Why is inventory management solution required in retail? The inventory management system in the retail space has been rapidly accelerating due to the observation of many trends in today’s world. As a result, such a failure can led to lost sales, dissatisfaction, and a tarnished brand reputation, with customers now accustomed to having the products they want immediately available to them.
Traditional inventory management techniques often result in retailers being unable to optimally forecast and fulfill customer demand. This is where the power of Voice of the Customer (VoC) insights, powered by advanced artificial intelligence (AI) models, will come into play. By employing these tools, retailers can significantly transform their stock management practices, ensuring the right products are delivered at the right rate at the right time.
Now, let us discuss how the AI-driven VoC insights are revolutionizing the way we manage our retail stock with perfections.
Understanding the Voice of the Customer Through AI
At the centre of why stock management is so effective is understanding customer choices and behavior. Our solution—which leverages our AI-enabled VoC platform already proven to be strong in capturing and analyzing customer feedback coming from different channels: from surveys to social networks and from call-centers to reviews on e-commerce sites.
What you’ll really love is that our platform goes deep into all the details in your feedback. And by using AI models, Artiwise can extract product types, brands, and models from the user comments. This allows retailers to:
- Identify Hot Products: You can easily see which products are selling like hot cakes for you to know what to cater.
- Anticipate Demand & Identify New Trends: Spot new patterns in feedback or usage about new products or features to know what to monitor for trends.
- Detect Issues in Detail: Identify problems with the brands or models and be able to act quickly for ex: manufacturing defects, product design issues.
The Ultimate Rendering of Data-Driven Operations
Now imagine a world, where a company can see that “shoes” are hot, but also that in a particular region, “blue running shoes of Brand X, Model Y” are on fire. With our AI-driven VoC platform, we can help retailers attain this degree of granularity to:
- Segment Feedback by Product Attributes: Segment customer feedback by product type, brand, model, even color and size.
- Recognize Local Trends: Disclose regional discrepancies in demand for specific items and modify your inventory accordingly.
- Correlated Product Performance with Satisfaction Metrics: Uncover correlations between product features and consumer satisfaction scores to enable targeted improvement.
Enhanced Decision-Making Using Correlation Reports
Indeed, one of the single most powerful things your platform should be able to do as a default is to generate correlation reports in which the correlation between customer demands and business KPIs (E.g. gross margin, top line growth, etc.
- Product Popularity and Sales Trends: Analyze the correlation between positive sentiment for a specific model and spikes in sales.
- Defect Impact Analysis: Assess at what level recurring complaints on a feature of the product may influence the bigger picture of a product in the form of brand image and sales.
- High in-store Promoters: Find outliers that have very strong on-topic satisfaction scores and low average in-store visibility metric, in-store, and promote them over your entire portfolio
The risk of overstocking and understocking can be minimized by these data-driven decisions which enhances customer satisfaction.
Real-Time Adaptability with Proactive Notifications
Retail is an ever-evolving landscape, and adaptive change at an accelerated pace is a necessity. Retailers will always have the information they need now so that we can implement our platform real-time alert system. By monitoring customer feedback in real-time, the system alerts stakeholders when:
- Sudden hikes in demand for certain products
- Issues with those recently launched products
- Seasonal trends in customer preferences
With these alerts, retailers can make real-time adjustments to their inventory strategies, so shelves are perpetually filled with exactly the items customers want.
Practical Applications in Retail
In the next section, we highlight some specific examples from the retail space drawn from our VoC findings.
- Seasonal Stock Optimization: By analyzing historical feedback, retailers can know which products to list to meet upcoming seasonal demand.
- Managing Product Launches: Get live feedback on customer perceptions of new products and quickly change marketing and inventory.
- Minimize Returns: Track the typical causes of returns (sizing, quality etc.) and combat those upfront to ensure returns stay within control.
- Supplier engagement enhancement: Provide suppliers with precise feedback information to both improve the quality of the product and make production more customer oriented.
The Old Adage: Reporting In Migration Across the Channels
One of the distinguishing features of our platform is the ability to align feedback across channels. Armed with this holistic view, retailers can:
- Compare how products perform better in physical stores or e-commerce
- Identify regional or channel disparities in customer happiness.
- Train points of contact people on all points to ensure consistency.
This enables retailers to make decisions which will positively affect operational efficiencies and customer satisfaction in whole.
Delivering Measurable Results
The importance of AI-powered VoC insights in a retail business to manage stock is very important.
Retailers using our platform have experienced:
- Massive reduction in Stock-outs.
- Improved inventory turnover numbers.
- Increased customer satisfaction scores due to more availability of products.
- Higher revenues thanks to ease demand forecasting
These figures highlight the effectiveness of implementing VoC in your stock management.
Why Choose Artiwise?
Our platform is built with the specific needs of retail in mind. Here is what makes us your perfect partner:
- Bidirectional Construction of Superior AI: Our proprietary AI models with unique detail level and accuracy understand relevant behaviours that are hidden behind customer feedback.
- Flexible Dashboards: Get insights tailored to your specific business objectives and KPIs.
- Actionable Insights: Go beyond collecting data and use it to take action.
- Industry Wisdom: Our solutions are rooted in the retail sector’s knowledge, that manages to balance innovative technology and in business sense.
Transform Your Operations and Increase Customer Satisfaction with Artiwise
With higher customer demand today than ever before, retailers cannot afford to make guesses about their customers. AI-based VoC insights will help you to reduce costs and provide a better shopping experience. Artiwise is your answer to common problems that retail businesses have to face. Make sure your customers will never find the wrong products at the wrong time again.
