifts in styles and consumer demands, product markdowns are a reality that all retailers must face. The key is knowing both when to act and what price point will allow the business to still profit on each item left in stock,” said Sophocles Sophocleous, Purchasing Manager of Ermes Department Stores Plc. “With IBM’s cloud offering, our merchandising team can easily and quickly determine which products are lagging in sales and what steps we need to take to get these items moving off the shelf.”

IBM recently released a new study focused on Generation Z, a group that possesses $44 billion in spending power. According to the study, the majority of Generation Z make purchases in the store. Of this group, 66 percent do so because they believe they get good deals and value for their money.

Written by turbotodd

January 12, 2017 at 3:20 pm

Apple Developing Content, Facebook Goes To J-School

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If you’ve been wondering how Apple is looking to expand its profit-seeking horizons, Apple Insider may have the story for you.

They’re reporting that Apple is looking to get into the “original programming” business, which would include serialized drama and feature-length pieces.

Apparently the company already has three projects underway, including a “Carpool Karaoke” spinoff, a “Planet of the Apps” reality show focused on developers building….wait for it….apps….and an apparent semi-biographical show about Dr. Dre entitled “Vital Signs.”

Book that table for the Golden Globes as early as possible.

If you’re more interested in the journalism route, Facebook’s also making its own moves, introducing its “Facebook Journalism Project.”

The rationale:

we’re announcing a new program to establish stronger ties between Facebook and the news industry. We will be collaborating with news organizations to develop products, learning from journalists about ways we can be a better partner, and working with publishers and educators on how we can equip people with the knowledge they need to be informed readers in the digital age.
– via media.fb.com

The program will include three primary segments, one focusing on the collaborative development of news products, one for training and tools for journalists

You can get the full details here.

Written by turbotodd

January 12, 2017 at 8:52 am

Posted in 2017, apple, facebook, journalism

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