How retailers can predict future demand and stock the right SKUs using purchasing.ai

With purchasing.ai we can anticipate future demand, maintain streamlined operations, and maximize profitability.

Product Design & Application | 09/20/2019 UTC
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Forecasting demand and stock levels are the secret ingredients for sustainable growth for any retail business. With purchasing.ai we can anticipate future demand, maintain streamlined operations, and maximize profitability.

Demand forecasting enables retailers to consolidate their purchasing plans and budgets to maximise their profit. Once a retailer has a good understanding of future demand, he can develop an informed procurement strategy to ensure his inventory matches the demand.

Purchasing.ai uses AI to forecast demand and hence has an edge over others. Purchasing.ai employs named entity recognition and predictive analysis to make sense of retailer’s data and forecast demand. Once data is uploaded onto the application the natural language processing engine kicks in. It starts by cleaning the data using data analysis thereby structuring the data for drawing actionable insights.

As the retailer starts placing orders, the machine learning algorithms and predictive analysis analyse the orders to provide the most accurate demand forecast for future purchase cycles. This helps in placing orders quickly and most importantly the inventory doesn’t run out. Timely ordering of products in a retail store ensures the following benefits –  

  1. Reduction in loss of sales due to non-availability of products.

  2. Increased revenue.

  3. Optimized inventory levels. 

  4. More predictable purchasing cycles. 

  5. Efficient time utilization.  

  6. Customer satisfaction. 

Start using purchasing.ai today to experience the above benefits. purchasing.ai is available for download on App Store and Play Store. You are welcome to give it a try and contact us to share your views.

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