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RAPAPORT... Shane Co. implemented Retalon inventory and assortment management solutions to maintain product assortment and inventory levels across all of its channels. Retalon provides retail predictive analytics solutions and, in Shane Co.'s case, which is very complex with thousands of jewelry products and loose gemstones, the service provider helped the jeweler to manage inventory more accurately, according to Tom Shane, the chairman of Shane Co.
The jeweler stated that it reduced one of its main product lines by 40 percent, while also increasing sales in that same product line by 20 percent, using Retalon's solution. Shane Co.'s previous process required cumbersome data analysis, taking more than a month to complete, according to the firm, but predictive analytics rebalanced the jeweler's entire inventory in just 15 minutes. "It's crucial for us to maintain accurate inventory levels and balanced assortment throughout all of our channels, from distribution centers to stores and ecommerce," said Patrick Laufenburger, the director of business intelligence and merchandising systems at Shane Co. "Retalon's unique approach to omnichannel retailing allows us to optimize every step of our business process with a global perspective, from purchasing to allocation, replenishment and inter-store balancing." Retalon's assortment diversification solution is part of the integrated platform designed to effectively manage inventory, build executable merchandise and assortment plans and optimize price and markdown strategies for retail businesses. Retalon's CEO, Mark Krupnik, said, "We are thrilled to be working with a very creative and innovative team at Shane Co. There is nothing better than the right tool in the right hands. This is the kind of result retailers can expect when their vision and business processes are supported by advanced predictive analytics."
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