Sure, everyone knows that our OmniThink.ai has been focused on building the next generation retail merchandise software for the typical use cases – demand planning, merchandise planning, assortment planning, inventory planning, promotion optimization, price optimization etc. And of course, leveraging Generative AI along with Predictive AI is how we do it.
But did you know… there are some other really unique uses of Generative AI in retail merchandise planning? Here are some that will truly blow your minds:
- Sentiment Analysis for Product Evaluation: Generative AI could analyze social media comments and online reviews to understand customer sentiment towards specific products. This can help identify popular products and even forecast upcoming trends based on positive sentiments.
- Predicting Return Rates: By studying patterns in returns, Generative AI could predict return rates for different products, helping businesses to account for returns in their merchandise planning.
- Visual Search and Matching: Generative AI can assist customers in finding products they’ve seen but can’t describe. By training AI to understand image content, customers could upload a photo and find similar items in the store’s inventory.
- Virtual Store Walkthroughs: Generative AI could help create virtual store walkthroughs, simulating the in-store shopping experience for online customers. It can analyze customer behavior during these walkthroughs to recommend products and improve store layout.
- Hyper-local Merchandise Planning: Generative AI could analyze local trends and preferences in different areas to optimize merchandise planning at individual store locations. This would result in highly localised assortments that cater to specific customer demographics.
- Influencer Collaborations: By analyzing data on influencer popularity and their audience’s engagement, Generative AI could suggest potential influencer collaborations that could increase product visibility and sales.
- Real-time Fashion Show Analysis: Generative AI could analyze fashion shows in real-time to predict upcoming trends. Retailers could then use these insights to plan their merchandise in line with the latest fashion trends.
- Sustainability Analysis: As sustainability becomes a significant consumer concern, Generative AI could help businesses plan merchandise based on sustainability factors. It could analyze which sustainable products or practices resonate most with customers and advise businesses accordingly.
- Custom Product Generation: Generative AI could create custom products based on individual customer preferences. For instance, it could generate custom clothing designs based on a customer’s past purchases and style preferences.
- Cross-industry Trend Analysis: Generative AI could analyze trends in related industries (like interior design for fashion retailers or nutrition trends for grocery stores) to predict crossover trends and guide merchandise planning.
As AI technology advances, these unique use cases provide exciting possibilities for businesses to enhance their merchandise planning strategies, better cater to their customers, and ultimately drive growth and profitability. We can’t wait to show you what our OmniThink.ai team has been working on – stay tuned!
