LEVERAGING MACHINE LEARNING FOR SMARTER ASSORTMENT SELECTION
Acquiring customer data isn’t a problem for retailers anymore. The new challenge is leveraging that data to create better customer relationships and grow a business. An increasingly common way many brands are approaching this task is to use machine learning. The process, which leverages complex models and algorithms that learn from data and make predictions and decisions based on it, has tremendous potential across a number of industries, and for retailers it has quickly gone from the nice-to-have category to a must-use tool to keep up with the competitive landscape and the changing demands of consumers.
Machine learning can be used by retailers to improve everything from pricing strategy to marketing practices, but one area where it can be extremely effective is customizing product assortment decisions on a local level.
Machine learning allows retailers to leverage customer data like demographics and week-to-week purchase habits to go beyond that process, replacing it with a more sophisticated method that considers the overall sales impact of assortment decisions, not just individual sales.
Our solution helps increase sales and optimise pricing strategies.
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