Hard Rock International has invested in its merchandising capabilities to grow and optimize its retail operations across its Rock Shop stores. Its new merchandising suite improves demand and sales forecast accuracy, streamlines operations and better manages inventory.
Hard Rock's retail challenge is unique because most of its merchandise is unique to the city the store is in, making inventory management a particular challenge. To solve this unique dilemma Hard Rock partnered with Retalon to deploy the solution provider’s Retail Predictive Analytics & AI platform.
"With other companies offering forecast solutions, there was a lot of user knowledge needed," said Danny Leadbeater, senior director of planning and allocation at Hard Rock International. "With Retalon, we felt like we could trust with 99.9% certainty the forecasts they came up with."
The AI-driven platform generates a highly accurate demand forecast down to an individual product at a specific store. The merchandise and assortment planning, purchasing, and inventory replenishment solution suite allows Hard Rock to more effectively manage and optimize its business. The software also offers improved visibility, proactive recommendations, greater automation and consistent workflow.
After integrating the system into its enterprise resource planning (ERP) software, Hard Rock has witnessed a tremendous difference in its bottom line, particularly in in-stock percentage. Hard Rock has been able to increase and consistently maintain their in-stock percentage to 97%, and it expects to be close to 100% across all retail locations in over 74 countries.
"Our whole way of thinking has changed,” said Theresa Riha, retail buyer and planner at Hard Rock International. “Before, we would look at our business based on past history. Now we're able to be forward thinking. We're a very seasonal business and we're able to see what is going to happen with our business instead of just looking backwards."