Ai-MicroCloud™ for Retail
Sales Forecasting, Demand Planning, Marketing & Advertising,
New Product Introduction Forecasting, Supply Chain Optimization
The retail and consumer packaged goods (CPG) industry is characterized by relatively low margins, high seasonality, demand variability, inventory risk, and influence of consumer sentiment. These characteristics amplify the importance of predictive analytics for key activities such as sales forecasting, demand planning, supply chain management, and inventory optimization. The bottom line is ensuring the right product is available at the right price at the right time, thus meeting customers’ needs.
Build Domain-Specific Retail Applications:
Ai-MicroCloud™ enables you to develop, deploy and manage bespoke real-time domain-specific AI applications in demand forecasting, logistics, floorplan optimization and in-store promotion placement, loss prevention, automated checkout and other intelligent stores components, e-commerce, and online personalized recommenders.
AI has the potential to create $2.2 trillion worth of value in retail and wholesale by 2035 by boosting growth and profitability.
Time Series Data Analytics in Retail and Consumer Packaged Goods (CPG)
Forecasting sales of a product or service plays an important role in the life cycle of almost every retail company. Estimation of future sales can drive multiple management decisions, such as efficient inventory management, prevention or early detection of potential issues, price setting, and marketing.
Future demand forecasting is similarly crucial for retailers. For example, without a qualitative forecast, setting available stock levels can be particularly challenging. Retail forecast accuracy is negatively affected by rapidly changing market conditions and forecast errors can reach 30% or more. Demand planning is a challenging use case, but one with a large potential return.
Marketing & Advertising
Creating more accurate forecasts of the returns from the multitude of marketing and advertising channels and other choices available can enable a retailer to fine tune its marketing mix. Explore various scenarios’ impact on forecast sales.
Supply Chain Optimization
Use real time tactical and strategic changes to identify gaps and discover market opportunities. Provides an additional layer of intelligence by collecting and combining data from new information sources like IoT, GPS and electronic logging devices to adjust supply chain components, stock levels, shipments and order tracking.
Edge Video Analytics Use Cases for the Retail and CPG Industries
Store Aisle Monitor
Captures video, generating a heat map, recording the number of patrons, then integrates the results – Drawing a box around each detected person
Store Traffic Monitoring
Monitors the activity of people inside and outside a defined storefront footprint and keeps track of product inventory
Shopper Gaze Monitor
Analyzes facial expressions and reactions to product advertising positioned on retail shelves
Restricted Zone Notification
Detects number of people entering into a restricted zone and sends a warning message
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For Time Series Data
Automated predictive model-builder that creates human-readable explainable forecasts and anomaly detection models from historical time series data
Ai-MicroCloud™ for Retail