Technology, especially AI and data analytics, is significantly reshaping retail inventory planning. According to a Deloitte report, leveraging these technologies helps retailers predict demand more accurately, streamline supply chains, and reduce costs. By implementing AI-driven solutions, retailers can gain real-time insights into inventory levels, optimize stock replenishment, and enhance overall efficiency. These advancements improve customer satisfaction by ensuring product availability and contribute to better financial performance. Are you using AI or data analytics in your inventory management? How has it impacted your operations and customer satisfaction? Share your experiences and challenges in the comments! Read the full Deloitte report here - https://lnkd.in/gkxCBYx9
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European grocery retailers face record margin pressure as consumers shift to discount formats. To succeed in 2024, retailers must adopt advanced demand analytics, use customer data for insights, and embrace should-cost models for cost breakdowns. Generative AI is also gaining traction for data summarization and drafting supplier letters. Supplier Negotiations 3.0 is here, with a new approach and tools for retail control. Read More> https://owy.mn/3Epp0dK
How Retailers Can Succeed In Supplier Negotiations
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🛒 Revolutionizing Retail: AI-Powered Strategies for Rising Costs 📈 📊 According to a recent Boston Consulting Group (BCG) survey, the top challenge retailers face is the rising cost of goods. 💡 In the short term, some retailers resort to temporary levers like price hikes and supplier renegotiations – tactics that can potentially harm the brand. 🤖 However, there's a smarter way. By leveraging AI for pricing, retailers can shift from a one-size-fits-all approach to one that's as unique as each individual customer, store, or channel. 📊 Take a look at the breakdown of the total effort implemented by BCG for a North American grocery retailer: •10% for building an AI-driven pricing tool. •20% for developing an integrated technology ecosystem. •𝐖𝐡𝐚𝐭'𝐬 𝐦𝐨𝐬𝐭 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐢𝐧𝐠 𝐢𝐬 𝐭𝐡𝐞 𝐟𝐢𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝟕𝟎% 𝐨𝐟 𝐭𝐡𝐞 𝐞𝐟𝐟𝐨𝐫𝐭 𝐰𝐞𝐧𝐭 𝐢𝐧𝐭𝐨 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬 𝐚𝐧𝐝 𝐜𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 (selectively increasing and reducing prices in local contexts). 💼 Business Impact: •Increased +4-5% gross profit amid rising costs. •+𝟐-𝟓% sales lift in the first year. 🚀 While prioritizing AI use cases, explore options for adopting changes to processes to integrate results into business workflow. Interestingly, organizations that extensively change business processes during AI integration are five times (5X) more likely to realize significant financial benefits. 💼💡 We'd love to hear from you: What percentage of effort do you allocate to AI initiatives for transforming business processes? #AI #Retail #AIStrategy #BusinessTransformation 🌐
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How AI-driven forecasting is reshaping the retail industry? Recent studies have demonstrated that implementing AI-driven forecasting can deliver a remarkable 20-50% reduction in errors. Just imagine the impact on your bottom line! This reduction in errors is not just a statistic; it translates directly into a substantial decrease in lost sales and product unavailability—potentially up to an astounding 65%. For retailers handling perishable items, the benefits are even more pronounced. In a landscape where rapid adaptation is non-negotiable, AI-driven forecasting becomes an indispensable asset. What sets this transformation apart is the palpable return on investment (ROI). Our clients have reported almost immediate improvements in critical metrics such as availability and wastage. And the best news of all? The ROI typically materializes within just a few months, making this a strategic imperative for retailers determined to maximize their profitability and enhance customer satisfaction. In an industry defined by constant evolution, embracing AI-driven forecasting is not an option; it's a necessity. Stay ahead of the curve and explore these cutting-edge solutions today! #Retail #AI #Forecasting #BusinessTransformation True Digital Group Algonomy
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Retailers are struggling to keep up with the evolving retail landscape, customer's increasing expectations and their decreasing patience, all while continuing to try and increase profits. Moving from a traditional service-level-driven model to a profit-optimisation model is the best way to modernise your inventory operations. To keep up with these expectations, retailers have no choice but to reimagine, streamline and simplify complex inventory planning processes. After all, it’s every retailers’ dream to have the right amount of inventory at the right place at the right time without having excessive inventory or losing sales. To achieve that, retailers need to take advantage of adaptive, smart analytics and explainable AI models. They need to move from a traditional service level approach and upgrade their inventory decisions from a judgment-driven, KPI-measured process to a financial-optimisation model. Using sophisticated models such as AI-powered profit optimisation, you can increase stock availability, reduce inventory holding cost and don’t have to choose between profitability and customer satisfaction. Retailers, does this resonate? #Retail #InventoryManagement #AI #ProfitOptimisation #Supplychain #cx Invent Analytics
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Yes, retailers need to step up their AI game! The 2023 survey with Retail Dive & Blue Yonder shows that many retailers are falling behind in AI adoption. 📊🛍️ Don't miss out on optimizing inventory and demand forecasting. Download the report to see where your company stands. #AIinRetail #RetailSurvey2023
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European grocery retailers feel the burn as margin pressure reaches a 20-year high. With consumers trading down and switching to discount formats, retailers are bracing for intense negotiations over terms in 2024. But the game is changing. Assortment adjustments are no longer a small-scale solution – radical moves like delisting selected brands are gaining momentum. To thrive in this landscape, retailers must embrace advanced demand and assortment analytics, leveraging customer data for smarter predictions. These arguments get even more powerful once supported by advanced should-cost models, combining comprehensive cost factor breakdowns with real-time commodity cost evolution. In addition, the buzz around Generative AI is real. Initial trials suggest AI can be a game-changer in summarizing data, aggregating research, and drafting supplier letters. Supplier Negotiations 3.0 is here. With a fresh approach and cutting-edge tools, retailers aim to flip the script and regain control. Read more here > https://owy.mn/3qLrRKY #RetailRevolution #SupplierNegotiations #PrivateLabel
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Yes, retailers need to step up their AI game! The 2023 survey with Retail Dive & Blue Yonder shows that many retailers are falling behind in AI adoption. 📊🛍️ Don't miss out on optimizing inventory and demand forecasting. Download the report to see where your company stands. #AIinRetail #RetailSurvey2023
Are Retailers Prepared for the AI Era? 2023 AI Adoption Survey With Retail Dive & Blue Yonder
blueyonder.com
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Yes, retailers need to step up their AI game! The 2023 survey with Retail Dive & Blue Yonder shows that many retailers are falling behind in AI adoption. 📊🛍️ Don't miss out on optimizing inventory and demand forecasting. Download the report to see where your company stands. #AIinRetail #RetailSurvey2023
Are Retailers Prepared for the AI Era? 2023 AI Adoption Survey With Retail Dive & Blue Yonder
blueyonder.com
To view or add a comment, sign in
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Yes, retailers need to step up their AI game! The 2023 survey with Retail Dive & Blue Yonder shows that many retailers are falling behind in AI adoption. 📊🛍️ Don't miss out on optimizing inventory and demand forecasting. Download the report to see where your company stands. #AIinRetail #RetailSurvey2023
Are Retailers Prepared for the AI Era? 2023 AI Adoption Survey With Retail Dive & Blue Yonder
blueyonder.com
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