July 15, 2019
Christmas Came Early
Wrapping your retail planning strategy with predictive AI.
Predictive gains. Check.
6 min read
Predictive Planning! The gift that you never knew you needed, but can’t live without after you’ve seen it.
Imagine buying someone a Christmas gift after already seeing what’s on their wishlist. This is what predictive buying powered by AI is. It gives you the ability to know what the customer wants before you manufacture or allocate resources, basically turning yourself into a retail Santa Claus.
The reason why AI is so crucial in the retail planning sector is due to its ability to sort through and organize mass amounts of data quickly. With the millions of transactions across various SKU’s, this process is vital in making accurate buying decisions. By being able to evaluate every SKU and every transaction, you increase your buying accuracy tenfold.
Predictive planning has been proven to increase retailers’ annual revenues between 2-5%.
Predictive planning has been proven to increase retailers’ annual revenues between 2-5%. This is achieved by AI’s ability to reduce over or under buying and increase margins by up to 10%. Buying the optimal quantity means that your products will not need to be sold at a discount to move and will generate unrealized sales by avoiding stock-outs on popular items. When you add up all of the missed opportunities from underbuying and overbuying, the unrealized potential is a planning game changer.
Christmas doesn’t have to be in December, with the right AI tools you can become a retail Santa Claus today.