For the majority of retailers around the world, the COVID-19 outbreak is now a reality rather than a looming threat. In response, they have closed their brick-and-mortar stores and redirected consumers to digital channels. Nonetheless, global retail sales are down significantly, particularly in fashion, prompting many companies, from luxury to mass brands, to offer discounts and promotions to accelerate their online sales. But the key question is, what will happen after the pandemic, when the physical stores reopen?
If you're a retailer, coronavirus has definitely impacted your business. You're challenged with a business that is dramatically different than it was just days before. A business that still demands answers to questions and good decisions in spite of little data reflecting current circumstances. In such case, no decision is, in fact, a decision.
Invent Analytics, a provider of AI solutions for retailers, has been named the winner of 2020 Startup Innovation Awards for Supply Chain presented by the Retail Industry Leaders Association (RILA), the trade association representing the world’s largest retail brands. Invent Analytics’ solutions use artificial intelligence (AI) to help companies optimize their inventory and pricing levels.
Over the last couple years, the client was experiencing sharply increasing inventory levels and relatively low inventory turns. Although overall inventory levels were rising, there was too little inventory available in the right place and at the right time of certain items resulting in lost sales and customer discontent.