Keeping up with rapidly changing consumer behaviors requires replacing legacy merchandising systems and disparate planning systems with modern solutions that can adapt as the retail landscape continues to evolve. Traditional rules-based forecasting solutions that were primarily based on intuition simply don’t cut it anymore. AI-powered demand management solutions look at facts, historical data and market trends to help retailers improve forecast accuracy and make optimal business decisions.
To maximize profits, you need to have the right quantity and mix of inventory on hand at all times. What’s more, you must be able to deliver the right products at the right place, the right time, and the right price by taking the right action from the right merchandise planning solution.
For retailers, the benefits of artificial intelligence are endless and can help them:
- Overcome obstacles standing in the way of optimized merchandise planning effectiveness
- Shift from cumbersome and difficult-to-manage spreadsheets to effective data analytics tools to do the heavy lifting when it comes to number crunching and focus on the areas that truly drive business growth
- Understand and manage demand in a complex retail environment, where a typical customer journey is now crossing multiple channels
- Remove the impact of misallocating products and move inventory across channels or between stores to optimize their business targets