Optimise Operations, Improve Customer Experience
AI in Retail and Consumer Goods
The retail experience changed dramatically as more people switched to online shopping. According to McKinsey Global Institute, investments by retail and CPG in artificial intelligence are expected to exceed $8 billion by 2024. AI can contribute to this sector by improving the customer’s experience with better personalisation, automation and increased efficiency. TurinTech enables retailers and consumer goods companies to build accurate and efficient AI at scale, accelerating product innovation, ensuring smooth operations and high profit margins.
Top AI use cases in Retail & Consumer Goods
Retailers and consumer goods companies are adopting AI with more data sources to develop personalised products at scale, make optimal decisions in real time (such as determining the best pricing), manage supply chains efficiently, and improve customer experience.
- Personalised product recommendation based on historical purchases
- Automatic sentiment classification of product reviews to identify dissatisfied customers
- Efficient categorisation of customer issues for prioritisation of customer support resources
Marketing & Sales
- Predict prospects that are more likely to be converted into recurring clients
- Determine the best price of each item to increase demand and maximise profits
- Predict customer churn and recommend effective customer retention initiatives
- More accurate demand forecasting to ensure high product availability with minimal stock risk
- Allocate scarce inventory to the right stores to maximise revenue
- Predict workloads and optimise work shift planning for reduced personnel costs
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“A first and essential step in doing this (deploy optimal ML in production) is to optimise ML models and integrate them using scalable production code into the rest of the IT stack. Companies like TurinTech are early pioneers offering this capability.”
“This partnership signals an exciting opportunity to combine the forces of TurinTech and Exasol to help more enterprises scale AI and unlock its full potential.”
“TurinTech’s state of the art technology is now using AI to improve the way software itself is actually crafted. This represents one of the first steps in the exponential impact that AI can have. In the context of cloud it will materially improve efficiency costs and running speeds”