Retail and AI
Artificial intelligence (AI) and machine learning is set to transform the retail industry driving deeper insights into customer behavior, operations, finances, and human resources. Obviously AI gives your retail organization the tools needed to accurately forecast demand and inventory, better understand customer behavior, and optimize staffing, helping you dominate your market and delight customers.
Below are some of the key use cases of Obviously AI’s predictive analytics in the Retail industry.
1. Predict Customer Behavior
Whether it’s online vs. brick- and- mortar or finding the exact item they need, customers have more choices than ever. Obviously AI delivers deep insight into what your customers think about your brand and shopping experience. This information helps drive marketing spend, analyze churn, and create plans for turning your most valuable customers into advocates. This includes:
- Predicting Churn and Lifetime Value (LTV)
- Predicting Return on Investment (ROI)
2. Optimizing Assortments
One of the key driver of efficient operations is understand which products are more likely to sell at which locations. Using your historical data of product purchase, Obviously AI can help predict future sales and help you optimize and localize your retail store assortments.
Obviously AI automatically detects the most influential patterns in your data so you understand the impact of actions like stocking a new product line or a competitor opening a store nearby. With Obviously AI, you can confidently predict sales over a holiday season, determine how much staff you need for the week, or ensure your inventory matches demand. This includes:
- Predicting Floor and Shelf space
- Predicting Demand
- Store and Warehouse inventory and replenishment
- Pricing optimization
Obviously AI is helping retailers deliver relevant marketing content that is personalized for buyer preferences, behaviors, and context, delivering the right content at the right time across the most relevant marketing channel. The result, more effective marketing and targeting that resonates with prospects and customers. This includes:
- Predicting Daily Foot Traffic based on promotions
- Predicting effectiveness of online and offline campaigns
5. Labor Planning
Hiring and managing staff can be a challenge in retail environments where turnover is greater than in many industries. With Obviously AI, companies can optimize staff schedules to ensure coverage without over-staffing. In addition, you can analyze employee satisfaction and drive insights into why employees stay or leave.
Why Obviously AI?
Obviously AI's predictions come at an unparalleled speed of less than a minute and an incredible accuracy. We strive to ensure that both you and your customers, win.
- Incredible Speed: Obviously AI delivers predictions in under 30 seconds.
- Works with raw data: Forget about writing SQL queries to wrangle your data. Just ask a question in plain english (e.g. "Which products are more likley to sell next month?") and it will auto-find the right data for your prediction. Learn more about how it's done here.
- Great Accuracy: Prediction results often see 70-85% starting accuracy, update automatically and get better with time. Allowing you, to export these reports with confidence.
Join companies like CocaCola and Dor in transforming how your business makes data driven decisions.
To get started, request a personal demo now.