How can AI in supply chain help you predict, pivot and improve your bottom line?

March 10th, 2021

As the e-commerce landscape continues to shift, so will the ways that retailers retain loyal customers. A 2021 survey of chief marketing officers says that 73% are going to focus more on customer retention than acquisition this year. So what innovations will be at the forefront of this change? Experts say artificial intelligence will be key, offering brands new ways to utilize client data and keep existing customers. 

AI technology doesn’t mean that your friendly salesperson is suddenly going to become a robot. Rather, it allows retailers to analyze customer data and make informed business decisions going forward. As the use of cookies becomes outdated, brands have begun to use AI data to view customers’ buying habits.  Instead of customer demographics, this data reveals more significant insights, such as customers’ preferred price points or whether a specific consumer is likely to shop at that retailer again. By knowing which customers are more likely to be repeat-shoppers, brands have the ability to shift their product offerings to enable retention. To make the move away from cookies as seamless as possible, Project Verte’s CTO, Shlomi Amouyal, recommends brands adopt Session Storage, Local Storage, and WebSql.

New AI technology can help with more than just customer data. Amouyal says that “operational efficiency and inventory management are two of the most important technologies for digitally native retailers in 2021.” So how can Project Verte help with those factors?  Our AI-powered, cloud-based platform can help retailers make more informed business decisions and reduce costs, by measuring the probability of need, demand, and consumption. Brands can plan ahead of time and manage their inventory accordingly, even as it relates to geographical popularity of certain products. 

As AI technologies continue to become the norm for every growing brand, Project Verte’s forecasting can help any company plan for better market demand and decrease overstock fees. And it’s easy to do, too; simply create an account in our platform, import data from old systems, and immediately receive live feedback and inputs. Want to improve your bottom line and learn more? Contact us at vik.jordan@projectverte.com.