Given the recent sales disruptions and store closings due to COVID-19, David Barach, Vice President of Marketing & Pricing Analytics, provides key elements for retailers to consider in the pricing space during this period to help manage the situation now and prepare for what’s next.
Consumption Sensing: Leveraging AI/ML to predict the shift in consumption patterns across the short, medium, and long-term horizon, leveraging internal and external data such as sales history, inventory, market share, shopper’s basket, macro-, and micro-events.
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Retail and CPG companies are now working overtime to maintain inventory supply and minimize shortages despite wildly erratic consumer behavior. Thanks to advances in planning and order optimization, real-time adjustments to major swings in demand, like nationwide school closings and shifts to online buying, are more easily executed. Nevertheless, this has meant long hours for everyone - from the manufacturer, to the planner, to store distribution teams - and every time a basic staple reappears on the shelf or online, we consumers appreciate it.
Hear how antuit.ai and Target deployed a single AI-powered forecast to improve multiple business functions and the lessons learned. Presented by Target’s
Subramanian "Subbu" Iyer, Senior Director Data Sciences, & antuit.ai's
Sivakumar "Siva" Lakshmanan, EVP Forecasting & Supply Chain Analytics. Watch the full presentation from the stage at
RILA LINK2020: The Retail Supply Chain Conference.
AI can improve customer loyalty, increase turns, improve stock-to-sales, and drive profitability through understanding demand patterns that inform intelligent clustering, assortment profiling, and assortment optimization. In this short video, Alex Barnes highlights some retail challenges and how antuit.ai uniquely solves them. Watch the 1-minute summary video.
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