Artificial Intelligence (AI) is revolutionising the retail industry, fundamentally changing how businesses operate and interact with customers. With the integration of AI-powered technologies, retailers can enhance customer experiences, optimise operations and drive revenue growth. Keep reading to explore how AI is reshaping the retail landscape and revolutionising the shopping experience.
Inventory Management and Forecasting
AI-powered algorithms enable retailers to optimise inventory management and forecasting processes, reduce stockouts, minimise excess inventory, and improve overall supply chain efficiency. AI algorithms can accurately predict demand and adjust inventory levels in real time by analysing historical sales data, market trends, and external factors such as weather patterns and economic indicators. Retailers using AI for inventory management have reported up to a 50% reduction in out-of-stock incidents and a 30% increase in inventory turnover.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
