German sportswear giant Adidas plans to bolster its lagging performance by shifting strategy to focus on its digital platform, reports Business Insider.
The fitness brand reported a 19% sales decline this week as more than 70% of its global stores remained closed during the coronavirus pandemic.
Over an earnings call with company executives, Adidas zeroed in on plans for "digital acceleration" and said it would pivot to a greater focus on its digital presence now that it has limited capacity to operate out of physical stores.
Business Insider got some insights from Adidas into what its revamped digital focus involves:
Introduced in 2015, Adidas' five-year-strategy 'Creating the New' is being remodelled by digitizing processes along its entire value chain, the company said.
It plans to use artificial intelligence to help in its supply chain management. Previously, the brand found it tedious to estimate demand for various shoe sizes before orders were received since numbers vary from market to market. AI helps the brand carry out size distribution within a matter of minutes based on reliable data.
Use of additive manufacturing — using 3D design-printing to add layers of material — to produce the midsoles of the Adidas 4D running shoes.