Amid shifting trends, uncertain supply chains and margin-decimating markdowns, inventory planning and allocation has never been more challenging. AI, however, can sharpen inventory planning and save money — if applied correctly.
But useful data is highly abundant. “ data consolidation and data clean up,” said James Theuerkauf, CEO and cofounder, Syrup Tech, which supports Abercrombie & Fitch Co.’s AI efforts related to planning, among other major retailers and brands. “It also improves forecast specificity and forecast granularity, with the ability to go down to the style, color, size and location level. You’ve got the intelligent optimization of inventory decisions and placement and buys.
Theuerkauf pointed to AI data sets — such as customer reviews that can inform returns forecasting, or marketing activities and ad spend that can complement historical data and real-time data — infuse demand forecasting with a 360-degree view. For planners, selecting a starting use case for AI depends on their needs, be it applying historical data for new store growth or rebalancing inventory to maximize full price sell through for stores with a style scarcity model. But in-season use cases make the most sense, Theuerkauf added, as you can “measure the baseline versus uplift in in a matter of weeks.”
Source: Tech Daily Report (techdailyreport.net)
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