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GenAI at Retail: New Technology Upgrades for Inventory and Demand Forecasting
- Generative artificial intelligence (GenAI) is revolutionizing retail by addressing critical business problems faced by retailers such as stock shortages, overproduction and shifting consumer demand.
- Retailers face a lack of real-time inventory visibility and difficulties in accurately predicting shopper demand.
- Overestimating demand can lead to excessive stock, while underestimating demand due to poor inventory visibility results in shortages of high-demand items.
- Accurate demand forecasting is the key to boosting sales. GenAI can produce precise demand forecasts, helping retailers to plan inventory levels more effectively.
- GenAI is offering real solutions for inventory management by enabling accurate demand forecasting, optimized stock levels and streamlined replenishment processes.
- GenAI enables managers to make informed stocking decisions well in advance or even in real-time,
- Personalized offers demand precise control over stock levels to ensure a seamless and satisfying customer experience. GenAI is ushering in a new era of hyper-personalized content.
- Access to real-time data on what consumers are viewing, clicking and purchasing is non-negotiable. A robust GenAI tool can predict demand at the item level, streamlining inventory management, boosting sales and reducing operational costs.
- PYMNTS Intelligence has also identified several innovative companies offering GenAI solutions tailored to smaller businesses seeking to enhance their personalization efforts
- PYMNTS Intelligence has spent more than a year analyzing the return on investment (ROI) that GenAI delivers to middle-market firms, and the findings are compelling.
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