Improve Inventory Turnover
The ever changing customer demands
You have your happy customers and all is going great. However, that may change sooner than you think if you do not make sure your offering is optimized for your customer demands. The thing is, people's preferences change often. And with the level of today's competition, they change more often than ever. This means that products or services you provide successfully today, may not be so appealing to your customers tomorrow. And if this happens, they will replace you for a retailer that suits them better in no time.
Unsold products and unutilized capacities
In an effort to always please their customers, retail businesses are turning to historical aggregate analytics. They use it to figure out what may be the product or a service that their customers may demand in the upcoming period. The problem with this approach is that what worked last year may not work this year. And that usually turns out to be the case. If your business ends up in this situation, you don't just lose your customers because of the offering that no one wants. You also end up with a big stock of products you can not sell. Or, in a service business, with a large number of unutilized employee hours.
Forecasting future product demand
Our solution to this problem uses artificial intelligence technology which operates on sales data collected across all of your POS registers. Shoptimality AI can use this information to detect patterns in your customer's preferences which can be used to predict a change in demand for the future. This way, you can plan your retail offerings based on the real changing customer behavior as opposed to just using past period analytics.
The right inventory optimization tools
Shoptimality enables you to see demand predictions for up to 30 days in the future via our cloud service backend, from wherever you are. You can use this information to find out which products or services will be high in demand so you can ensure the proper stock or service capacities. In addition, as Shoptimality can forecast decrease in demand as well, it can help you to avoid spending money on the supply of products that you will have a hard time selling in the future.
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Or learn more about how Shoptimality AI works to...
Prevent Losses With Predicting Stockouts
Predict Revenue Uprises / Downfalls
Combine Artificial Intelligence & POS