The Indian organized retail industry is expected to nearly double to US $1 trillion by 2020 from the existing $600 billion in 2015 driven by income growth, urbanization phenomenon and attitudinal shifts of the price-conscious Indian consumers. According to the ‘Retail 2020: Retrospect, Reinvent, Rewrite’, report published by Boston Consulting Group and Retailers Association of India; the overall retail market is expected to grow at 12% and modern trade would expand twice as fast at 20% per annum. The organized retail penetration stands at 19% and online retail (e-commerce) is expected to be at par with physical stores in coming 5 years. These are exciting times but extremely challenging for retailers looking for optimal retail space.
DATAWISE has developed an in-house product that helps the challenged retailer in identification of the right location of this retail unit. The selection of a poor location tends to do more damage to reputation as well performance of the retail unit. With an extremely cluttered market with new players and formats, the ability to assure and increase footfalls has gained immense significance.
DATAWISE presents OPTILOX – a unique software-based behavioral analytics model; which takes behavioral approach towards site selection & assists in sales maximization. Traditionally, site selection methods focus on using logistic or cost based approaches. OPTILOX is based on a design initially conceptualized by Arthur D. Little. We are the first and only company to provide this approach customized to the Indian retail needs.
OPTILOX is designed to help retail outlets select the optimal site location for their retail stores to get high customer footfalls to maximize profit with optimal space utilization and minimal costs. It relies on an in-house analytical tool that maps retail consumer behavior to the requirements of the retailer. It is ideally suited for premium showrooms, grocery shops, banks & ATM, pharmacy chains, entertainment center, concept retail, multi-format retail & coffee shops. For retailers looking to expand their business, OPTILOX presents a perfect solution for mapping customer behavior to their current retail stores whereas for new retail outlets, it also helps in identifying the ideal customer profile.