Nextail named tech pioneer by World Economic Forum
Spanish artificial intelligence retail specialist Nextail has been a named a 2020 Technology Pioneer by the World Economic Forum for its “contribution towards driving responsible models of consumption”.
The smart platform, which uses AI to give fashion retail merchandisers hyper-local demand prediction and data-driven insights, should get an awareness boost from the WEF link that should help it as it continues to seek new business.
Now in its 20th year, the WEF Technology Pioneers programme identifies early and growth-stage firms involved in the development and deployment of new tech that can have a significant impact on business and society.
The six-year-old firm currently works with more than 25 fashion retailers and has signed up a wide variety of names from across the price scale with Versace, River Island and Pepe Jeans all on board. It said it’s “helping them embrace environmentally sustainable consumption models by enabling them to sell more with less stock, reduce waste while also preventing potential lost sales”.
Javier Figar, Pepe Jeans’ Global Direct-to-Consumer Senior Director said: “Retail is undergoing a massive transformation. Stock planning and inventory management are critical elements in the new industry landscape and key for a brand’s future success. Nextail has enabled us to take a big leap forward and remain competitive in this new environment. With a data-driven forecast of demand, we are able to reduce in-store coverage while pushing sales up. Additionally, we can make improved quantitative decisions on future production, resulting in less overstock, smarter consumption, and more efficient use of resources.”
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