Retail

Retail has never been under more extreme pressure.

This tension comes from the increased expectations of the empowered consumer and the need to have an accurate forecast and inventory to deliver goods at a time and location that is convenient for the consumer while delivering operational efficiency.

AI and Retail

The empowered consumer is more connected and informed than ever before, and they demand that retailers understand their ever-changing shopping habits to provide excellent customer service.

At the same time, it has never been more critical to optimize the range of stock and inventory to deliver to customers the products they want at the time and place where they want them.

All of this needs to be executed by identifying opportunities to decrease costs, increase operational efficiencies, and ensure a frictionless customer experience.

AI has the power to help by leveraging your data about your customers to understand bettere how their needs have evolved and how your organization can adapt to a changing marketplace.

Empowered Consumer

  • Predict next customer CRM state (e.g. activation, regular, high value, decliner, dormant, churn) to inform the strategy of future marketing comms
  • Customer satisfaction: using surveys and reviews data, predict sentiment for the entire customer base
  • Based upon prior purchase history, predict the number of days to next order
  • Identify the most effective product to present to each customer to influence their buying decisions based on historical data (purchases, web searches, etc.)
  • Attribute the value of conversion across digital channels to ensure digital marketing spend is being used in the right channels/campaigns

Product Assortment and Supply

  • AI-Driven Demand Forecasting: using a range of historical data sources to inform the level of future demand
  • Forecast returns: Predict the probability of return for every item purchased through all channels
  • On-shelf availability: for each SKU by actively detecting or inferring potential lost sales situations at the earliest opportunity to drive corrective action
  • Promotions Optimization: Identifying the best SKUs and best promotion strategy (e.g. rebate, discount, BOGO, etc.) to achieve targeted revenue or volume
  • Price Optimization: Identification of optimal price points influenced by multiple factors such as Item, brand, sub-category, category, location, product affinity, competitive and demographic

Operational Efficiency

  • Identify best sites to open, expand, reduce, or close stores based on strategic goals without cannibalization of existing store sales
  • Predict staffing levels for fulfilling orders, customer service, shipping as demand changes
  • Minimize time to deliver the shipment
  • Predict channel volumes: e.g. call centre or in-store footfall. Helps to predict staff resources required for any given trading day
  • Identify store foot traffic to predict staff resources required for any given trading day

ARCANUM can help you with

Execute decisions based on AI

Arcanum can significantly increase the number of AI machine learning systems that are deployed inside your retail business to help you gain a strategic focus on the retail challenges with the largest returns.

Increase AI skills using existing headcount

With the lack of data scientists available for hire, Arcanum can help you transform your skilled business analysts into citizen data scientists. Guardrails built within the Arcanum platform ensure you can democratize AI across your organization - safely.

Transform your business from descriptive to predictive

Arcanum helps transform your business from one that makes decisions based on past events to one that makes strategic decisions based on what will happen in the future.

Be more personalized with customer engagement

With models that continuously learn from past behaviour, Arcanum can help easily predict the next best offer for your customers.

Increase accuracy for the demand of your product

One of the biggest challenges’ retailers face is determining how much product inventory—and what types of products—they need to have on hand in order to meet the expected demand from consumers. Arcanum helps retailers improve their ability to predict consumer demand for goods using automated machine learning.

Predict sales revenue based upon store site selection

With many retailers closing stores or reducing their store footprint due to online competition, retailers are more aware than ever of how important it is to locate stores where the customer has convenient access. Arcanum can use your data to help you identify the best sites for opening new stores, as well as where to expand, reduce, or close stores without cannibalizing the sales of existing stores.