Per Overgaard, CTO EMEA, Lenovo ISG:
AI will transform the entire retail experience and seamless access to real-time analytics is what will define a retail leader from its competitors on days like Black Friday and Cyber Monday. Shopper behaviour analytics not only provide retailers with the ability to deliver personalised promotions to shoppers but can also use dynamic pricing or real time promotions to increase consumer spend on these days. AI-powered analytics goes beyond online retail. It can also offer insights to enhance store planning by placing goods in more optimal locations and improve checkout intelligence to decrease costly store theft.
AI applications transcend the shop floor. Analytics from warehouses and stock rooms can allow retailers to be more efficient about ordering products, restocking shelves, and planning logistics effectively, which is critical as these operations become the backbone of successful sales periods. If real-time stock levels are linked to shop floor data about purchasing trends, these insights can help the whole business to become more efficient and more streamlined. For instance, retailers can use data to understand the amount of customers who enter the store at different times throughout the year, and stock their floors accordingly to match this demand. This is a key differentiator for successful retailers in the lead up to busy periods and equips them for successful sales in the build-up to Christmas.
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