OTTO, the largest online retailer for end-consumer fashion and lifestyle in Germany, along with Blue Yonder, a prominent provider of Predictive Analytics, clinched the Best Customer Insight Project category at the BT Retail Week Technology Awards in the UK.
The award-winning project, titled ‘Closed Loop – system-based decisions throughout the product lifecycle with Predictive Analytics and Big Data,’ emphasized the necessity for sales forecasts to advance beyond traditional ‘static’ processes.
Michael Sinn, Director of Supply and Category Management Support at OTTO, expressed enthusiasm over the prestigious award in the retail industry, particularly given the strong competition they faced. He highlighted their role as early adopters of Big Data techniques in the retail environment, which significantly enhanced their business progress. The collaboration with Blue Yonder is expected to continue, shaping the future of their retail relationship.
By harnessing Blue Yonder’s Predictive Analytics technology, OTTO is at the forefront of utilizing Big Data to enhance customer insights in the retail sector. The partnership not only underscores the significance of precise forecasting but also emphasizes the value of translating data into meaningful predictions regarding future trends that align with current customer demand. This mutually beneficial approach enhances both business performance and customer satisfaction.
Rakesh Harji, UK Managing Director at Blue Yonder, considered this recognition a major achievement. He emphasized that accurate forecasting, which empowers retailers to predict future customer needs and purchasing habits, is becoming crucial in a multichannel world. Being selected as leaders in this field for their Predictive Analytics technology is a significant accomplishment for all involved in the OTTO Closed Loop project.
The BT Retail Week Technology Awards ceremony took place at the Hilton Hotel, Park Lane, London, on June 11, 2014. Organized by Retail Week and judged by retailers, these awards aim to showcase how cutting-edge technology is shaping retail, enhancing the customer experience, and driving profits. A distinguished jury, comprising influential figures and retail experts, evaluated the shortlisted retailers, ultimately selecting the winners.
Chris Brook-Carter, editor-in-chief of Retail Week, highlighted the importance of innovation in the British retail industry, driven by significant technological advancements. Retailers’ ongoing efforts to use technology for improving the customer experience, enhancing convenience, and solving problems play a critical role in maintaining the UK’s retail success as a global leader, creating jobs, and contributing substantially to the economy.
