As China, South Korea, Singapore, and Taiwan are reopening their stores after COVID-19, what can US fashion retailers learn from their experience and apply to their own business? Unfortunately, there’s some good and bad.
Webinar: Retailers, COVID-19, and the Future – Part 1
on April 1, 2020
| By David Barach
|
Pricing Analytics,
Retail,
Artificial Intelligence,
Demand Planning,
Markdown Optimization
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.
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