Marketplaces today are undergoing dramatic shifts. Aided by digital transformations, E-commerce has transformed the buying and selling process. There is a greater need than ever to keep pace with the changing consumer landscape and businesses that are stuck with legacy technologies and processes will certainly perish. Real-time perpetual inventory management systems can help in dynamic communication between online and in-store transaction processing systems, providing accurate data in a consumer driven world.
AI powered inventory management
AI-powered inventory management systems have made a mark in transforming unstructured data into actionable insights and aiding businesses to respond better to any given situation. AI provides speedy solutions by analysing huge volumes of data for: products, trends, economy, events or even geographic conditions and weather. This reduces workload and reduces human errors.
AI has contributed towards business growth
As per a The state of AI in 2022, today, 50% of businesses have adopted AI in at least one business function. As per the survey, service operations, product, service-development areas, and functions have the highest rate of AI adoption. The survey also states that AI adoption has led to increased revenue. AI has also proved to be helpful in inventory and parts optimization, customer-service analytics, sales and demand forecasting, pricing and promotion. AI has helped businesses grow by aiding physical tasks like relocating and tracking items and is of great assistance in complicated inventory processes where advanced insights are required. This helps businesses plan ahead without any errors and also generate demand forecasts
AI is helping Retail by unlocking information from data
Businesses generate tons of data in disparate sources and this data is full of information, rich enough to indicate trends or forecasts. Traditionally one needs to hire a data analyst or a team of data analysts to make sense of all the data. AI does the same thing in a far efficient, flexible and cost effective way. AI/ ML models which are used to analyse data have many distinct advantages.Businesses have better control over the AI model as they can be customised to suit needs.
In summary: The way forward:
One of the biggest advantages of AI is that it can help predict customer behaviour. If an AI system captures enough data about a user, it can make informed predictions about the user’s needs and preferences. This can be very useful for marketers, as they can target consumers with products they are most likely to buy. One of the most common examples of this is the Google ad algorithm. Google’s AI system uses your search history and other data to predict your needs and suggest relevant advertising.
Anomaly detection can be described as reverse pattern recognition. When something doesn’t fit a set pattern, the AI Model will raise a flag. This can be very helpful for fraud detection, and spotting emerging trends.