Genesco bolsters merchandising operations
As Genesco expands its business, it needs an inventory management platform that can scale just as quickly — now it has one.
The retailer and wholesaler of branded footwear, headwear and apparel initially deployed an automated retail inventory management platform, called Vision Merchandising, from Jesta in 1998. At the time, the company operated less than 500 stores, and used the system to support the firm’s exponential growth and empower users to work more efficiently.
Fast-forward to 2016 — Genesco now operates more than 1,300 stores across various business segments, including Journeys, Johnston & Murphy, as well as the recently acquired Little Burgundy.
When it was time to upgrade its foundational platform, the company transition to the latest version of Jesta’s flagship retail ERP system, Vision Merchandising 18.0. The platform manages all core merchandising functions for apparel and footwear across most of its banners, including the ability to track all store brands, as well as leverage the robust replenishment and stock optimizations modules.
The new release enables the organization to optimize its stores’ space for more accurate inventory planning, adequate service levels, and minimum out-of-stocks on the shelves amongst other functionalities.
The upgrade also positions Genesco for future growth with holistic image management capabilities. This functionality allows the retailer to leverage additional capabilities within the release, including mobile alerts and notifications, sophisticated price management, merchant’s tool box and advanced allocations features, the company said.
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MasterCard, Visa team up to drive secure digital payments
Looking to make digital transactions safer, two credit card network powerhouses are joining forces to tokenize shoppers’ payment card credentials.
Visa and MasterCard have partnered to accelerate the adoption of payment tokens in their respective Visa Checkout and Masterpass digital wallet platforms. Described as a reciprocal tokenization agreement, the process allows Visa to request tokenized MasterCard payment credentials from Mastercard for provisioning within Visa Checkout, and MasterCard can request tokenized Visa credentials from Visa for provisioning into Masterpass, according to Visa’s website.
With networks able to request tokenized payment credentials from each other, both companies’ wallet solutions will use tokens in place of real card numbers, adding an extra layer of security.
The partnership also lays the foundation to support evolving digital payments made through other connected devices, including wearables and other gadgets that comprise the Internet of Things eco-system.
Maybe they can also work together to make Mastercard accepted at Costco like Visa is already. Doesn't make sense for a retailer to only accept ONE credit card
Unusual retail concept puts new spin on tech retailing
A very tech-savvy retailer retail is expanding its fledgling physical footprint with an eye toward national expansion.
b8ta, which lets people test out products from a variety of tech companies, including many small start-up, has opened a store at University Village, Seattle, along with one at Santa Monica Place, Santa Monica, Calif. Both locations were designed by Gensler, and feature a sleek, modern design.
b8ta’s flagship store opened in downtown Palo Alto, California in December 2015.
“b8ta exists to make retail accessible to entrepreneurs building the best products and services, not just the big companies that can afford it,” said Vibhu Norby, CEO and co-founder of b8ta. “b8ta’s unique software-based approach to merchandising means every store has different products, “No two b8ta stores are alike, and the assortment changes every month.”
The format allows consumers to experience the latest tech products up close and personal — out of the box and hands-on. Trained employees, known as “b8ta testers,” are on hand to educate shoppers on the store’s range of cutting-edge products. And in a big change from traditional retail, instead of earning revenue from sales of products, b8ta is paid a monthly subscription fee from the makers of the products in its stores.
In addition to helping shoppers discover new tech products, b8ta helps product makers get their products into customers’ hands faster by expediting the process of getting into retail. This streamlined process, combined with a new experience that’s fueled by software, is paving the way for b8ta’s national expansion.
b8ta’s expansion comes on the heels of securing $19.5M in equity and debt financing led by Khosla Ventures and TriplePoint Capital, with participation from several others, national mall operator Macerich.
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