AI in Retail
The retail industry is facing enormous pressure by e-commerce giants such as Amazon and is continuously attacked by new start-ups that provide innovative shopping experiences for the consumers and are highly data-driven. However, many traditional retailers and brand manufacturers are up for this new challenge and are actively seeking intelligent solutions that connect the digital with the offline world to improve their business models and processes.
Use Cases for AI in Retail
French retailer Leroy Merlin worked with AI Startup Vekia to stock shelves more efficiently. This led to a reduced inventory by 8% and their stores' sales rose by 2%
Bakkersland is the largest bakery in the Netherlands. They worked with the AI provider company GoDataDriven to develop a predictive sales planning model to optimize the availability of fresh bread products while at the same time minimizing the left-overs.
The retail giant OTTO is using a solution from the AI provider Blue Yonder to find the “ideal” price. Their artificial intelligence solution measures the connection between price changes and demand patterns to arrive at the ideal price point.