Looking to improve productivity and performance in retail? Artificial intelligence is key.
Though most AI deployments tend to be customer facing — offering customers everything from personalized shopping experiences to targeted recommendations online — a variety of retail execution tools can help improve the productivity throughout the supply chain including sales and distribution.
Here are 3 ways to harness the power of AI to make better use of your time, manage inventory more effectively and increase sales.
Managing Inventory Levels
Managing stock is a constant challenge in retail — it’s all about finding the right balance. Too much stock can fill up storerooms and warehouses. Too little stock can lead to empty shelves, unhappy customers and lost sales.
AI can be implemented at the point of sale to help optimize inventory levels for different products at different retail locations by predicting future inventory needs more effectively — helping to distribute items more efficiently and prevent retail execution errors like out of stocks.
Optimizing sales visits
How often should sales reps be visiting customers? Which customer visits should be prioritized over others?
Tools like Storecheck Workplan use AI to help determine an optimized route plan to visit customers and leads at the right frequency. They also analyze route effectiveness, compare it with itinerary schedules and suggest optimal, more profitable schedules and routes.
Retail data harmonization
Is your data working for you the way it should? Storecheck can help with that too. The company’s data harmonization tool Hub can be used to harvest different types of data — including data from the point of sale, forecasts and external stock data — and harmonize it into a standard language to help you make smarter, more-informed decisions.
Want to find out what AI solutions for retail makes most sense for you? Connect with Storecheck for a free consultation.