Today’s dynamic retail industry is built on a new covenant of data-driven retail experiences and heightened consumer expectations. But delivering a personalized shopping experience at scale that is relevant and valuable is no easy feat for retailers. As digital and physical purchasing channels blend together, the retailers that are able to innovate their retail channels will set themselves apart as market leaders.
Synctactic Usecases in Retail
All your disparate data sources can be combined together in one place to discover new insights about your business. With ML, this data can be used in a multitude of ways to drive better customer experiences and strengthen your competitive advantage.
AI is now being used to help analysts predict demand due to its ability to aggregate and automate the processing, cleaning and categorization of large volumes of data quickly. This makes it easier for retailers to anticipate even the slightest shifts in demand which could cause issues for the retailer and their entire supply chain – from order quantities, supplier choices, fulfilment execution, logistics, truckload ramifications and pricing.
Machine learning can utilize complex algorithms in order to consider a myriad of factors and come up with the right prices for thousands of products near-instantly. ML-based pricing models can detect patterns within the data it is given, which allows it to price items based on factors that the retailer may not have even been aware of.
As we move into an era of data explosion, it is becoming more and more relevant to find ways to scan through the huge amount of data. Recommendation Engines in retail become a great tool for filtering and ensure that the consumer gets to see the products that are relevant for his taste, his style and preferences and ensure that he spends minimum time searching for the right product.
Supply Chain Analytics
Artificial intelligence is making a huge difference for retail supply chain optimization, as there’s a greater need for fast delivery to shops and end customers, and an increasing focus on tight inventory control. AI helps retailers understand exactly how their supply chain is operating, make improvements throughout and eliminate waste and overhead.