How AI Can Optimize Inventory For Every Department in the Store
Profitable merchandise management requires mastering a host of interconnected retail functions. One good example of the way this should (and should not work) is found in the current trend of expanding fresh product lines in the grocery segment.
Grocers promote fresh products as a competitive weapon, however they have not fully adjusted their stores to the impact this has on customer behavior and product sell through. For example, fresh food shoppers purchase fewer items per visit but make more frequent visits. They also make fewer purchases of frozen and packaged goods.
Without AI-driven monitoring and deep category management capabilities these retailers are creating a mismatch between their stores and the kinds of profitable products current shoppers really want.
Click the below link to listen to a podcast with Kevin Sterneckert, chief marketing officer for Symphony RetailAI, and Joe Skorupa, editorial director for RIS News, to learn how retailers can successfully modify their current product mix to align with how their customers want to shop.