Value-oriented retailer Home Bargains has modernised its markdown process after working with Retail Insight, a provider of in-store execution software.
The move came after the retailer identified markdowns as a key opportunity to improve efficiency and reduce waste. Previously, it relied on a manual markdown process with handwritten price labels and limited data to guide pricing decisions. The approach was said to be both labour-intensive and ineffective in maximising value recovery from marked-down products.
By collaborating with Retail Insight, using its data-driven waste management solution, WasteInsight, Home Bargains implemented a data-driven markdown solution that “automates pricing decisions, streamlines store processes, and ensures consistency across departments”.
Alongside this, the retailer now benefits from a new suite of store and head office management information tools, providing “unprecedented visibility into compliance and performance”.
Following a 20-store pilot that began in February this year, the new automated solution was recently rolled out across over 600 Home Bargains stores, delivering “impressive early results” in sales uplift and waste reduction.
Recovery % improved by 4.98% in August against the base period, driving strong financial results, while volume sell through has increased by 1.7% since rollout.
Paul Rowland, Retail and Technology Director at Home Bargains, said: “Partnering with Retail Insight has helped us transform a very manual, outdated process into one that’s simple for colleagues, smart for the business and better for customers. We’re selling more, wasting less and delivering real results across the chain.”
Paul Boyle, CEO at Retail Insight, added: “Home Bargains has been bold in its approach to tackling markdowns by moving from handwritten stickers to a fully data-driven, insight-led process. The results already show the value of this transformation, and we’re excited to continue supporting the team as we refine outputs further and look at the entire waste journey to deliver even more value.”
