Retail AI for Indian Retailers
As technology continues to advance, Artificial Intelligence (AI) has emerged as a game-changer in the retail sector worldwide. Developed countries have already embraced AI to optimize inventory management and enhance customer experiences. In India, with its rapidly growing retail market, there lies a tremendous opportunity to leverage AI and make a significant impact in the industry.
Current Trends in Retail AI:
A. Demand Forecasting and Inventory Optimization:
H&M sweden based clothing retail brand uses historical sales data, market trends, and external factors to predict future demand accurately. By leveraging these insights, retailers can optimize inventory levels, improve product availability, and ensure efficient stock replenishment.to predict fast fashion trends and prepare it’s stock accordingly.
B. Personalized Customer Experiences:.
Amazon Provides Personalised Customer Experiences through the services use of product recommendations,personalised homepage,purchase history,customer review and rating and wish list and saved items driven by data analytics and Machine learning/deep learning models.
C. Supply Chain Optimization:
UPS: UPS, a global logistics company, applies AI and machine learning in its procurement, warehousing, and logistics. They use AI algorithms to optimize delivery routes, track shipments, and manage inventory,reduce lead times, improve order fulfilment accuracy, and optimise distribution routes. UPS also employs AI-powered chatbots and virtual assistants to enhance customer service and provide real-time shipment updates.
D. Visual Merchandising and Shelf Optimization:
Trax: Trax is a company that specialises in retail AI solutions, including visual merchandising and shelf optimization. Their AI-powered computer vision platform analyses images of store shelves, providing retailers with real-time insights into product availability, placement accuracy,in-store footfall,consumer behaviour, and planogram compliance. This helps retailers optimise their shelves, improve store layouts, and enhance the overall shopping experience.
Conclusion: Indian retailers have a unique opportunity to embrace AI-powered solutions tailored to their specific needs, thereby gaining a competitive edge in the dynamic retail landscape. The time is ripe for Indian retailers to seize this opportunity, collaborate with AI solution providers, and make a lasting impact in the Indian retail market.