Retail Software Development
The retail industry faces extreme pressure due to the increased expectations of their high-value consumers and the need to have accurate inventory prediction. They aim to deliver goods on time and at the consumer’s convenient location while providing operational efficiency. Harness the power of AI and ML to deliver consumer-driven services.
AI and Retail
- Reduce time to deliver the shipment
- Anticipate staffing levels to fulfill orders and provide better customer service
- Monitor store foot traffic to predict staff resources required for any specific trading day
- Find best sites to open, close, expand or reduce stores on the basis of strategic goals without a reduction in the sales of existing store
- Using reviews data and surveys, identify sentiment for the whole customer base
- Find the most effective product to offer to each customer and influence their purchasing decisions on the basis of historical data
- Evaluate the value of the conversion across all digital channels to understand that digital marketing spend is being used in the right direction
- Identify the number of days to next order with previous purchase history
Product Assortment and Supply
- Identify the best promotion technique and the best SKUs to obtain targeted volume or revenue
- Identify the probability of return for every item bought through all digital channels
- Identify the level of future demand with a range of historical data sources
- Identify optimal price points based on multiple factors, including item, sub-category, location and product affinity
AI Use Cases for Retail
Ai-driven retailers take advantage of every opportunity to utilize data for analyzing customer behavior and shopping habits across multiple channels. Identifying customer behavior helps align the promotions, personalized interactions and the right product assortment.
Using Machine Learning, Retailers can identify critical changes in customers’ behavior. They can predict incremental spend potential from existing customers when shopping online, in-store or via a mobile device. Analyzing customer’s purchase history, retailers can come up with attractive offers and predict which customers are at risk of churn.
Determining what type of products and how much product inventory they need to have on hand is one of the biggest challenges faced by retailers. Machine learning and AI can help retailers enhance their ability to identify consumer demand for goods.
Using AI and Machine Learning, retailers can get insights about the sales revenue that can help them decide where to open new stores and how to predict the right amount of staffing resources required to run the store environment and retail distribution efficiently.
Retailers use AI and Machine Learning models to identify what products should be stored in which store, what items are being returned frequently and what items to be replaced with new products. We help retailers gather all these insights that can boost their revenue and drive more customers to their business
Our Success Story
Intelligent Freight Tracking System: Realtime Visibility of trucks using AI and IoT
iTrackFreight allows end to end tracking solutions to ease the process of freight pickup and delivery. The platform will enable shippers, drivers, carriers and brokers to have accurate visibility. The platform uses predictive analytics based on various internal and external factors and determines more real-time ETA. A combination of web portals, administrator management systems, driver apps and 3rd party data makes iTrackFreight System flexible for use.
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