Data & AI Projects for Retailers
A study by the BMWI identifies 27 areas of application for Artificial Intelligence in the retail sector alone. In terms of customer experience, AI can not only be used in virtual fittings or visual product searches(to give just two possible examples), but also in intelligent dunning procedures. The Internet of Things (IoT), RFID sensors, digital price tags and mobile Internet access come together to create completely new possibilities to customize and individualize the customer journey in stationary retail.
In addition, AI in logistics can optimize supply chain operations, route planning and deliveries.
Moreover, the potential for using AI to your advantage is not limited to retailers. Wholesalers, B2B traders and especially online retailers and stores also benefit from Artificial Intelligence.
We have used our experience from over 1.000 projects over the last 8 years to develop a holistic system for Data & AI projects – our Data Journey. It helps you successfully implement data projects, from the initial idea to the finished product.
Reference projects of our customers
The Data & AI experts at Alexander Thamm have already successfully implemented more than 1.000 projects, including numerous projects in retail, wholesale, B2B trade and online commerce.
Sales forecasts for food
- Transparent white-box approach for the client
- Independence of external providers ensured via an in-house solution
- High cost savings
Recommendation system for cross-selling
- 75 % of all recommendations are rated as helpful by sales experts
- A single algorithm for recommendations at multiple customer touchpoints
- Ability to further develop the recommendation system through know-how transfer
Optimization of Supply chain management
- Significant, progressively increasing whip effect reduction along every level in the supply chain
- Reduction of out-of-stock situations despite simultaneous reduction of inventory
- Central calculation of order proposals facilitates the transition to vendor-managed inventories
Demand forecasting for inventory optimization
- Increased forecast accuracy at all sales locations and for the most important product groups
- Increased availability of parts (service level) and targeted control of inventory turnover
- Lost sales reduced by 50 %
Efficient product range streamlining
- The complex process of assortment streamlining can be carried out in just a few minutes
- Expertise and Data-based analyses complement each other in the best possible way
- The user can easily and clearly test different scenarios and select the optimal solution
Optimization of the production quantity
- The total quantity for the pre-production of goods could be increased by 43 % while maintaining the same level of residual risk
- The prototype unifies the quality of heterogeneous demand signals from different markets
- The level loading prototype is embedded in a well documented R-Package
Areas of application of AI in Retail & E-Commerce
Retail and e-commerce companies have access to large amounts of Data that offer huge potential. In the following, we will introduce you to some of the fields in which Artificial Intelligence can be put to good use in e-commerce as well as commerce in general:
Successfully detect and prevent instances of attempted fraud in online shopping and stationary trade in real time.
Precise sales forecasts let you automatically determine optimal order quantities and maximize margins.
Realization of cross- and up-selling potential as well as conversion rate optimization in e-commerce thanks to Data-based recommendation systems.
Increase trade margins by determining the optimal price using dynamic price optimization.
Free up and optimize customer service and back offices by deploying virtual assistants and digital robots in customer communication.
Identify customers at risk of churn ahead of time and retain them with personalized offers and services.
OPPORTUNITIES OF ARTIFICIAL INTELLIGENCE
In retail and E-COMMERCE
Increase profit margins and identify new revenue drivers by employing AI solutions.
Save resources by automating processes along the entire value chain.
Optimize the customer experience
Create sustainable customer experiences and retain customers through Data-driven solutions.
3 REASONS FOR CHOOSING YOUR DATA & AI EXPERTS FROM [at]
Leader in AI and Big Data
Whitebox instead of Blackbox
Our individual models and algorithms ensure transparency and, in contrast to finished product solutions, can be further developed independently at any time.
AI expertise in retail and e-commerce
Since 2012 we have successfully implemented numerous projects in retail, B2B trade and e-commerce for various clients.