4 Ways Artificial Intelligence Is Reshaping Demand Forecasting In Retail

The past decade will be reminisced as an era where machines began their journey on the path of intelligence - proficient in learning, executing, and ‘thinking’ like humans do…

- Alok Bansal, MD and Country Head, Visionet India

Artificial intelligence (AI) is the technology of today, the story of 2010 and the excitement of tomorrow. The past decade will be reminisced as an era where machines began their journey on the path of intelligence - proficient in learning, executing, and ‘thinking’ like humans do.

The digitalisation of the Retail Industry has been changing in recent years with augmented efficiency, rapidity and accuracy across every branch of business domain. Through prognostic analytics and innovative data exploration, we are now able to make all data-focused business resolutions. AI in the domain of retail has enabled industries to access high levels of data information which has improved retail operations and given business better opportunities.

Demand forecasting, a process by which sales data is used to forecast the expected demands of customers is optimised to increase customer satisfaction and improved efficiency of businesses through AI.

Here are some predictions that we will be likely to emerge in the future: