‘Every product has a brain’

‘Every product has a brain’

7 mei 2019 om 09:34 - door PIM Redactie - 14 reacties

Kiran Gange is fascinated by the possibilities that AI has for reducing food waste and at the same time improving the effectiveness of pricing and promotions in retail. He advises major retailers worldwide in using Artificial Intelligence to improve the result of their marketing efforts. ‘The data is already there, with AI we are able to process it quickly and intelligently.’

Bridging the retail gap

Kiran explains why especially retailing can benefit from Artificial Intelligence: ‘AI offers the opportunity to bridge the traditional retail gap between what consumers want and what retail can offer. Retail pricing is traditionally set twice a year and will usually be equal across the country. Promotions may have a six week cycle from idea to execution. AI can analyse a huge amount of data and according to the outcome, differentiate prices and promotions according to location, availability, freshness and dozens of other factors. Real time.’

Sensory data

Marketing is all about finding out what consumers need and responding to it. A number of factors dramatically enhance the possibilities we have for that, Kiran explains. ‘First of all, the new types of data we can collect. For example, cameras can register anonymous demographics of people who are in a store at any given moment: gender, age, type of clothing, even the mood they express. This is no rocket science; there is open source software available that you can use for this. Another example is imaging of fresh produce by visual images or spectral imaging with e.g. infrared. This can give a better prediction of the freshness of a product than human interpretation could. If you know a batch of apples will go bad in two days, you can quickly generate a price discount or promotion to sell them. There is a lot of development in the field of sensory data.’

Combining data 

‘The second major game changer is that AI can combine many factors in one model,’ Kiran states. ‘For example, you can combine data on inventory, type of people in the store, location of the store, weather conditions, competition’s pricing and a report on consumer buying habits in a model to come up with the ideal pricing of a given product at a given moment in a given location. A client of us in Latin America has 225 zone prices in its 13.000 stores. You can apply this type of intelligence real-time and in a very differentiated way. In fact you could say that every product at every store has its own brain in the cloud.’

Learning

‘The third powerful feature of AI is that it can also assess which type of data is relevant,’ adds Kiran. ‘You can put in new data types and have the system analyse if this data has a correlation with consumer demand. For example, does the haircut of the people in your store have an influence on the demand for a certain hair product? If yes, you have another element you can use to assess consumer demand and apply the right pricing and promotions accordingly.’

Endless possibilities

‘There are so many possibilities to improve your marketing results by using AI. It is possible to react real-time to any given factor and thus give people exactly what they need, at the price they like, in the store where they are. It can be used in any industry, from food to fashion to electronics. In the US, many retailers already use these techniques and the PIM event of May 14, I will discuss some interesting examples. Europe yet has to discover the ample possibilities. One factor I am personally excited about is that AI can seriously help reduce food waste. In the EU, around 88 million tonnes of food waste are generated annually with associated costs estimated at 143 billion euro (source: FUSIONS EU Project). If we can only reduce this by 10%, we are making a big impact. This is also the power of AI.’
 

Deel dit bericht

Reacties

  1. Outsouurced IT ServicesOutsouurced IT Services Schreef op 2 augustus 2019 om 12:08:20

    Redistributed IT administrations are the point at which you employ an outside organization to deal with your IT needs. An outsider oversaw specialist organization (MSP) can cover everything from the security of systems and the usage of working frameworks to the establishment of programming and the reinforcement of documents.

  2. 777 apache sky blvd777 apache sky blvd Schreef op 8 augustus 2019 om 03:50:31

    Does the workers answer questions knowledgeablyy and helpfully? Thinking the money first cann be a misdirection of focus. All of these living .

  3. scr888 downloadscr888 download Schreef op 8 augustus 2019 om 07:14:01

    Content that is keyword rich will bring more traffic that Google and other search engines will send to then you.

    Nobody is a person when to arrive at sleep as soon as to get up in the morning.

  4. taylor swift 22 live youtubetaylor swift 22 live youtube Schreef op 9 augustus 2019 om 02:49:18

    3 months, P90X turdn you appropriate intro a new muscle, ABS-magnet maker. To gget the mosst beneficial deal possible you must talk to more than one loan agent. God has given us direct associated with hhim in prayer.

  5. online casino vietnamonline casino vietnam Schreef op 9 augustus 2019 om 06:47:07

    Its uch as you read my thoughts! You seem too know a lot abou this, such as you wrote the book in it or something. I believe that you just could do with a ffew p.c. to drive the message house a bit, but instead of that, that iss excellent blog. An excellent read. I will efinitely be back.

  6. playboy casinoplayboy casino Schreef op 9 augustus 2019 om 14:22:07

    What this that photo should supply for attention. C.Never put blatant sales copy in any of your profiles. Duplicate content and boring content for purchaser. You want people to get to your own site.

  7. scr888 casinoscr888 casino Schreef op 9 augustus 2019 om 15:26:46

    Attractive component of content. I just stumbled upon your blog and in accession capital to assert that I acquiire in fact enjoyed account your blog posts.

    Any way I will be subscribing to your augment and even I achievement you get admission tto persistently quickly.

  8. m ntc33m ntc33 Schreef op 9 augustus 2019 om 22:16:18

    Hi I am so delighted I found your blog, I really fund you by mistake, while I was earching on Google for something else, Regardless I am here now and would just like to say thanks a lott for a marvelous post and a all round excitiing blog (I also love the theme/design), I don't have tim tto browse it all att the moment but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back to read much more, Please do keep up the fantastic job.

  9. 918kiss dow918kiss dow Schreef op 10 augustus 2019 om 01:53:43

    In online video slots, a person caan play multiple hoses. It is not surprising that Poipet's economy in the recent past has been driven by gamblers' thirst for chances.

    This, I believe, iis what keeps players coming back in time.

  10. sky777 apksky777 apk Schreef op 10 augustus 2019 om 09:36:01

    These pages offers her a free special report in exchange for heer name and email address.

    Have you lost thee fun, outgoijng ide he or she first perceived?

    Finally, as outcome oof her persistence, he did.

  11. ace333 downloadace333 download Schreef op 11 augustus 2019 om 11:00:01

    Beiung a bridesmaid can be a matter of honor and even a responsibe challange. It is a psychological name used to mirror an individual's overall appraisal and evaluation in his very own merit.

  12. rollex11 loginrollex11 login Schreef op 12 augustus 2019 om 11:55:30

    If you opt to use a contractor, then ecplore for their company's valid business license. 2 Game Creators Vault Monthly Live Virtual Trainings. A lot of online guhrus have extremely own secret health supplement.

  13. ocean king online hackocean king online hack Schreef op 12 augustus 2019 om 15:29:18

    Not to mention that you simply can issue orders for your personal ally types. Sadxly though, Apollo Justice: ace333 demo play isn't without its faults. Look forward forr the same classic gameplay that defined thee franchise.cc

  14. Tech Support on the WebTech Support on the Web Schreef op 14 augustus 2019 om 19:44:48

    Taking an hour to research on the online market place can save you a ton my cash tech support etc.

    In this article product information discuss them. Users can video chat one-on-one with other marketers.

Plaats een reactie