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 enables every business user at your organization to become a data scientist and run multiple predictions experiments in real time. While alternatives can be costly and extremely time consuming (~weeks OR months), Obviously AI delivers machine learning models in less than 1 minute. We strive to ensure that both you and your customers, win.
- Incredible speed: While alternatives can painstakingly take weeks or months to build an ML model, Obviously AI delivers predictions in less than 1 minute.
- Built for Business Users: Most ML tools can be daunting to look at as they are heavily tailored for expert engineers. Obviously AI is designed for Non-Technical user looking to not only build ML predictions but also take business action.
- Self learning: Predictions made using Obviously AI auto update as new data flows in, allowing them to self-learn in real time based on feedback from the real world. Allowing your predictions to get better over time.
“We were crazy impressed and realized we could do everything we wanted far easier without learning R or writing code.”
- Dan Parry, Tectonic London
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