Reliance Retail is aggressively investing in data analytics. The aim is to go hyperlocal and dive deeper into catchments. The company is targeting store-specific assortment to maximize sales in the next financial year. The mindset has shifted from scaling the size of the store based on the magnitude of the city to scaling the size of the assortment according to catchment. With the ability of data analytics and artificial intelligence, Reliance Retail hopes to be able to stock store-specific assortment in a matter of six months to one year.
The retail arm of Reliance Industries handles key formats like apparel, footwear and toys and currently puts together about 50 relevant assortment combinations in its stores across the country. The plan is to create as many as thousand combinations for each of its stores by the end of 2020. The retailer has deployed a technology team to develop applications in order to create a seamless online and offline experience in the coming financial year. One customer view and one product view features will be executed. The online-only customer will be recognized at the outlet on entry and will be served by the staff based on their online buying behavior. Adoption of the technology will enable the customer to buy online and even take a refund offline. This technology may be implemented in the next few months.