Effective inventory management is an essential aspect of running a successful retail business. Whether you own a small boutique or a large chain of stores, managing your inventory properly can help you reduce costs, increase efficiency, and maximize profits. However, inventory management can be a complex and time-consuming task that requires a significant amount of planning and attention to detail.

Digital code behind a digitized face Welcome back to our series with Nicholas Wegman, Ph.D., Senior Director of Artificial Intelligence and Alex Barnes, Senior Director of Product Management, as they continue to discuss the science behind Artificial Intelligence (AI) and reveal how it can specifically increase retail/CPG margin. In the second part of our three-part series, we’ll delve deeper into the data science of AI, and why it’s not working for every business.

We know that for many retailers and CPG companies, AI/ML solutions represent a game-changing technology. Yet, this journey seldom comes without a few expectable “growing pains”—from adoption and scale through a fully-fledged data-driven transformation. For multiple internal stakeholders across an organization, the end-to-end process can seem quite daunting—especially without a well-defined plan.

Effective retail price optimization is essential for increasing profitability, driving revenue, and enhancing customer satisfaction. As we navigate through the economic aftermath of the pandemic—inflation, supply chain uncertainties, and other lingering disruptions, successful retailers are leveraging advanced, data-driven price optimization solutions.

Deciding what metrics to measure leads to the next big issue: How to Measure. Often the problem is not so much in the measuring but in the comparison. Measuring the revenue is only useful if you can compare it to a baseline of revenue to know whether the result is good or not. Summarized, there are four basic techniques, each with advantages and disadvantages: Test and Control: Typically execute new pricing in some locations while using the legacy process in others.

Pricing Solutions have been around for many years in retail, and commonly the question is asked: Well, do they work? Unfortunately, the answer is not easily determined because it has been challenging to decide what is meant by success and even harder to measure success. Measurement needs to be built into pricing projects from day one, and these measurements need to align with the pricing activities.

Join Nicholas Wegman, Ph.D., Senior Director of Artificial Intelligence and Alex Barnes, Senior Director of Product Management, in a three-part series that demystifies the science behind Artificial Intelligence (AI) and reveals how it can increase your margin. Taking an insightful journey into its history and present-day market trends, they will discuss why AI may—or may not—represent an ideal solution for every business.

As we continue transitioning toward a post-pandemic economy, mid-tier fashion stands out as one retail sector that is irrevocably changed. It's clear now that fashion retail will never return to a pre-COVID sales mix dominated by in-store purchases, nor are we ever going to see the levels of online sales that occurred during the height of the lockdowns.