Artificial Intelligent applications are potentially powerful tools for many industries and retail in no exception. The volume of data which is now available at any retailer today typically is not in short supply. One of the key challenges which many retailers do face is the quality of that data.
However, with the right quality and volume of data one of the key benefits which AI can bring to many retailers is to provide a support mechanism to the employees analyze large amounts of data to identify patterns and trends. Recommending intelligent decisions and predictions based on this analysis.
AI can support Speciality retailers by providing employees with the support systems to help them make the best decisions. Essentially taking some of the leg work out of the number crunching which is so important in the world of retail. Providing the tools to make the most informed decisions quickly!
Application of AI in Speciality Retail
AI can look to support Speciality retailers in the following areas
- Planning & Inventory Management
- Supply Chain Management
- Customer Behavior tracking
- Customer Relationship management
- Inventory management
- Price Optimization
- Recommendation engines
- Visual search
AI Investment is Predicted to Grow
The trend is investment in AI is continuing to grow. According to a new market research report “Artificial Intelligence (AI) in Retail Market published by Meticulous Research®, the global AI in retail market is expected to grow at 35.9% from 2019 to reach $15.3 billion by 2025*
Island Pacific AI Tool Island Pacific Forecast Manager
Retail business are data rich but often retailers struggle to make sense of all available data and forecast which actions to take to increase revenue, protect margin and control stock levels. Island Pacific Forecast Manager provides a forecast tool which can integrate seamlessly alongside your existing architecture using data mining and machine learning techniques to support your users in making the best decision. Use alongside the Island Pacific SmartPlanning modules to optimise forecasting across Merchandise Planning, Assortment Planning, Allocation and Replenishment. Island Pacific Forecast Manger supports retailers to leverage the substantial opportunities to drive in depth analytics and enhance merchandising processes.