When it comes to getting the right inventory in the right place, artificial intelligence (AI) is changing the game as we know it.
Today, retail allocation teams have plenty of data, yet most lack insight on where to best place merchandise to meet customer preferences and expectations. In fact, 53% of unplanned markdown costs are a result of inventory misjudgments, including misallocating inventory. This indicates there's a ton of room for improvement; as such, many retailers are turning to AI to help drive smarter allocation decisions.
Watch the webcast replay of the Celect Allocation Optimization demo to learn how retailers are using AI to :
- Improve margins, reduce out-of-stocks, and decrease markdowns
- Allocate based on store-level demand (including potential demand from walk-in, BOPIS, or online orders shipped from store)
- Optimize the inventory placed in the store by allocating various styles at the same time (more than just a batch optimization, but rather a true optimization approach)
- Consider multiple business objectives simultaneously
- Plus, lessons learned from Celect implementations